Bank of Scotland fined £160,000 in UK over Russia sanctions screening flaws

The Bank of Scotland has been fined £160,000 (US$219,000) by the UK's Office of Financial Sanctions Implementation (OFSI) over processing 24 payments totalling UK£77,383 (US$106,000) for a sanctioned Russian, with the agency stressing the error highlighted the weaknesses of its automated and human sanctions screening.

By Keith Nuthall

The Bank of Scotland has been fined £160,000 (US$219,000) by the UK's Office of Financial Sanctions Implementation (OFSI) over processing 24 payments totalling UK£77,383 (US$106,000) for a sanctioned Russian, with the agency stressing the error highlighted the weaknesses of its automated and human sanctions screening. [1]