6 FAQs added on Basic Needs Allowance (BNA)

Office of Financial Sanctions Implementation HM Treasury

6 FAQs added on Basic Needs Allowance (BNA)

OFSI has published FAQs 197-202 on Basic Needs Allowance (BNA) licences, which permit designated persons to access a capped monthly sum from frozen funds for essential living expenses. OFSI benchmarks the BNA against median household income. In many cases, including those involving high net worth individuals, the BNA will not provide for the continuation of a pre-designation standard of living.

FAQs 197-202 cover the purpose and scope of BNA licences, permitted expenditure, reporting requirements, treatment of monthly underspend, and how costs falling outside the BNA may be licensed separately.

The guidance is relevant to designated persons and any party facilitating payments under a BNA licence.

Read the FAQs

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