Text for AML Update Service
AML Update: Enhanced Financial Sanctions Reporting Requirements
Purchase this policy: Anti-Money Laundering Policy
- Change date
- 21/01/2025
- Word count
- 52
- Deployment measure
- 8/10
Rationale
Some firms may wish to include such wording in advance of May 2025, when firms will need to comply with enhanced financial sanctions reporting requirements, including identifying Designated Persons (DPs) and reporting any suspected sanctions breaches to the OFSI, regardless of transaction value.
Effective from 14 May 2025, the firm shall adhere to expanded obligations concerning financial sanctions reporting. This includes the identification of Designated Persons (DPs) and the
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