OFSI publishes financial sanctions guidance for insolvency practitioners

The Office of Financial Sanctions Implementation (OFSI) has published guidance on financial sanctions aimed at insolvency practitioners and firms.

The publication comes after insolvency practitioners have been added to the list of “relevant firms” that are subject to reporting obligations under financial sanctions regulations. The change takes effect from 14 May 2025.

The guidance covers:

• Reporting obligations of insolvency practitioners;
• Obligations in relation to holding funds or economic resources for prohibited persons;
• Contents required in an OFSI notification; and
• Matters that will not fall within the scope of work conducted by an insolvency practitioner “in the course of carrying on its business.”