OFSI imposes first sanctions breach fine

OFSI has imposed its first publicised financial penalty for breach of sanctions restrictions. It fined Raphaels Bank £5,000 for dealing with £200 of a person designated under the Egyptian asset freezing legislation. The bank notified OFSI as soon as it became aware of what it had done and, as a result, what would have been a £10,000 penalty was halved. OFSI imposed the penalty because it was satisfied that there had been a breach and that the bank knew or had reasonable cause to suspect it was acting in breach.

OFSI noted that there are further investigations underway on the matter that do not concern the bank.



Emma Radmore