The UK Financial Conduct Authority has fined Citibank’s London branch £4.7 million after finding failures in its systems and controls led to breaches of British sanctions on Russia. According to the regulator, the bank did not put in place effective measures to identify and stop payments involving sanctioned entities during the period from August 2022 to June 2023. The FCA said internal systems at the London branch were flawed, which meant relevant payments were not properly screened or blocked. Citibank has agreed to pay the penalty. The bank also said it has taken steps to strengthen its sanctions compliance framework. The item was carried by Techub News, citing Crypto Briefing.
The UK Financial Conduct Authority (FCA) has fined Citibank’s London branch £4.7 million after the bank failed to maintain effective systems and controls, leading to breaches of UK sanctions on Russia between August 2022 and June 2023.
The FCA said the branch did not properly screen and stop payments involving sanctioned entities, citing flaws in its internal systems.
Citibank has agreed to pay the fine and said it has taken steps to strengthen its sanctions compliance framework.
The item was published by Techub News and cited Crypto Briefing.
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