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
Office of Financial Sanctions Implementation (OFSI)
Key Lessons Learned as OFSI Begins to Flex its Muscles
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…
U.K.’s Office of Financial Sanctions Implementation Starts Sanctions Blog
The U.K.’s Office of Financial Sanctions Implementation (OFSI) started a new sanctions blog on 1 March.
In the About section, OFSI states “this blog will keep you informed about financial sanctions events, changes to our guidance and topical issues.”
This could prove to be a very useful resource for companies in light of OFSI’s new…
U.K. REVISES VALUE OF SUSPECTED 2017 SANCTIONS BREACHES FROM £117 MILLION TO £1.4 BILLION
On February 5, the U.K.’s Chancellor of the Exchequer was asked the following:
“How many suspected breaches of financial sanctions were reported to the Treasury’s Office of Financial Sanctions Implementation (OFSI) in 2017; what the value was of those breaches; and how many investigations into breaches, by sanctions regime, have (a) been opened and…