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Who has reporting obligations

If you鈥檙e a provider of financial or legal services, or a money service business, you have a legal obligation to report suspected breaches of trade sanctions. This obligation applies whether you鈥檙e a business or a sole practitioner in the regulated sector.听聽

This is set out in the , which provide further details about whom the legal obligation to report a breach falls upon.听聽聽

When you should report

You should only report when you have knowledge, or reasonable cause to suspect, that a breach of trade sanctions has occurred. This knowledge or reasonable cause to suspect must be acquired in the course of carrying out your business.听

You are not required to follow specific methods or systems in conducting your due diligence.听

Timescales for making your report

You must make a report of having the knowledge or reasonable cause to suspect there has been a breach. You must make an initial report as soon as practicable. You may then supplement it with further information afterwards.听

How to report聽

Use the online service to report a suspected breach of trade sanctions.听

You can use this service to report suspected breaches of all types of trade sanctions, except for breaches of the oil price cap (report to HM Treasury) and breaches of internet service measures (report to Ofcom).

Information you must include in your report

When you make a report, you must give:聽

• details of the information or other matter that your knowledge or suspicion is based on聽

• any information you hold about the business or person suspected of breaching trade sanctions, by which they can be identified聽

If you fail to comply with your legal obligation to report: committing a reporting breach

You might be committing a reporting breach if you fail to comply with your reporting obligation.听

Failing to comply with reporting obligations is an offence which could result in a civil monetary penalty or a criminal prosecution.听聽

How the Office of Trade Sanctions Implementation (OTSI) can share information you supply

OTSI may share information you supply, including sharing with other departments, agencies and international partners, in accordance with the disclosure of information regulation, as given in the Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024, data protection legislation and the DBT Personal information charter.

Get help

For enquiries, contact OTSI using .