UK Fines Citibank London $6M Over Russia Sanctions
Britain fined Citibank six million dollars after its London branch processed hundreds of payments in breach of Russia sanctions. The regulator noted the bank voluntarily disclosed the errors, which occurred mostly in 2022 following the invasion of Ukraine.
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United Kingdom fined CITIGROUP INC £4.7 million ($6.35 million) on Wednesday for processing payments that breached sanctions on Russia. The penalty follows hundreds of compliance errors at the United States bank's London branch following Moscow's invasion of Ukraine. The Office of Financial Sanctions Implementation said the bank voluntarily disclosed the majority of the infractions.
