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UK bank fined for breaking Russia sanctions
The Bank of Scotland processed 24 payments totalling £77,000 involving a sanctioned UK individual, resulting in a £160,000 fine from the UK's sanctions regulator.
- The Office of Financial Sanctions Implementation said it imposed a £160,000 sanction on Bank of Scotland for processing payments that breached Russia sanctions dating back to 2023.
- Transactions traced to a Halifax personal current account at Bank of Scotland occurred between February 8 and February 24 2023, totaling £77,383, OFSI found.
- A passport spelling variation prevented an automatic sanctions match as the UK passport with spelling variation and missing middle name caused the bank's automatic sanctions screening system to miss the account, later flagged by politically exposed person screening.
- The penalty was halved after the bank's voluntary disclosure about a month after the payments, with Bank of Scotland, part of Lloyds Banking Group, proactively referring the matter to OFSI and strengthening controls.
- The incident highlights UK sanctions enforcement tied to Russia's invasion of Ukraine, as the Office of Financial Sanctions Implementation said Bank of Scotland breached prohibitions on dealing with a sanctioned person.
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The UK Financial Sanctions Enforcement Authority (OFSI) fined the Bank of Scotland for violating the sanctions restrictions against Russia.
·Riga, Latvia
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The UK Financial Sanctions Enforcement Authority (OFSI) fined the Bank of Scotland for violating the sanctions p...
Coverage Details
Total News Sources15
Leaning Left6Leaning Right0Center5Last UpdatedBias Distribution55% Left
Bias Distribution
- 55% of the sources lean Left
55% Left
L 55%
C 45%
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