Financial sanctions breaches of just £209 prompt OFSI action

Vanquis, a specialist provider "for financially underserved customers", has received a public telling-off from the sanctions regulator for infringements relating to a customer who posed terrorist financing risks. Though the amount involved was small, the case provides bigger lessons for firms, reports Denis O'Connor.

The Office for Financial Sanctions Implementation (OFSI) has recently published details of two breaches of United Kingdom sanctions legislation by Vanquis Bank Ltd involving two transactions with a total value of £208.99. [1]