OFSI publishes Correspondent Banking General Licence

OFSI has published a general licence for correspondent banking payments. The licence permits certain payments to be made in respect of sanctions imposed under the Russian and Belarussian sanctions regimes. It allows certain payments received by a credit or financial institution that is not a Designated Person from another non-designated institution but which has at some point been processed by an institution which is designated, in circumstances where the original account holder and original intended recipient are also not designated.

Emma Radmore