UK Treasury, OFSI Raphaels Fine

On Feb. 25, UK Treasury, OFSI issued penalty for sanctions breach.

  • On Monday Jan. 21, 2019 the Office of Financial Sanctions Implementation issued penalty of £5,000.00, in accordance with s 146 of the policing and crime act 2017.
  • Against Raphaels Bank for contravening of Egypt (asset-freezing) regulations 2011.
  • The value of the transaction was £200.00 and Raphaels Bank made a disclosure to OFSI, when they became aware that breach of financial sanctions had taken place.
  • OFSI reduced the penalty by 50% from £10,000.00 following published guidelines on case assessment, in consideration of Raphaels Bank disclosure and cooperation.
  • OFSI imposed penalty because it was satisfied Raphaels Bank breached prohibition and knew/had reasonable cause to suspect that they were in breach of prohibition.