UK fines Citibank London US$6 million over Russia sanctions breaches
[LONDON] Britain on Wednesday (Sep 2) fined Citibank £4.7 million (US$6.35 million) under its Russia sanctions regime, stating that the US bank’s...
Britain has imposed a fine of £4.7 million (US$6.35 million) on Citibank's London unit for violating its Russia sanctions regime, according to the Office of Financial Sanctions Implementation (OFSI). The majority of the breaches were found to have occurred between February and November 2022, following the Russian invasion of Ukraine.
The OFSI stated that CBNA London had voluntarily disclosed the majority of the breaches to the regulator. The regulator noted that many of the breaches happened in the aftermath of sanctions initially being imposed, which they said had placed "significant strain on the bank’s alert handling and investigation processes." OFSI emphasized that they do not consider there to be any intent by CBNA London to breach sanctions, but acknowledged that the errors and failings were "material and significant" and occurred across various business areas and systems within the bank.
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