UK OFSI Annual Frozen Asset Review


On Sep. 3, UK OFSI guidance notice for annual frozen asset reporting.


  • OFSI report follows UK Treasury Sep. 2019 frozen asset review and form, see #46697.
  • Also follows UK GC issued advice on frozen assets reporting 2019, re gambling sector.
  • All individuals, organizations and businesses (including gambling operators) holding frozen assets have until Oct. 11, 2019, to submit their report to the Treasury’s Office.
  • Reports must include value of all such assets as of close of business on Sep. 30 2019.
  • If an organization does not hold frozen assets there is no need to submit a nil return to OFSI, except in cases where assets were reported last year and are no longer held.
  • Sep. 2020 Update for 2020 Report
  • On Sep. 3, 2020, UK OFSI issued guidance notice for the annual frozen asset reporting exercise 2020, related reporting form, noting submission deadline of Oct. 16, 2020.
  • Report must include value of all such assets as at close of business on Sep. 30, 2020.
  • If an organization does not hold frozen assets there is no need to submit a nil return to OFSI, except in cases where assets were reported last year and are no longer held.
  • Guidance reminds of penalties for non-compliance including criminal, civil sanctions.
  • Sep. 2021 Annual Asset Exercise
  • On Sep. 6, 2021, UK Treasury published guidance notice for the annual frozen asset reporting exercise 2021 and the associated reporting form to be submitted to OFSI.
  • Report must include details of funds/economic resources frozen in the UK and abroad where such funds/economic resources are subject to UK financial sanctions legislation.
  • Guidance reminds of penalties for non-compliance including criminal, civil sanctions.
  • The form must be submitted to the OFSI by Oct. 15, 2021.
  • Sep. 2022 Frozen Assets Reporting 2022
  • On Sep. 2, 2022, UK OFSI issued an updated financial sanctions notice for frozen assets reporting (2022), with guidance to meet the Nov. 11, 2022 reporting deadline.
  • UK Treasury requests all persons that hold/control funds/economic resources belonging to, owned, held, controlled by a designated person, to provide a report to UK OFSI.
  • Must include details of all funds/economic resources frozen in the UK and overseas where these funds or economic resources are subject to UK financial sanctions law.
  • Report must include value of all such assets as at close of business on Sep. 30, 2022.
  • UK OFSI included a form template; no need to provide a nil return if funds/economic resources belonging to, owned, held, controlled by a designated person are not held.
  • Regarding ongoing compliance, separate to the above, funds must on an ongoing basis check whether they hold/control funds/economic resources belonging to, owned, held, or controlled by persons listed on UK Treasury consolidated list of asset freeze targets.
  • If yes, freeze such funds/economic resources; do not deal with them or make funds or economic resources available to/for benefit of such persons unless licensed by OFSI.
  • Must report any findings to OFSI, together with any additional information that would facilitate compliance with the legislation; and provide any information concerning the frozen funds or economic resources of designated persons that OFSI may request.
  • Information sent to OFSI may be passed to other regulatory authorities, law enforcers.
  • Document dated Sep. 2, 2022, was added on Sep. 22, 2022, due to a client request.
  • Oct. 2022 Reporting Template
  • On Oct. 27, 2022, UK OFSI, UK Treasury updated the frozen assets reporting template.
  • Sep. 2023 Notice and Template Updated
  • On Sep. 7, 2023, UK OFSI updated frozen assets reporting notice, reporting template.
  • As part of an annual review to update records to reflect changes to assets in the reporting period, UK Treasury request that a report is provided with details of assets.
  • If you possess this information or have previously reported frozen assets, you are requested to complete such a report and submit it to OFSI by Nov. 10, 2023.
  • Report to OFSI must include the value of all such assets as at COB on Sep. 29, 2023.
  • Returns need to be made in the form of a completed template.
  • Sep. 2024 New Template Added
  • On Sep. 11, 2024, UK OFSI amended the body text to reflect current date; in addition, a new financial sanctions notice and frozen assets reporting template is added.
  • Persons that hold or control funds or economic resources belonging to a designated person are required to complete the form and submit it to UK OFSI by Nov. 11, 2024.

Regulators UK GC; UK OFSI; UK Treasury
Entity Types Bank; Corp; CU; Gambling
Reference Gd, 9/11/2024; Gd, 9/7/2023; PR 10/27/2022; Ntc, PR 9/2/2022; PR 3/9/2020; PR, 9/9/2019, 9/6/2021,
Functions AML; Anti-Bribery; Compliance; Financial; Legal; Reporting; Sanctions; Treasury
Countries United Kingdom
Category
State
Products Banking; Corporate; Deposits; Securities
Regions EMEA
Rule Type Final
Rule Date 9/3/2020
Effective Date 11/11/2024
Rule Id 64728
Linked to Rule :46697
Reg. Last Update 9/11/2024
Report Section AML & Enforcement

Last substantive update on 09/16/2024