British citizen made bank transactions despite Russian sanctions

• Bank of Scotland has been fined £160,000 by the UK Treasury's Office of Financial Sanctions Implementation (OFSI).
• The penalty was issued because the bank processed 24 payments, totalling £77,383, to or from a current account held by a British citizen under UK sanctions.
• These transactions occurred between 8 and 24 February 2023, violating financial sanctions imposed against Russia.
• The sanctioned individual opened an account at Halifax, a Bank of Scotland subsidiary, using a name variation that bypassed the bank's automatic screening system.
• Bank of Scotland's fine was reduced by 50 per cent due to its prompt voluntary disclosure of the breaches to OFSI.

IN FULL

Major UK bank fined for breaching Russian sanctions