OFSI amends Iran sanctions licence definitions for UK employee payments
The Office of Financial Sanctions Implementation (OFSI) has amended General Licence INT/2025/7628424 on 28 October 2025 to simplify the definitions of 'UK Employees' and 'UK Directors' and provide additional clarity regarding which individuals could receive payments under the licence. The amendment relates to a licence issued under the Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019 that permits designated Iranian entities, including Bank Melli, Bank Saderat Iran, Bank Tejarat, Persia International Bank Plc, and Iran Insurance Company, to make specific payments for remuneration, pensions, IT services, and accountancy services. The licence originally took effect on 23 October 2025 and expires on 22 April 2026, with the definitional amendments intended to clarify payment eligibility criteria for UK-based employees and directors of the designated entities and their subsidiaries.