UK's OFSI fines Apple subsidiary £390,000 for breaching Russia sanctions
Sanctions compliance teams must block payments to listed Russian entities via UK banks
Change
The Office of Financial Sanctions Implementation (OFSI) imposed a £390,000 monetary penalty on Apple Distribution International after it instructed a UK-based bank to make two payments totalling more than £635,000 to the sanctioned Russian streaming service Okko.
Why it matters
Okko was sold to JSC New Opportunities, which the UK placed on its sanctions list in June 2022. OFSI found that two payments made in June–July 2022 from an ADI bank account in Britain to Okko breached UK financial sanctions prohibitions.
Implications
- — Sanctions compliance and corporate treasury teams at multinational companies that use UK bank accounts must immediately block or pause outbound instructions to pay persons on the UK designated list — failure risks monetary penalties and enforcement enquiries from the Office of Financial Sanctions Implementation (OFSI).
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Source
View on The Guardian