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UK Sanctions Watchdog Fines Bank of Scotland £160,000 Over Breach of Russia Sanctions
The Office of Financial Sanctions Implementation has imposed a £160,000 monetary penalty on Bank of Scotland Plc after determining that serious shortcomings in the bank’s financial controls led to repeated breaches of UK sanctions rules. The enforcement action relates to the processing of 24 prohibited transactions connected to a customer designated under the Russia Sanctions (EU Exit) Regulations 2019. Between 8 February and 24 February 2023, the bank allowed £77,383.39 to p
3 days ago4 min read
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