The Dutch National Bank has issued a public instruction to Corporate Trust Services BV in relation to its failed compliance with the due diligence and screening requirements of the Sanctiewet 1977.
No fine has been imposed.
Estonia – company owned by designated person required to close
The Estonian branch of Sputnik, controlled by Rossiya Segodnya which has a CEO under EU sanctions, has closed under threat of criminal prosecutions from the Estonian authorities. Staff members were told that continuing employment would amount to providing “economic resources” to a designated person in breach of EU sanctions.
Latvia – bank fined €1.1m for Russian sanctions compliance failings
The Latvian financial services regulator (the FKTK) has fined SEB Bank €1.8 million, of which €1,121,140 related to shortcomings in the bank’s sanctions compliance.
The inspections leading to the fine had taken place in 2017 and 2018.
The failings are said to have been specific to the EU’s Russian sanctions in regulation 269/2014 (as amended).
The fine was stated to be for not screening for companies and other assets owned by designated persons.
Latvia – TV channels owned by designated person blocked from broadcasting
It has been reported today that the Latvian authorities have placed a block on the broadcasts of nine Russian television stations owned by a designated person under the EU’s sanctions.
The stations are owned by Yury Kovalchuk.
Netherlands – conviction for breach of ISIS sanctions
The Rotterdam District Court has convicted an individual for the financial transfer of €471 in breach of the EU’s sanctions against ISIS.
In light of other offences, the man was sentenced to 18 months in jail, with 6 months conditional and a probation period of 3 years.
Netherlands – two month suspended sentence for €200 transfer
The District Court of Rotterdam has imposed a two-month suspended sentence on an individual for the transfer of €200 to his brother.
The brother was fighting for ISIS in Syria and so the transfer was in breach of EU sanctions.
Netherlands – Dutch National Bank fines trust office for KYC failings
The Rotterdam District Court has heard an appeal against fines imposed by the Dutch National Bank on a trust office.
The fines were of €593,750 and €10,000.
Some aspects of the appeal were upheld and the fines were reduced, but the court agreed with the KYC failings (including related to sanctions screening) and imposed revised fines of €534,375 and €9,000.
UK – OFSI Annual Report: enforcement statistics
OFSI has released its Annual Report for 2018-2019.
In it OFSI reports that it received 99 reports of suspected sanctions breaches with a value of £262 million.
UK – OFSI’s third monetary penalty
OFSI has today imposed a fine of £146,341 against Telia Carrier UK Limited for breaches of the EU’s Syrian sanctions.
The breaches arose out of Telia facilitating telephone calls for SyriaTel which is a designated person under the EU sanctions. The phone connections were treated as “economic resources” for the purposes of the sanctions.
The fine in this instance was reduced from £300,000 after Telia opted to seek a ministerial review of OFSI’s penalty.
Netherlands – further ISIS conviction
The Dutch authorities have obtained a further conviction for transfers of small sums of money in breach of the EU’s ISIS sanctions.
The transfers in this instance were of €500 and €950.
The man was given a suspended 5 month sentence with a 2 year probation period.