No clear path for leniency for U.K. firms navigating Russian sanctions
By 
Neil Hodge2023-11-22T16:08:00
U.K. companies might be wary of informing regulators they have potentially violated sanctions against Russia over fears they could be publicly criticized for even minor breaches.
Legal and compliance experts assumed minor infractions of the rules would not likely be punishable as companies prepared to conduct more detailed background checks.
However, the Office of Financial Sanctions Implementation’s (OFSI) decision in August to call out payments firm Wise Payments for failing to prevent a designated customer from withdrawing just 250 pounds (U.S. $312) from a cash machine has led some experts to raise questions about the U.K.’s regulatory approach.
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