The Bank of Scotland (BoS) has received a fine from a regulatory body for violating sanctions pertaining to Russia’s conflict in Ukraine. The Office of Financial Sanctions Implementation (OFSI) disclosed that a penalty of £160,000 was imposed due to financial transactions that originated in 2023. These transactions involved 24 payments made in February of that year, totaling approximately £77,000, to and from a personal current account held by a UK-designated individual. The specific identity of this individual was not revealed.
OFSI, responsible for ensuring compliance with all UK government-imposed sanctions against Russia, determined that the bank had contravened regulations prohibiting dealings with and providing funds to sanctioned persons. The Bank of Scotland promptly reported the issue to UK authorities the subsequent month.
A spokesperson for the bank’s parent company stated, «Lloyds Banking Group places utmost importance on its regulatory obligations. We swiftly and transparently reported this isolated incident to the Office of Financial Sanctions Implementation, collaborating closely with them throughout the process. OFSI acknowledged our proactive disclosure, resulting in the maximum possible reduction of the penalty. We have bolstered our controls to uphold the highest standards of risk management and governance.»
For more details on this story, you can watch the video linked here: Putin: Sanctions are ‘unfriendly act’.
To stay informed on the latest news, visit the following link: Money latest: Criminal barrister talks about ‘painfully low’ salaries.
SOURCE