{"id":1016,"date":"2025-09-08T08:56:40","date_gmt":"2025-09-08T12:56:40","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/?p=1016"},"modified":"2025-09-08T08:56:42","modified_gmt":"2025-09-08T12:56:42","slug":"united-kingdom-ofsi-issues-disclosure-notice-for-bank-that-allowed-designated-person-to-use-funds","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2025\/09\/08\/united-kingdom-ofsi-issues-disclosure-notice-for-bank-that-allowed-designated-person-to-use-funds\/","title":{"rendered":"United Kingdom &#8211; OFSI issues Disclosure Notice for bank that allowed designated person to use funds"},"content":{"rendered":"\n<p>The Office of Financial Sanctions Implementation (&#8220;OFSI&#8221;) has today issued a <a href=\"https:\/\/assets.publishing.service.gov.uk\/media\/68beb534de0987fe84e0dd0f\/VBL_Disclosure_Notice_08SEPT2025.pdf?utm_content=&amp;utm_medium=email&amp;utm_name=&amp;utm_source=govdelivery\">Disclosure Notice<\/a> against Vanquis Bank Limited.<\/p>\n\n\n\n<p>Vanquis failed to react quickly enough to the designation of one of its customers under the UK&#8217;s anti-terrorism sanctions permitting a withdrawal (of \u00a3200) a day after the designation, and a purchase (of \u00a38.99) five days after designation.<\/p>\n\n\n\n<p>OFSI had written to Vanquis in advance of the designation to warn it that an unnamed customer of the bank was about to the designated. A day after the designation the Bank had flagged the possible match with a customer, but it took 8 days to confirm the match.<\/p>\n\n\n\n<p>Just 5 days after the match was confirmed Vanquis reported the breach to OFSI.<\/p>\n\n\n\n<p>In the overall circumstances, including the low value of the breaches, OFS declined to impose a fine.<\/p>\n\n\n\n<p>It is worth noting that OFSI describes the breaches as VBL itself &#8220;made funds available to a designated person&#8221;, rather than facilitating or some other categorisation.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Office of Financial Sanctions Implementation (&#8220;OFSI&#8221;) has today issued a Disclosure Notice against Vanquis Bank Limited. Vanquis failed to react quickly enough to the designation of one of its customers under the UK&#8217;s anti-terrorism sanctions permitting a withdrawal (of \u00a3200) a day after the designation, and a purchase (of \u00a38.99) five days after designation. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2025\/09\/08\/united-kingdom-ofsi-issues-disclosure-notice-for-bank-that-allowed-designated-person-to-use-funds\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;United Kingdom &#8211; OFSI issues Disclosure Notice for bank that allowed designated person to use funds&#8221;<\/span><\/a><\/p>\n","protected":false},"author":656,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[95,71],"tags":[96,20,9],"ppma_author":[7],"class_list":["post-1016","post","type-post","status-publish","format-standard","hentry","category-95","category-financial-services","tag-anti-terrorism","tag-financial-sanctions","tag-united-kingdom"],"authors":[{"term_id":7,"user_id":656,"is_guest":0,"slug":"mhandley","display_name":"Mark Handley","avatar_url":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-content\/uploads\/sites\/65\/2023\/09\/handleymark-100x100.jpg","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/1016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/users\/656"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/comments?post=1016"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/1016\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/media?parent=1016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/categories?post=1016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/tags?post=1016"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/ppma_author?post=1016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}