Peters & Peters

Partner Anna Bradshaw comments on the first financial sanctions fine imposed by OFSI

The UK’s Office of Financial Sanctions Implementation, or OFSI, announced its first civil monetary penalty on Monday, fining a UK bank £5,000 for processing a £200 transaction in breach of an asset freeze.  Partner Anna Bradshaw tells ACAMS “OFSI have not until now given any indication that low-value sanctions violations are perceived as a problem or an enforcement priority. If the objective is to remind banks of the importance of ensuring compliance with sanctions at all times irrespective of the value of a transaction, the force of that message may be undermined by the size of the fine.” Read more