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OFSI penalizes Raphaels Bank


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.

For more information on this case please read the penalty report.

For more information on monetary penalties for breaches please read guidance on penalties from OFSI.

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