MFAT guidance for reporting under the Russia Sanctions Act

AML/CFT News and updates

03 March 2023

MFAT have recently published guidance for duty holders about the nature of reporting under the Russia Sanctions Act. This includes:

  • The threshold for reporting any dealings with designated people, assets or services.
  • Clarification about the need to report dealing with designated people, assets or services even when those activities are permitted.
  • The kinds of information to include in a report.
  • Examples of how the reporting could apply in different scenarios.

Read the MFAT Guidance here.

MFAT will be updating this guidance over time and updated versions will be published on the MFAT website. If in doubt, duty holders are encouraged to report any suspicions sanctions related activity using goAML, Police 105 website, or contact the Russia Sanctions team to seek further guidance.

If you work in an area likely to be impacted by sanctions, for example: exporting or importing, financial transactions, or providing professional services, please sign up to receive Russia sanctions updates. You will also be notified when the sanctions register is updated with new sanctioned individauls or entities, and if there are new or updated trade measures. These emails are sent by the Ministry of Foreign Affairs and Trade (MFAT), who have a coordination role for the Russia sanctions system.