- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-08-31T15:09:00
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.
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2025-02-03T21:18:00Z By Oscar Gonzalez
A fine by the Consumer Financial Protection Bureau (CFPB) against the U.S arm of London-based foreign exchange company Wise could be one of the agency’s final actions as a new regulatory regime reportedly froze rules and litigation amid calls for defunding.
2024-08-28T16:03:00Z By Neil Hodge
Sanctions imposed against Russia following the 2022 invasion of Ukraine are being undermined by the U.K.’s poor track record of enforcement, according to a report by campaign group Spotlight on Corruption.
2023-12-13T17:19:00Z By Kyle Brasseur
The U.K. government is set to establish a new agency to enforce trade sanctions and provide compliance guidance to businesses regarding the country’s sanctions regimes.
2025-05-22T14:37:00Z By Aaron Nicodemus
The Federal Trade Commission has ordered web hosting company GoDaddy to implement a “robust” information security program following at least three data breaches that the agency said were aided by lax cybersecurity measures.
2025-05-20T12:30:00Z By Oscar Gonzalez
The U.S. Federal Trade Commission (FTC) took action against a pair of student loan debt relief companies for allegedly deceiving borrowers. The move came despite the Trump administration’s broader efforts to roll back enforcement actions against businesses since taking office.
2025-05-16T19:24:00Z By Oscar Gonzalez
After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down ...
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