Sanctions Regulator Forces Banks To Tighten Up Compliance
Law360, London (March 1, 2019, 7:00 PM GMT) -- Banks in the U.K. are under pressure to sharpen their compliance procedures after a lender was slapped with an unprecedented fine for handling just £200 ($265) of tainted money linked to Egypt after an assets freeze in Britain.
The Office of Financial Sanctions Implementation took regulatory lawyers by surprise when it handed Britain's first fine for breaching financial sanctions to a little-known lender, Raphaels Bank, in late February, for handling assets frozen after the Egyptian revolution erupted in 2011.
The sanctions office hit Raphaels with a £5,000 penalty, cut from £10,000 because the lender reported the incident and cooperated with the agency.
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!