A British government body said yesterday it had fined Bank of Scotland, part of Lloyds Banking Group, £160,000 ($218,640.00) for breaching its Russia financial sanctions regime.
The bank processed 24 payments in February 2023 totalling about £77,000 to and from a personal current account held by a UK-designated person, the Office of Financial Sanctions Implementation said.
OFSI – the finance ministry agency that enforces government sanctions – said it had concluded that the bank breached prohibitions on dealing with, and making funds available to, a sanctioned person.
The watchdog said Lloyds voluntarily reported the payments on behalf of Bank of Scotland in March 2023, and that the final penalty amount was halved owing to the voluntary disclosure.
In response to the fine, a Lloyds spokesperson said the company had “acted swiftly and transparently, proactively referring this one-off, isolated matter to OFSI.”
&uuid=(email))