OFSI updates its UK Financial Sanctions FAQs, providing greater clarity on sanctions compliance, licensing and reporting obligations for regulated firms

The latest update introduces new guidance on the Basic Needs Allowance (BNA) licence, explaining how designated persons may access limited frozen funds for essential living expenses, how spending limits are applied, and when separate licences may be required. The FAQs also provide practical clarification on sanctions implementation, licensing processes, and compliance expectations for regulated firms…