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OFSI Introduces Frequently Asked Questions (FAQs)

OFSI FAQs
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On 1st May, the Office of Financial Sanctions Implementation (OFSI) introduced Frequently Asked Questions (FAQs) to provide additional technical support to industry partners and the public.

Designed to address common compliance inquiries, the FAQs offer accessible responses to a variety of topics, including sanctions related to specific countries or industries, as well as operations in high-risk jurisdictions. These FAQs are now available directly from the OFSI guidance page on GOV.UK.

Here are some key details you need to know about this new resource:

Accessibility and usage: The FAQs are easily accessible alongside existing OFSI guidance and legislation. They are intended to complement the existing resources, offering concise answers to specific questions.

Requesting FAQs: While OFSI generally does not accept individual requests for new FAQs, they are open to publishing them when they would benefit a significant portion of industry or the public. The engagement team continues to collaborate with stakeholders to identify areas where additional guidance is needed.

Frequency of publication: OFSI will release FAQs on an as-needed basis, focusing on areas where new guidance would be beneficial to a substantial audience. They may be published in response to policy changes, new general licenses, enforcement actions, or wider implementation issues.

Withdrawn FAQs: Occasionally, OFSI may withdraw FAQs at its discretion. Withdrawn FAQs will be transparently listed on GOV.UK, along with their withdrawal dates, to ensure continued clarity and support for users of OFSI guidance.

Neopay encourages industry professionals and the public to take advantage of this valuable resource by visiting the OFSI FAQs on GOV.UK today. Remember to review them alongside existing guidance and legislation, with the understanding that the latter takes precedence. For specific cases, OFSI recommends seeking independent legal advice.

The full list of FAQs can be viewed here.

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