What is OFSI?
The Office of Financial Sanctions Implementation, OFSI, is the HM Treasury unit responsible for implementing and enforcing UK financial sanctions. It issues guidance and licences, receives reports of frozen assets, and imposes monetary penalties for breaches.
OFSI is the operational counterpart to the Foreign, Commonwealth and Development Office, which makes UK designations and publishes the UK Sanctions List. OFSI's own guidance describes its role as helping ensure that financial sanctions are understood, implemented and enforced in the United Kingdom. One practical change matters to anyone maintaining data feeds: the OFSI Consolidated List closed on 28 January 2026, and the UK Sanctions List is now stated to be the single source for all UK sanctions designations.
What this workflow covers
SCOPE- UK-nexus firms screen the UK Sanctions List and apply OFSI guidance to freezing and licensing questions.
- A UK firm holding a designated person's funds freezes the account, reports the holding to OFSI, and applies for a licence before making any authorised payment.
- Data feeds still pointing at the retired OFSI Consolidated List endpoint fall behind silently, which is the worst way to fall behind.
- OFSI makes no designations and handles no export controls. It implements and enforces rather than setting policy.
Compliance glossary
TERMS- UK Sanctions List
- The register of persons, entities and ships designated under UK sanctions regulations, published by the FCDO.
- Relevant firm
- A business subject to the UK financial sanctions reporting obligation, including banks, payment firms, insurers and certain professional services.
Authoritative references
SOURCES- 01Office of Financial Sanctions Implementation
HM Treasury
- 02Financial sanctions general guidance
Office of Financial Sanctions Implementation, HM Treasury
- 03The UK Sanctions List
Foreign, Commonwealth & Development Office
Frequently asked questions
Q&A- What does OFSI stand for?
- The Office of Financial Sanctions Implementation. It sits inside HM Treasury and is the UK authority for the implementation of financial sanctions.
- Where do we get the UK list now?
- From the GOV.UK page for the UK Sanctions List, maintained by the Foreign, Commonwealth and Development Office. That page states it became the only source for all UK sanctions designations after the OFSI Consolidated List closed on 28 January 2026.
- When do we have to report to OFSI?
- Relevant firms report where they know or reasonably suspect that a person is a designated person or has breached financial sanctions, and where they hold frozen assets. The duty and its scope sit in OFSI's guidance and the applicable regulations, and the scope of relevant firm is wider than banks.
- Does OFSI issue licences?
- Yes, both general licences that anyone meeting the terms may rely on, and specific licences granted to a named applicant. Many carry conditions and reporting requirements that have to be met for the authorisation to hold.