UK banks have been put under immense pressure to tighten their sanctions compliance measures following the decision by the Office of Financial Sanctions Implementation (OFSI) to fine a lender involved in a transfer of £200 in breach of an asset freeze.  Partner Anna Bradshaw comments, “Banks should be carefully examining their compliance controls and systems — that’s the message here. Because everyone has been waiting for so long for this first exercise of the OFSI’s enforcement powers — and because so many people will be spending time and effort to analyze what it says about its approach — there is a real risk of a knee-jerk reaction from the regulated community.” Read more