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.
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) |
Tracero 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) |
Last updated 31 August 2023 + show all updates
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A disclosure notice has been published for a breach of financial sanctions regulations by Wise Payments Limited.
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Monetary Penalty notice for Hong Kong International Wine and Spirits Competition Ltd (“HKIWSC”), 27/09/22 added
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Updated with Tracerco monetary penalty
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Updated with Clear Junction monetary penalty report
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Updated with 25 June 2021 Monetary Penalty
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Updated with 18 February 2020 report
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Added monetary penalty report for Telia Carrier UK Limited.
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We have added a report to the table.
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First published.