In short
- HM Treasury - OFSI introduced a monthly reporting requirement for Designated Persons relying on General Licence INT/2026/8893924, effective 24 February 2026.
- HM Treasury - OFSI requires reports to be submitted within 14 days of the end of each calendar month under General Licence INT/2026/8893924.
What happened
OFSI General Licence INT/2026/8893924, which allows for the winding down of insurance policies written by Maritime Mutual entities and their subsidiaries before their designation, has been amended and extended. The expiry date has changed from 06 July 2026 to 07 October 2026, providing additional time for compliance and reporting.
A new monthly reporting requirement has been introduced for Designated Persons relying on the licence. They must now provide HM Treasury with a report detailing all activities and payments carried out under the licence within 14 days of the end of each calendar month, as specified in the General Licence and Publication Notice.
Designated Persons relying on the licence are now required to provide HM Treasury, within 14 days of the end of each calendar month, with a report setting out details of all activities and/or payments carried out under the licence during that month.
In numbers
- 14 days report submission deadline after each calendar month
Named in this item
Organization, regulator GB UK sanctions regime —
What compliance teams should check
- Review OFSI General Licence INT/2026/8893924 for updated expiry date and reporting requirements.
- Ensure monthly reports for activities and payments under INT/2026/8893924 are submitted to HM Treasury within 14 days of month-end.
- Verify that all report details required by the General Licence and Publication Notice are included for Maritime Mutual entities and subsidiaries.
Why it matters
The extension and amendment of OFSI General Licence INT/2026/8893924 directly impact compliance obligations for entities involved in winding down insurance policies under the Russia Regulations. The introduction of a monthly reporting requirement increases transparency and oversight, requiring compliance officers to track and document all relevant activities and payments. Failure to meet the new deadlines or reporting standards could result in regulatory scrutiny or penalties, making timely and accurate reporting essential for AML/CFT compliance.
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