Home / Business and Economy / UK Slams Citibank with £4.7M Fine Over Sanctions Failures
UK Slams Citibank with £4.7M Fine Over Sanctions Failures
2 Sep
Summary
- Citibank's London unit fined £4.7 million by UK regulator.
- Breaches occurred between February and November 2022.
- Bank did not intend to breach sanctions, but failings were material.
The UK has imposed a £4.7 million penalty on Citibank's CBNA London unit for violations of its Russia sanctions regime. The Office of Financial Sanctions Implementation (OFSI) stated that the bank made funds available that benefited sanctioned individuals or entities.
These breaches largely took place between February and November of last year. The OFSI noted that the CBNA London unit had voluntarily disclosed most of these breaches to the regulator.
While the OFSI does not believe there was intent to break sanctions, the aggregate errors and failings were deemed material and significant. These issues spanned various business areas and systems within the bank, occurring amidst significant strain on alert handling processes following the initial imposition of sanctions after Russia's invasion of Ukraine.
