OFSI fines Citibank £4.73M for multiple UK financial sanctions breaches involving £19.72M in payments, flagging weaknesses in sanctions screening, alert handling and account restrictions

The breaches involved 970 payments worth £19.72 million, including transactions involving designated Russian entities and individuals. OFSI identified weaknesses in sanctions screening, alert handling, account restrictions and staff decision-making, with delays and human errors contributing to the breaches. Citibank voluntarily disclosed most of the breaches and cooperated with the investigation, receiving a 20% discount, plus a further 20%…