On 13 February 2025, the Office of Financial Sanctions Implementation (OFSI) published its Financial Services Threat Assessment Report.

The report forms part of a series of sector-specific assessments addressing threats and vulnerabilities relating to UK financial sanctions. These assessments follow OFSI’s commitment under the Economic Crime Plan 2 to publish sectoral sanctions threat assessments, intended to assist stakeholders in key UK sectors as part of a broader risk-based approach to sanctions compliance.

In the report, OFSI outlines its assessment of threats to sanctions compliance involving UK financial services firms since February 2022, with the aim of assisting stakeholders with prioritisation as part of a risk-based approach to compliance.

OFSI notes that it plans to publish further sector-specific assessments in 2025 which are also likely to be relevant to UK financial services firms.