OTSI publishes guidance on effective trade sanctions breach reporting
The Office of Trade Sanctions Implementation (OTSI) has published guidance outlining requirements for effective trade sanctions breach reporting. The guidance confirms that financial services providers, legal services providers, and money service businesses have legal obligations to report suspected breaches, while others may report voluntarily. It details that useful reports should include contact details, suspected breacher information, supporting documents, and clearly establish UK nexus. The guidance aims to improve report quality following receipt of a large number of breach reports since OTSI's establishment.