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.
In terms of how to report the blog refers to OFSI’s reporting form which can be used to report a suspected designated person, frozen assets and suspected breaches. If firms are reporting a significant number of frozen accounts, they may use the template that OFSI provides for the annual frozen assets reporting exercise in addition to the standard reporting form.