"Bank of Scotland has been penalised with a 160,000 fine by a UK Treasury body after it processed payments that violated financial sanctions imposed against Russia. The Office of Financial Sanctions Implementation (OFSI) found the bank facilitated 24 transactions, totalling 77,383, to or from a personal current account belonging to a British citizen listed under the government's sanctions regime. These payments occurred between 8 and 24 February 2023."
"The UK, alongside international allies, has implemented extensive sanctions on Russian sectors, businesses, and individuals in response to the invasion of Ukraine. Such designations typically involve an asset freeze and an investment ban. OFSI's investigation revealed that the UK-designated individual opened an account at Halifax, a subsidiary of Bank of Scotland, on 6 February 2023. They reportedly used a UK passport that featured a spelling variation of their name, differing from the one on the official sanctions list."
The Independent sends reporters to on-the-ground events, investigates political funding, and produces documentaries about issues like reproductive rights while avoiding paywalls. Donations fund reporting trips and interviews across the political spectrum. Bank of Scotland was penalised with a 160,000 fine after processing payments that violated UK sanctions on Russia. The Office of Financial Sanctions Implementation found 24 transactions totalling 77,383 to or from a sanctioned British citizen's personal current account between 8 and 24 February 2023. The individual opened a Halifax account on 6 February 2023 using a UK passport with a spelling variation of their name compared to the sanctions list.
Read at www.independent.co.uk
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