{"id":1036,"date":"2025-09-30T08:55:26","date_gmt":"2025-09-30T12:55:26","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/?p=1036"},"modified":"2025-09-30T08:55:27","modified_gmt":"2025-09-30T12:55:27","slug":"united-kingdom-ofsi-imposes-152750-penalty-for-payments-made-to-accounts-held-with-designated-banks","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2025\/09\/30\/united-kingdom-ofsi-imposes-152750-penalty-for-payments-made-to-accounts-held-with-designated-banks\/","title":{"rendered":"United Kingdom &#8211; OFSI imposes \u00a3152,750 penalty for payments made to accounts held with designated banks"},"content":{"rendered":"\n<p>The UK&#8217;s Office of Financial Sanctions Implementation has today issued a <a href=\"https:\/\/assets.publishing.service.gov.uk\/media\/68db9df2ef1c2f72bc1e4bf0\/Colorcon_Penalty_Notice.pdf\">Penalty Notice<\/a> against Colorcon Limited, in relation to its Moscow branch office making 79 unlicensed payments to the company&#8217;s employees and suppliers who had accounts with designated Russian banks.<\/p>\n\n\n\n<p>The payments were made between 23 March and 2 December 2022. The company self-reported to OFSI on 21 April 2023, but OFSI&#8217;s Notice states that the four month delay in reporting meant that the reporting was not &#8220;prompt&#8221;.<\/p>\n\n\n\n<p>After assessing a range of aggravating and mitigating factors OFSI determined that the appropriate penalty should be \u00a3235,000 to which it applied a 35% discount for reporting (down from a 50% discount available for &#8220;prompt&#8221; reporting).<\/p>\n\n\n\n<p>The Notice also points out that further payments were made while a &#8220;wind-down&#8221; general licence was in place, but that the reporting requirements under this general licence were not complied with. No fine was issued for this breach.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK&#8217;s Office of Financial Sanctions Implementation has today issued a Penalty Notice against Colorcon Limited, in relation to its Moscow branch office making 79 unlicensed payments to the company&#8217;s employees and suppliers who had accounts with designated Russian banks. The payments were made between 23 March and 2 December 2022. The company self-reported to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2025\/09\/30\/united-kingdom-ofsi-imposes-152750-penalty-for-payments-made-to-accounts-held-with-designated-banks\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;United Kingdom &#8211; OFSI imposes \u00a3152,750 penalty for payments made to accounts held with designated banks&#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":[95,2],"tags":[20,12,18,9],"ppma_author":[7],"class_list":["post-1036","post","type-post","status-publish","format-standard","hentry","category-95","category-general","tag-financial-sanctions","tag-fine","tag-russia","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\/1036","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=1036"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/1036\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/media?parent=1036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/categories?post=1036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/tags?post=1036"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/ppma_author?post=1036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}