Financial Sanctions – Page 22 – European Sanctions Enforcement

April 8, 2019January 11, 2024 by Mark Handley

France – banking regulator finds breaches but does not fine

The Sanctions Commission of the French Banking Regulator (the ACPR) has published its decision from disciplinary proceedings against Raguram International.

Between 2015 and 2017, Raguram had failed to conduct KYC on its customers and failed to incorporate the lists of Eu sanctioned persons into its systems and controls framework.

At the time Raguram had not recognised that its controls environment was defective, but it had subsequently implemented stricter policies and procedures and purchased a compliance solution.

As a result of these steps no fine was imposed.

April 1, 2019February 26, 2024 by Mark Handley

Netherlands – individual convicted for transfers to ISIS family members

The Dutch authorities have obtained the conviction of an individual for making financial transfers to two family members in breach of the EU’s sanctions against ISIS.

Five transfers were made in total with the largest being €3,500.

The man was given a suspended 100 day prison sentence with a 2 year probation period and 240 hours of community service.

March 8, 2019March 15, 2024 by Mark Handley

UK – OFSI imposes further financial penalty

OFSI has today imposed a £10,000 penalty on Travelex Limited in relation to a £204 transaction involving the funds of a designated person.

This penalty is factually related to the same transaction as was the subject of OFSI’s first penalty.

While the fine itself is very small, that OFSI has imposed a fine in relation to such a small transaction is perhaps itself of significance.

January 24, 2019January 11, 2024 by Mark Handley

Netherlands – conviction for ISIS sanctions breach

The Dutch authorities have prosecuted and obtained a conviction of an individual for making a financial transfer of €1,350 in breach of the EU’s sanctions against ISIS.

The person was sentenced to 220 hours of community service or 110 days of jail if the community service is not performed.

January 21, 2019March 15, 2024 by Mark Handley

UK – OFSI imposes its first ever financial penalty

The UK’s Official of Financial Sanctions Implementation has today imposed its first financial penalty.

The penalty relates to a single transaction of £200 relating to funds of a designated person under the Egyptian sanctions.

The bank, Raphaels Bank, self reported to OFSI.

The initial fine was £10,000 reduced to £5,000 in acknowledgment of the self-reporting.

January 17, 2019January 11, 2024 by Mark Handley

Netherlands – conviction for breach of ISIS sanctions

Three money transfers totalling €445 completed in breach of the EU’s sanctions against ISIS has resulted in a conviction of an individual.

He was sentenced to four months, suspended for 2 years, and 180 hours of community service.

December 21, 2018January 26, 2024 by Mark Handley

France – bank fined €50m for sanctions compliance failings

The ACPR in France has today announced the imposition of a fine of €50m against Banque Postale.

This is the largest fine imposed in France to date.

The fine was imposed for sanctions compliance failings and in particular the ability of designated persons to transfer funds through Banque Postale, even when not a customer, by “money order”.

Banque Postale has indicated an intention to appeal the fine.

December 19, 2018February 22, 2024 by Mark Handley

Luxembourg – regulator fines bank for sanctions failings

The Luxembourg financial services regulator, the CSSF, has today imposed a a fine of €55,000 on ANF Luxembourg SA for AML and sanctions compliance failings.

The penalty notice noted failings in compliance in relation to UN sanctions, but does not specify which regime was implicated.

December 18, 2018January 10, 2024 by Mark Handley

Netherlands – appeal against Liberian sanctions conviction dismissed

The Dutch Supreme Court has dismissed the appeal against the 19-year sentence for (amongst other crimes) breach of the EU’s Liberian sanctions.

The appeal was largely on the grounds that the Liberian government had granted an amnesty which was said to apply. The Supreme Court disagreed, and in any event held that such an amnesty is incompatible with Dutch obligations under the European Convention of Human Rights.

July 3, 2018January 10, 2024 by Mark Handley

Netherlands – Dutch National Bank fines of €170,000 upheld on appeal

The District Court of Rotterdam has upheld fines of €170,000 imposed by the Dutch National Bank on a payment services provider for breaches of Dutch sanctions law and AML rules.

The appeal was largely based on arguments that the internal compliance function had adequately performed its function. The court was highly critical of this argument, noting the lack of due diligence and periodic training.