{"id":99,"date":"2020-02-18T11:34:36","date_gmt":"2020-02-18T15:34:36","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/?p=99"},"modified":"2024-03-15T09:12:10","modified_gmt":"2024-03-15T13:12:10","slug":"uk-ofsi-imposes-largest-civil-penalty-yet","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2020\/02\/18\/uk-ofsi-imposes-largest-civil-penalty-yet\/","title":{"rendered":"UK: OFSI imposes \u00a320.4m civil penalty"},"content":{"rendered":"<p>Today the UK&#8217;s Office of Financial Sanctions Implementation imposed a civil penalty of \u00a320,471,809.83 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.<\/p>\n<p>OFSI&#8217;s Penalty Report can be found <a href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/876971\/200331_-_SCB_Penalty_Report.pdf\">here<\/a>.<\/p>\n<p>The breaches of the EU&#8217;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&#8217;s capital markets. In total 21 loans valued at over \u00a397m were issued during the period after OFSI acquired its civil enforcement powers.<\/p>\n<p>Initially OFSI&#8217;s fines were \u00a331.5m, but the fines were reduced after Standard Chartered exercised its right to a ministerial review of the penalties.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today the UK&#8217;s Office of Financial Sanctions Implementation imposed a civil penalty of \u00a320,471,809.83 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&#8217;s Penalty Report can be found here. The breaches of the EU&#8217;s Russian &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2020\/02\/18\/uk-ofsi-imposes-largest-civil-penalty-yet\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;UK: OFSI imposes \u00a320.4m civil penalty&#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":[75,71],"tags":[20,12,18,9],"ppma_author":[7],"class_list":["post-99","post","type-post","status-publish","format-standard","hentry","category-75","category-financial-services","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\/99","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=99"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/99\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/media?parent=99"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/categories?post=99"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/tags?post=99"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/ppma_author?post=99"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}