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OFSI General Licence INT/2024/4761108 amended
On 23 February 2026, the General Licence INT/2024/4761108 was amended to:
- Amend the definition of “Person”.
- Include the definition of “Individual”, “Entity”, “UK Bank Account”, “Non-UK Bank Account” and “UK DP”.
- Include a new separate permission that allows an Entity to make use of the retail banking services of a designated Credit or Financial Institution to make or receive a payment of for the personal use of an individual, provided the account at the final institution in the chain of payments to which the payment is processed is a UK Bank Account or a Non-UK Bank Account.
- For the avoidance of doubt, the intended payments under this new permission remain exclusively for personal purposes and do not include payments for business or commercial activities. Possible examples of permitted payments include, but are not limited to, payments from or to entities for tuition fees, accommodation costs, pension, or living expenses.
- No payment is permitted under this General Licence if the payment relates to the provision of goods or services for commercial purposes.
- Increase the cumulative limit of permitted payments from £50,000 to £55,000.
- Extend the expiry date of the licence to 23:59 on 23 February 2028.
- The reporting requirements have been amended.
Any persons intending to use General Licence INT/2024/4761108 should consult the copy of the Licence for full details of the permissions and usage requirements.
To see the General Licence.
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