UK fines US-headquartered Citibank's London unit £4.7 million under Russia sanctions laws
The British government fined Citibank's CBNA London unit for breaching Russia-related sanctions laws, a notice confirmed on Wednesday.
On Wednesday, the United Kingdom imposed a substantial £4.7 million ($6.35 million) fine on Citibank's London unit for breaching Russia sanctions laws. The Office of Financial Sanctions Implementation (OFSI) revealed that the majority of these infractions transpired between February and November 2022. CBNA London had willingly reported the bulk of the transgressions to the regulator.
In the wake of the Russian invasion of Ukraine in February 2022, Britain, the United States, and the European Union have issued thousands of sanctions against individuals, entities, and ships. The OFSI noted that numerous breaches emerged following the initial imposition of sanctions, which placed significant strain on CBNA London's alert handling and investigation processes.
The regulator explicitly stated that there was no intent by the bank to violate the sanctions. However, the cumulative errors and failings were deemed material and significant, affecting various business areas and systems within the bank, according to the OFSI's statement.
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