In recent coverage by ICLG News, Solicitors Journal and Law360, Senior Partner Michael O’Kane commented on the Office of Financial Sanctions Implementation’s (OFSI) £4.7 million penalty imposed on Citibank’s London branch for breaches of UK Russia sanctions.
Michael noted that the Russian invasion of Ukraine and the unprecedented scale and pace of sanctions that followed created significant compliance challenges for financial institutions operating in the region. He emphasised the importance of stress-testing compliance frameworks against unexpected geopolitical events, as well as the value of cooperation with regulators when potential breaches are identified.
In addition to this coverage, Michael’s comments were also quoted by Law360 in its article “Citi Fine Warns Firms To Stress-Test Sanctions Controls,” which examined the wider compliance lessons arising from OFSI’s £4.7m penalty against Citibank.
You can read the ICLG News article here, the Solicitors Journal article here and the Law360 article here.
Please note that access to these articles may require a subscription.
Michael O’Kane comments on OFSI’s £4.7m Citibank sanctions penalty
In recent coverage by ICLG News, Solicitors Journal and Law360, Senior Partner Michael O’Kane commented on the Office of Financial Sanctions Implementation’s (OFSI) £4.7 million penalty imposed on Citibank’s London branch for breaches of UK Russia sanctions.
Michael noted that the Russian invasion of Ukraine and the unprecedented scale and pace of sanctions that followed created significant compliance challenges for financial institutions operating in the region. He emphasised the importance of stress-testing compliance frameworks against unexpected geopolitical events, as well as the value of cooperation with regulators when potential breaches are identified.
In addition to this coverage, Michael’s comments were also quoted by Law360 in its article “Citi Fine Warns Firms To Stress-Test Sanctions Controls,” which examined the wider compliance lessons arising from OFSI’s £4.7m penalty against Citibank.
You can read the ICLG News article here, the Solicitors Journal article here and the Law360 article here.
Please note that access to these articles may require a subscription.
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