Bank of Scotland Fined for Sanctions Breach
The Bank of Scotland was fined £160,000 for opening an account for sanctioned Russian Dmitrii Ovsyannikov. Lloyds Banking Group reported the violation.
Insights:
The Bank of Scotland, a subsidiary of Lloyds Banking Group plc , has been fined £160,000 for breaching the United Kingdom's financial sanctions regime. This penalty was imposed after the bank opened an account for Dmitrii Ovsyannikov dmitrii ovsyannikov, a Russian national on the UK's sanctions list since 2017. The breach involved processing 24 payments totaling approximately £77,000 in February 2023.
