OFSI issues Disclosure Notice to Vanquis Bank for an 8-day delay in freezing a designated person’s a/c, allowing cash withdrawals and a transaction, stressing the need for robust sanctions controls

The breach involved a delay of eight days in restricting access to the account of a person who had been designated under the sanctions regime. During this time, the designated person (DP) was able to withdraw £200 in cash and make a purchase of £8.99. VBL’s internal screening flagged the DP soon after designation, but due to resource constraints…