Office of Financial Sanctions Implementation (OFSI)

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On February 6, 2023, two massive earthquakes of 7.8 and 7.6 magnitude struck Turkey and Syria, resulting in substantial physical damage and tremendous loss of life with over 40,000 deaths as of February 14, 2023.  Non-governmental organizations, the United Nations, and other non-profits have mobilized efforts to assist in disaster recovery efforts.  As the search…

Only four months after the the United Kingdom’s Office of Financial Sanctions Implementation (OFSI) issued a £20.47 million penalty against Standard Chartered Bank (SCB) for alleged violations of the U.K.’s Ukraine- and Russia-related sanctions (see our alert here), another bank is in the news for regulatory breaches. This time it is the London…

On February 18, 2020, the United Kingdom’s Office of Financial Sanctions Implementation (OFSI) announced a £20.47 million penalty against Standard Chartered Bank (SCB) for alleged violations of the U.K.’s Ukraine- and Russia-related sanctions. The penalty is more than 140 times larger than any of OFSI’s previous penalties. It provides a number of important lessons for…