OFSI launches call for evidence on how UK sanctions regulations on ownership and control are applied in practice aiming to ensure the regime is clear, effective, and workable – deadline 13 Apr 2026

by | Feb 16, 2026

The call for evidence invites firms and stakeholders to provide practical insights on how the ownership and control test is applied, including challenges in assessing “control”, the prevalence of hypothetical control scenarios and the impact on compliance costs, legal...

OFSI publishes updated Financial Sanctions Enforcement and Monetary Penalties Guidance, streamlining compliance, penalty, and appeal processes while boosting transparency and deterring future breaches

by | Feb 9, 2026

Key proposals included introducing a new case assessment framework, clearer guidance on how cases are evaluated, enhanced penalty discount schemes for voluntary disclosure and cooperation, a civil settlement scheme to resolve cases more efficiently, an Early Account...

OFSI intensifies its crackdown on cryptoasset abuse, through the multi-agency Crypto Cash Fusion Cell and real-time intelligence to trace, disrupt, and stop illicit funds linked to sanctions evasion

by | Jan 29, 2026

OFSI is stepping up action against the misuse of cryptoassets, working closely with UK law enforcement and regulators through the multi-agency Crypto Cash Fusion Cell (CCFC)—which brings together the NCA, Metropolitan Police, HMRC, FCA, City of London Police, and OFSI...

OFSI fines Bank of Scotland £160,000 for processing 24 payments worth £77,383.39 to a sanctioned Russian individual, citing screening failures that exposed serious weaknesses in its sanctions controls

by | Jan 26, 2026

The breaches, which occurred in February 2023, were due to gaps in the bank’s screening systems and name‑matching procedures, allowing the account to remain active for over two weeks. The penalty was reduced by 50% from £320,000 because the bank voluntarily disclosed...

FCDO and OFSI will host a public webinar on 17 Dec 2025 at 11am GMT to discuss the transition from the UK Consolidated List to a single list for UK sanctions designations, coming into effect on 28 Jan 2026

by | Dec 4, 2025

This session offers a chance to understand the improvements being introduced and learn the steps you can take to prepare for the change. The webinar will be held on Wednesday, 17 December 2025, from 11:00 AM to 12:00 PM, where they will explain the upcoming transition...