UK fines Bank of Scotland over Russia sanctions breach
British authorities have fined the Bank of Scotland for violating the United Kingdom’s financial sanctions imposed on Russia, according to an official statement released on January 26.
The Office of Financial Sanctions Implementation (OFSI) said it issued a £160,000 fine to the Bank of Scotland, which is part of Lloyds Banking Group, after the bank processed prohibited transactions linked to a sanctioned individual, News.Az reports, citing Reuters.
According to OFSI, the bank handled 24 payments in February 2023 totaling approximately £77,000 to and from a personal account belonging to a UK-designated person under Russia-related sanctions. Such transactions are prohibited under the UK’s sanctions regime.
The regulator stated that the penalty reflects the importance of strict compliance with sanctions laws, especially amid ongoing efforts to enforce financial restrictions against designated individuals connected to Russia.
By Aysel Mammadzada
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