UK Says New Sanctions Licensing, Disclosure Forms Will Lead to Faster Responses
The U.K.'s Office of Financial Sanctions Implementation last week launched new online forms for submitting license applications and reporting suspected violations or frozen assets. The agency said the new forms will help modernize and streamline OFSI's services and "make it easier for you to provide the information we need and to help us respond more quickly and efficiently."
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Use of the new forms isn't yet mandatory, but OFSI said all users should "familiarise themselves with the new forms and start using them as soon as possible." The old forms will still be available during a "transition period."
OFSI said the new forms incorporate guidance and mandatory fields to ensure all necessary information is provided in the correct format the first time. "This reduces the likelihood of incomplete or incorrect submissions and minimises the need for follow-up requests, allowing OFSI to handle cases more quickly."
Comments about the new forms should be sent to ofsi@hmtreasury.gov.uk.