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 Moneylaundering.com: “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