OFSI fines Bank of Scotland £160,000 for processing 24 payments worth £77,383.39 to a sanctioned Russian individual, citing screening failures that exposed serious weaknesses in its sanctions controls

The breaches, which occurred in February 2023, were due to gaps in the bank’s screening systems and name‑matching procedures, allowing the account to remain active for over two weeks. The penalty was reduced by 50% from £320,000 because the bank voluntarily disclosed the issue promptly. The notice underscores the importance of robust sanctions screening, escalation procedures, and staff training to prevent similar compliance failures…