Report to OFSI? Know When & How
- Arne Mielken
- May 2
- 5 min read
Unsure if you must report to OFSI? Find out who must report, what to send, and when — especially under UK-Russia sanctions.
If you're navigating the complex world of UK financial sanctions, understanding your reporting obligations to OFSI (Office of Financial Sanctions Implementation) isn’t optional — it’s essential. Whether you're an auditor, estate agent, or crypto firm, knowing your duties under the Sanctions Act or ATCSA 2001 can mean the difference between compliance and costly penalties.
With UK sanctions regimes tightening — especially against countries like Russia, Iran, and North Korea — this guide walks you through what you need to report, who qualifies as a “relevant firm”, and how to comply with OFSI's expectations. Let's break it all down clearly
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Key Questions Covered in This Blog
What is OFSI and why does it matter for UK sanctions compliance?
Who is required to report to OFSI under UK sanctions law?
What must be reported to OFSI — and when?
What are the unique reporting rules under the Russia sanctions regime?
How do reporting obligations differ under ATCSA 2001?
What practical steps can I take to stay compliant?
"Reporting to OFSI is not just a regulatory box-tick — it’s a critical act of national compliance that touches on international trade, security, and trust."– Arne Mielken, Managing Director, Customs Manager Ltd
Abbreviations Used In This Blog
OFSI – Office of Financial Sanctions Implementation
UK – United Kingdom
ATCSA 2001 – Anti-Terrorism, Crime and Security Act 2001FSMA 2000 – Financial Services and Markets Act 2000
FCA – Financial Conduct Authority
EU – European Union
OFAC – Office of Foreign Assets Control (USA)
SDN – Specially Designated Nationals
Russia Regulations – Russia (Sanctions) (EU Exit) Regulations 2019
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