Updated: updated FAQs doc
As well as providing definitions, this document answers the questions below:
- Who must comply with financial sanctions in place in the UK?
- Can HM Treasury request information from any person in or resident in the UK to facilitate compliance with financial sanctions legislation?
- Is it an offence to make funds available to a target of financial sanctions legislation?
- What are the penalties for committing an offence under financial sanctions legislation?
- Are United Nations Security Council Resolutions and European Union Regulations directly applicable in UK law?
- What is the difference between a name match and a target match?
- What are the reporting requirements for name or target matches?
- How often do I need to scan my customer database for possible target matches?
- Should an institution always contact HM Treasury if we have found a name match or a possible target match?
- How often is the Treasury’s consolidated list of targets updated?
- In what formats does the Treasury provide a consolidated list of targets?
- Does the European Union maintain its own consolidated list of targets?
- Is the Treasury consolidated list of targets the same as that published by the European Union and the United States Treasury’s Office of Foreign Assets Control (OFAC)?
- Does the Treasury have a web-based consolidated list search engine?
- What is a licence?
- How do I apply for a licence?