UK fines US-headquartered Citibank's London unit £4.7 million under Russia sanctions laws

The UK's Office of Financial Sanctions Implementation (OFSI) has fined Citibank's London unit, CBNA London, £4.7 million for breaches of Russia sanctions. The majority of these breaches, which involved making funds available to sanctioned individuals, occurred between February and November 2022, following Russia's invasion of Ukraine. CBNA London voluntarily disclosed most of the violations to the regulator. The OFSI noted that the breaches were not intentional but resulted from significant strain on the bank's alert handling and investigation processes after sanctions were initially imposed, affecting various business areas and systems.