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🇮🇱 Israel /Economy & Trade

UK fines Citibank’s London unit £4.7 million over Russia sanctions breaches

From Jerusalem Post · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Official statement Ongoing story
  • Britain fined Citibank’s London unit £4.7 million for breaches of its Russia sanctions regime, most of which occurred between February and November 2022.
  • The financial regulator said CBNA London voluntarily disclosed most breaches and that it found no deliberate intent to violate sanctions.
  • The breaches followed the initial imposition of sanctions and affected alert-handling and investigation processes across multiple areas of the bank.

Britain has fined Citibank’s London unit £4.7 million after finding that it made funds available for the benefit of people covered by Russia-related sanctions.

The Office of Financial Sanctions Implementation said most of the breaches occurred between February and November 2022. CBNA London voluntarily disclosed the majority of them, according to the regulator.

OFSI said many of the failures arose after sanctions were first imposed, placing “significant strain on the bank’s alert handling and investigation processes.” The regulator said the errors occurred across a wide range of business areas and systems.

The agency said it did not believe CBNA London intended to breach sanctions, but described the combined errors and failings as material and significant. Britain, the United States and the European Union have imposed thousands of sanctions on individuals, entities and ships since Russia’s invasion of Ukraine in February 2022. Citi did not immediately respond to a request for comment.

OFSI does not consider there to have been any intent by CBNA London to breach sanctions. However, the errors and failings referred to above were, in aggregate, material and significant and they occurred across a wide range of business areas and systems within the bank.

— Office of Financial Sanctions ImplementationThe regulator explained why it imposed a fine despite finding no deliberate intent.
About this summary

Originally published by Jerusalem Post in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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