Today the UK’s Office of Financial Sanctions Implementation imposed a civil penalty of £20,471,809.83 on Standard Chartered Bank in the latest (and largest) use of its civil enforcement powers. The fine included a 30% reduction to take account of self-reporting and cooperation.
OFSI’s Penalty Report can be found here.
The breaches of the EU’s Russian sanctions regulation 833/2014 arose out of the provision of multiple loans to the non-EU subsidiary of a Russian bank in breach of the restrictions on certain Russian banks accessing the EU’s capital markets. In total 21 loans valued at over £97m were issued during the period after OFSI acquired its civil enforcement powers.
Initially OFSI’s fines were £31.5m, but the fines were reduced after Standard Chartered exercised its right to a ministerial review of the penalties.