Collection

Enforcement of Financial Sanctions

Actions by OFSI to enforce Financial Sanctions

OFSI’s approach is summarised by our compliance and enforcement model: promote, enable, respond and change.

We promote and enable compliance through engagement and guidance.

However where there is suspected non-compliance, OFSI responds by intervening to disrupt attempted breaches and by addressing breaches effectively.

We do this to change behaviour and to promote further compliance with financial sanctions.

Monetary Penalties

The table below details action OFSI has taken as part of its enforcement of financial sanctions. Updates will follow as further penalties are imposed.

You can read our monetary penalty guidance here

Date Name Sector Regs Reason Penalty Voluntary disclosure Report
21 January 2019 Raphael & Sons plc Banking Council Reg (EU) 270/2011 Egypt (S.I 2011/887) Dealing with funds belonging to a designated person, without a licence £5000 Yes Report link
Published 25 February 2019