First OFSI penalty– £5k on Raphaels Bank for dealing with £200

On 21 January 2019, OFSI imposed its first monetary penalty. The penalty is £5,000 on Raphaels Bank in the UK for violating EU Egypt sanctions, namely dealing with £200 in funds belonging to a designated person. OFSI reduced the penalty by 50% from £10,000 because Raphaels Banks itself disclosed the breach and cooperated with OFSI. See OFSI Notice and Guidance …