August 2022

On 30 August 2022, the Office of Financial Sanctions Implementation (OFSI) published a blog entitled ‘Reporting to the OFSI: what do I need to do?

The blog describes what companies’ reporting obligations are under UK financial sanctions legislation and how they can be met. It also sets out high level examples.


On 30 August 2022, the Office of Financial Sanctions Implementation (OFSI) published updated general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018. Chapter 5 of the general guidance dealing with reporting obligations has been expanded.

On 30 August 2022, the European Commission updated their FAQs on asset freeze and prohibition to make funds and economic resources available.

The FAQs have been updated to include the following question and answer:

Does a listing affect the status of a beneficial owner of a legal person ?

EU sanctions are temporary measures that


On 30 August 2022, the ICE Benchmark Administration Limited (IBA) published a consultation on its intention to cease the publication of all ICE swap rate settings based on USD LIBOR.

The consultation

Following the FCA’s announcement on March 5, 2021, regarding the future cessation and loss of representativeness of USD LIBOR, IBA


On 30 August 2022, the FCA published Occasional Paper No. 61 ‘Robo-Advice for Borrower Repayment Decisions’.

Concerns about consumer indebtedness and financial distress are growing. Most debt advice services – both free and paid for – are designed to help consumers already in serious financial difficulty. But poor repayment decisions upstream of this

On 26 August 2022, the Financial Stability Institute (FSI) published a paper on safeguarding operational resilience: the macroprudential perspective.

The FSI was jointly created in 1998 by the Bank for International Settlements and the Basel Committee on Banking Supervision. Its mandate is to assist supervisors around the world in improving and strengthening their

On 25 August 2022, there was published in the Official Journal of the European Union a Corrigendum to Commission Delegated Regulation (EU) 2022/1159 of 11 March 2022 supplementing the Investment Firms Regulation with regard to regulatory technical standards for public disclosure of investment policy by investment firms. The Corrigendum inserts on page 15, in Annex

On 24 August 2022, the Financial Action Task Force (FATF) published its mutual evaluation report titled ‘Anti-money laundering and counter-terrorist financing measures – The Netherlands’ (the Report). The Report summarises the anti-money laundering and counter-terrorist financing (AML/CFT) measures in place in the Netherlands as at the date of the FATF’s