OFSI annouces £50,000 fine on TransferGo Limited

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The Office of Financial Sanctions Implementation (OFSI) has announced a fine of £50,000 on TransferGo Limited for contravention of Regulation 4 of The Ukraine (European Union Financial Sanctions) (No. 2) Regulations 2014. The penalty relates to 16 transactions in which TransferGo issued instructions to make payments to accounts held at the Russian National Commercial Bank. FIs need to ensure they take appropriate steps to remain compliant with sanctions regimes, such as ensuring sanctions screening lists and procedures are maintained and updated on a regular basis.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1008859/050821_-_TransferGo_Penalty_Report.pdf

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