Enforcement and Monetary Penalties guidance updated On Thursday 2 May 2024,OFSI's Enforcement and Monetary Penalties guidance was updated.
As well as being re-styled and moved into a digital format, as communicated in our 13 February blogpost, this update communicates a change in policy in how OFSI applies its guidance to cases. OFSI will now always apply the most recent iteration of its Enforcement guidance to cases. This makes engaging with the enforcement process easier and clearer for all parties, especially instances where breaches span across the current guidance and previous iterations of the guidance. Chapter 3 of the guidance, which covers case assessment, gives some more details on the change.
Other updates are also primarily to Chapter 3. The guidance now better explains how we apply and split the case factors that OFSI uses to assess suspected breaches of financial sanctions. It introduces two new distinct case factors, Knowledge, intention and reasonable cause to suspect and Cooperation that were previously included more generally in the guidance. Chapter 6 also includes a small edit to the delegation of ministerial reviews of monetary penalties. Russia Guidance updated
On Wednesday 1 May 2024, OFSI also moved its Russia guidance into a digital format. Alongside this, the frequently asked questions (FAQ's) that had featured on the document have been integrated to the new FAQ section of our GOV.UK page.
To see the new Enforcement and Monetary Penalties guidance If you have any questions about this email, please contact us using the link below. | 