Financial sanctions breaches of just £209 prompt OFSI action

Vanquis, a "specialist finance provider for financially underserved customers", has received a public telling-off from the Treasury 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.

Denis O'Connor is a fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment. He was a member of the British Bankers' Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group's board and editorial panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the United Kingdom and abroad.

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]