UK Updates 'Relevant Firm' Definition, Releases Blog About Sanctions Reporting Obligations
The U.K. updated its definition of the term "relevant firm" -- as in, a firm subject to certain reporting obligations as part of the country's sanctions legislation. The term now includes crypto-asset exchange providers and custodian wallet providers.
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In an Aug. 30 blog post, "Reporting to OFSI: what do I need to do?" the U.K.'s Office of Financial Sanctions Implementation outlines individuals' and entities' reporting obligations. The post discusses who is subject to reporting obligations and in what circumstances; which businesses and professions fit under the term "relevant firms"; what to tell OFSI, including the information on which the relevant knowledge or suspicion is based that a person is a designated individual and any information that can be used to identify the listed individual or entity (name, address, passport number); what type of offenses to report; and how to report to OFSI. The blog was released along with the extension of reporting obligations to crypto-asset exchange providers and custodian wallet providers.