OFSI penalties to date: £15,000
The UK’s Office of Financial Sanctions Implementation (‘OFSI’) has, since its establishment in 2018, imposed £15,000 worth of penalties on two separate entities. This information comes from a recent OFSI press release which explains:
‘OFSI’s approach is summarised by our compliance and enforcement model: promote, enable, respond and change. We promote and enable compliance through engagement and guidance. However, where there is suspected non-compliance, OFSI responds by intervening to disrupt attempted breaches and by addressing breaches effectively. We do this to change behaviour and to promote further compliance with financial sanctions.’
The two penalties were both imposed under EU regulations relating to Egypt, and in both cases the reason given for the penalty was ‘Dealing with funds belonging to a designated person, without a licence.’
The fined entities were Raphael & Sons plc, and Travelex UK Ltd.