OFSI has reissued a Russia-related general license allowing the use of banking services of designated financial institutions

OFSI issued General License on May 28, 2024 allowing individuals to use retail banking services for personal use, with a maximum payment value of £50,000 and expiring on May 27, 2026. Relevant Institutions processing payments under General License must report payment details to HM Treasury within 14 days maintain accurate records of transactions for 6 years…