New OFSI General Licence allows limited use of retail banking services of a designated credit or financial institution

31 May 2024, 59 mins ago

On 28 May 2024, the Office of Financial Sanctions Implementation (OFSI)  issued a new General Licence INT/2024/4761108 which permits the use of retail banking services of designated credit or financial institutions. The payments should be made or received for the personal use of a non-designated person and the total value of such payments processed by the UK financial institutions between 28 May 2024 (the date of issuance of this General Licence) and 23:59 on 27 May 2026 (the date of expiry of this General Licence) should not exceed £50,000.

Examples of “personal use” may include, but are not limited to, payments from immediate family members to a non-designated person for living expenses or UK tuition fees.

Such payments should not result in violations of the UK Russia Sanctions Regulations 2019.

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The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.

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