OFSI’s Financial Sanctions Notice (Sept 25) requires all holders of designated persons’ frozen assets to report their value by 30 Nov 25, including “nil returns,” with strict penalties for non-compliance

by | Sep 11, 2025

The report must include details of assets frozen both in the UK and overseas, where subject to UK financial sanctions legislation. Entities that previously submitted reports must provide updated information, and those no longer holding such assets should submit a...

OFSI issues Disclosure Notice to Vanquis Bank for an 8-day delay in freezing a designated person’s a/c, allowing cash withdrawals and a transaction, stressing the need for robust sanctions controls

by | Sep 8, 2025

The breach involved a delay of eight days in restricting access to the account of a person who had been designated under the sanctions regime. During this time, the designated person (DP) was able to withdraw £200 in cash and make a purchase of £8.99. VBL’s internal...