The Office of Financial Sanctions Implementation (OFSI) has published a financial sanctions guidance outlining the obligations under financial sanctions as well as the OFSI approach to licensing and compliance issues. On August 31, 2023, the Office of Financial Sanctions Implementation (OFSI) has updated Section 10 of its Enforcement and Monetary Penalty Guidance to provide further details on how it assesses the severity of breaches. OFSI is responsible for monitoring compliance with financial sanctions, assessing suspected breaches, and imposing penalties. The guidance emphasizes a holistic approach to compliance, promoting compliance through engagement with the private sector. It covers various aspects of financial sanctions, including licensing, reporting obligations, ownership and control, exceptions, and enforcement measures. OFSI works with other government bodies, supervisory bodies, and regulators to consider reported cases and share relevant information. The guidance also highlights the power of OFSI to impose monetary penalties and refer cases for investigation and potential prosecution.