Wise Payments cited for Russia sanctions breaches in landmark OFSI action

U.K.-based foreign exchange service Wise Payments was cited for breaching the country’s sanctions levied against Russia as part of the Office of Financial Sanctions Implementation’s (OFSI) first use of its disclosure enforcement powers acquired last year.

Wise avoided a penalty in the case, which related to a cash withdrawal of 250 pounds (U.S. $317) made from a business account held by a company owned or controlled by a person designated under Russian sanctions. Wise self-reported the incident and has improved the aspects of its sanctions compliance process that led to the breach occurring, said OFSI in its disclosure notice published Thursday.

In response to Russia’s February 2022 invasion of Ukraine, OFSI was granted authority to publish details from cases where financial sanctions breaches are not serious enough to merit civil penalties.