On 21 February 2019 the United Kingdom’s Office of Financial Sanctions Implementation (OFSI) issued its first monetary penalty against Raphaels Bank for £5,000.00. This penalty was given in accordance with s146 of the Policing and Crime Act 2017 for the breach of regulation 3 of the Egypt (Asset-Freezing) Regulations 2011 (S.I. 2011/887). According to the report by OFSI, the breach occurred when a £200.00 transaction was performed by Raphaels Bank for a person designated under the above regime. OFSI reduced the monetary penalty by 50% (from £10,000.00) because Raphaels Bank disclosed the breach and cooperated.