From 14 May 2025, certain additional businesses are now subject to mandatory sanctions reporting obligations as changes to the definition of “relevant firms” for financial sanctions reporting purposes come into force. Consequently, High Value Dealers (HVDs), Art Market Participants (AMPs), Letting Agents and Insolvency Practitioners are now legally required to report to OFSI whether they have knowledge or reasonable cause to suspect the presence of sanctioned parties, or suspected financial sanctions breaches.
These obligations were initially introduced in November 2024, with delayed implementation from 14 May 2025. The UK’s Office of Financial Sanctions Implementation (“OFSI”) has published separate general financial sanctions guidance, including around reporting obligations, for HVDs and AMPs, Letting Agents and Insolvency Practitioners in tandem.
You can read our earlier blog article providing an overview of the changes here.
