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Economic Sanctions Financial Conduct Authority (FCA)

Cooley LLP

UK Publishes Guidance on Cryptoasset Sector’s Compliance With Financial Sanctions

Cooley LLP on

On 21 July 2025, the UK Office of Financial Sanctions Implementation (OFSI) published guidance regarding sanctions compliance in the cryptoasset sector. The publication is an assessment of threats to UK financial sanctions in...more

A&O Shearman

HM Treasury's OFSI warns of crypto sanctions risks in new threat assessment report

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The UK Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, has published a sector-specific threat assessment report highlighting significant compliance risks facing UK cryptoasset firms in relation to...more

A&O Shearman

UK NCA and FCA agree priorities to combat economic crime

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The National Crime Agency (NCA) and the UK Financial Conduct Authority (FCA) have jointly published a set of nine system priorities to combat economic crime in the UK, in line with the UK's second Economic Crime Plan and the...more

WilmerHale

Navigating the Crypto Compliance Minefield: OFSI 2025 Threat Assessment

WilmerHale on

On 21 July 2025, the UK’s Office of Financial Sanctions Implementation (OFSI) published a sector-specific Cryptoassets Threat Assessment (“the Report”), shedding light on the evolving risks and vulnerabilities in the crypto...more

K&L Gates LLP

UK Office for Financial Sanctions Implementation Crypto-Assets Threat Assessment (July 2025): Key Lessons for Sanctions Compliance

K&L Gates LLP on

On 21 July 2025, the UK Office for Financial Sanctions Implementation (OFSI) published its latest sector-specific threat assessment focusing on UK crypto-asset firms’ exposure to financial sanctions breaches, covering...more

Proskauer Rose LLP

Regulation Round Up - May 2025

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Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

Mayer Brown

UK Weekly Sanctions Update - Week of March 17, 2025

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In this weekly update, we summarise the most notable updates in the UK sanctions world. If you have any questions in respect of any of the developments set out below, please do not hesitate to contact a member of our London...more

Proskauer Rose LLP

Regulation Round Up - February 2025

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Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

BCLP

Our Top 5 Banking Litigation Cases From 2024 - Looking Back to Look Forward

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2024 was a busy year for the Courts in England and Wales when it came to banking and wider financial services disputes. We were spoilt for choice when selecting our top 5 cases and, inevitably, have left out some significant...more

BakerHostetler

Weekly Blockchain Blog - December 2024 #3

BakerHostetler on

Digital Asset Companies Achieve Licenses, Launch Stablecoin Products - According to a recent press release, Anchorage Digital, a digital asset platform and infrastructure provider, announced that the New York State...more

King & Spalding

FCA Fines Starling Bank Over Financial Sanctions Screening Failures

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On 27 September 2024, the Financial Conduct Authority (“FCA”), imposed a financial penalty of approximately £29 million on the British bank – Starling Bank Limited (“Starling”) – for failings related to its financial crime...more

Proskauer Rose LLP

Regulation Round Up - March 2024

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Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

Paul Hastings LLP

Financial Sanctions—Ten Key Due Diligence Principles

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This Note is the second part of our look at regulatory expectations for sanctions compliance in the U.K. The first part of our review looked at Financial Conduct Authority (“FCA”) systems and controls requirements. The focus...more

Paul Hastings LLP

Financial Sanctions—Systems and Controls for FCA Firms

Paul Hastings LLP on

Enforcement and legal risks relating to sanctions compliance remain high and all firms should continue to exercise care in meeting regulatory expectations. The promulgation of new sanctions relating to Russia has slowed but...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday, October 19, 2023

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October 18, 2023- The Federal Deposit Insurance Corporation Office of Inspector General published a report entitled, "FDIC Strategies Related to Crypto-Asset Risks" with the FDIC staff noting guidance forthcoming by...more

Cooley LLP

UK OFSI Uses Disclosure Power as FCA Reviews Sanctions Compliance Systems

Cooley LLP on

On 31 August 2023, the UK Office of Financial Sanctions Implementation (OFSI) used its new disclosure enforcement power for the first time, issuing a report against Wise Payments Limited for breach of financial sanctions. The...more

K&L Gates LLP

FCA Publishes Outcome of its Review of Firms' Compliance with Sanction Controls

K&L Gates LLP on

Introduction - Since the Russian invasion of Ukraine in February 2022 the UK has introduced an unprecedented number and variety of sanctions. The FCA has recently assessed the sanctions controls of over 90 financial service...more

A&O Shearman

UK sanctions systems and controls: lessons learnt

A&O Shearman on

The UK Financial Conduct Authority (FCA) has assessed the systems and controls relating to sanctions compliance for over 90 firms across a range of sectors and summarised its findings of good and poor practice. Acknowledging...more

Cooley LLP

UK OFSI Uses Disclosure Power as FCA Reviews Sanctions Compliance Systems

Cooley LLP on

On 31 August 2023, the UK Office of Financial Sanctions Implementation (OFSI) used its new disclosure enforcement power for the first time, issuing a report against Wise Payments Limited for breach of financial sanctions. The...more

A&O Shearman

A designation challenge fails and two enforcement actions are announced: the UK’s Russia sanctions in motion

A&O Shearman on

Three decisions in recent weeks have demonstrated the breadth of the UK Government’s sanctions-related powers and underline a push by the UK to demonstrate the robustness of its sanctions and a focus on their enforcement....more

WilmerHale

OFSI Issues Updated Guidance Relating to Assessments of due Diligence Conducted in Relation to the “Ownership and Control” Test,...

WilmerHale on

The Office of Financial Sanctions Implementation (OFSI) has updated its ‘enforcement and monetary penalties for breaches of financial sanctions’ guidance, which was last updated in June 2022. ...more

Goodwin

The FCA’s 2023/24 Priorities for UK Payments: Firms and Investors, Take Note

Goodwin on

On March 16, 2003, the UK Financial Conduct Authority (FCA) published its letter Portfolio Letter: FCA priorities for payments firms to the CEOs of UK Payment Institutions (PIs), Electronic Money Institutions (EMIs), and...more

A&O Shearman

What UK readers couldn’t get enough of in 2022 - the top five blog posts revealed

A&O Shearman on

2022 saw a big shift in the geo-political climate and a bedding in of the new hybrid working world. These two developments are reflected in the blogs our subscribers were most interested in reading. Readers remain focused on...more

Paul Hastings LLP

Daily Financial Regulation Update -- Saturday, January 7, 2023

Paul Hastings LLP on

January 6, 2023- The U.S. Department of the Treasury's Office of Foreign Assets Control is designating six executives and board members of U.S. designated Qods Aviation Industries, a key Iranian defense manufacturer...more

WilmerHale

Sanctions, Fraud is Coming to Town: 2022 in Review

WilmerHale on

In 2022, the UK was forced to reckon with the charge of being soft on economic crime and being the destination of choice for kleptocrats seeking to launder their ill-gotten funds. No longer able to turn a blind eye to these...more

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