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 comments ,”The reason why it is so strange is because going after low-level amounts, like £200, flies in the face of what all regulated institutions have been told to date from OFSI about taking a risk-based approach to sanctions compliance”. Read more