Collection

Enforcement of financial sanctions

Actions taken by the Office of Financial Sanctions Implementation (OFSI) to enforce financial sanctions.

OFSI is responsible for monitoring compliance with financial sanctions and for assessing suspected breaches. It also has the power to impose monetary penalties for breaches of financial sanctions and to refer cases to law enforcement agencies for investigation and potential prosecution.

Breaches of financial sanctions are a serious criminal offence.

OFSI’s assessment of breaches is informed by our approach to financial sanctions enforcement: promote, enable, respond, change.

For more information on OFSI’s enforcement approach please read the Enforcement and Monetary Penalties Guidance

Enforcement Actions

Details of actions OFSI has taken as part of its enforcement of financial sanctions can be found below.

Integral Concierge Services Limited

Date 27 September 2024
Sector Property
Penalty £15,000
Reason Dealing with funds owned by a designated person, and making funds available for the benefit of a designated person without a licence
Regulations The Russia (Sanctions)(EU Exit) Regulations 2019

Wise Payments Limited

Date 31 August 2023
Sector FinTech
Penalty Disclosure
Reason Making funds available to a designated person without a licence
Regulations The Russia (Sanctions)(EU Exit) Regulations 2019

Hong Kong Wines and Spirits Competition Limited

Date 27 September 2022
Sector Hospitality
Penalty £30,000.00
Reason Receiving funds and economic resources from a designated person without a licence and making economic resources available to a designated person without a licence
Regulations Ukraine (European Union Financial Sanctions) (No.2) Regulations 2014 (“the UK Regulations”) and Council Regulation (EU) No 269/2014 (Ukraine Misappropriation and Human Rights)

Tracerco Limited

Date 19 May 2022
Sector Energy
Penalty £15,000.00
Reason Making funds available for the benefit of a designated person without a licence
Regulations The Syria (European Union Financial Sanctions) Regulations 2012

ClearJunction Limited

Date 25 June 2021
Sector FinTech
Penalty £36,393.45
Reason Making funds available for the benefit of a designated person without a licence
Regulations The Ukraine (European Union Financial Sanctions) (No. 2) Regulations 2014

TransferGo Limited

Date 25 June 2021
Sector FinTech
Penalty £50,000.00
Reason Making funds available to a designated person, without a licence
Regulations The Ukraine (European Union Financial Sanctions) (No. 2) Regulations 2014

Standard Chartered Bank

Date 18 February 2020
Sector Banking
Penalty £20.47m (£7.69m & £12.77m)
Reason Making funds available to a designated person, without a licence
Regulations EU Council Regulation 833/2014, Ukraine (European Union Financial Sanctions) (No.3) Regulations 2014

Telia Carrier UK Limited

Date 09 September 2019
Sector Telecommunications
Penalty £146,341.00
Reason Making economic resources available to a designated person, without a licence
Regulations Council Regulations (EU) No 36/2012 enforced by the Syria (European Union Financial Sanctions) Regulations 2012 (S.I. 2012 No 129)

Travelex UK Limited

Date 08 March 2019
Sector Financial Services
Penalty £10,000.00
Reason Dealing with funds belonging to a designated person, without a licence
Regulations Council Reg (EU) 270/2011 Egypt (S.I 2011/887)

Raphael & Sons Limited

Date 21 January 2019
Sector Banking
Penalty £5,000.00
Reason Dealing with funds belonging to a designated person, without a licence
Regulations Council Reg (EU) 270/2011 Egypt (S.I 2011/887)

Updates to this page

Published 25 February 2019
Last updated 27 September 2024 + show all updates
  1. Integral Concierge Services Limited monetary penalty added

  2. A disclosure notice has been published for a breach of financial sanctions regulations by Wise Payments Limited.

  3. Monetary Penalty notice for Hong Kong International Wine and Spirits Competition Ltd (“HKIWSC”), 27/09/22 added

  4. Updated with Tracerco monetary penalty

  5. Updated with Clear Junction monetary penalty report

  6. Updated with 25 June 2021 Monetary Penalty

  7. Updated with 18 February 2020 report

  8. Added monetary penalty report for Telia Carrier UK Limited.

  9. We have added a report to the table.

  10. First published.