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Analysis

Sanctions Regulator Forces Banks To Tighten Up Compliance

Law360, London (March 1, 2019, 7:00 PM GMT) -- Banks in the U.K. are under pressure to ​sharpen their compliance procedures ​after a ​lender was slapped with an unprecedented fine for handling just £200 ($265) of tainted money​ linked to Egypt after an assets freeze in Britain.

The Office of Financial Sanctions Implementation took regulatory lawyers by surprise when it handed Britain's first fine for breaching financial sanctions to a little-known lender, Raphaels Bank, in late February, for handling assets frozen after the Egyptian revolution erupted in 2011.

The sanctions office hit Raphaels with a £5,000 penalty, cut from £10,000 because the lender reported the incident and cooperated with the agency.

London’s banks...

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