OFSI fines Deutsche Bank’s London branch £165,000 for processing £635,618.75 to an entity linked to a UK-sanctioned individual due to inadequate ownership and control checks

The case highlights weaknesses in sanctions screening and due diligence controls, where the bank did not properly detect that the counterparty was effectively controlled by a sanctioned individual, leading to prohibited funds being made available. The penalty was reduced by 45% because of the bank’s voluntary disclosure and cooperation, reflecting OFSI’s enforcement approach of encouraging…