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Regulatory Watch News

  • OFSI issues £1m penalty for Russia sanctions breaches in first circumvention case

    OFSI

    Sabre Global Technologies Limited (SGTL) Penalty
    OFSI has imposed a £1,000,920.59 monetary penalty on Sabre Global Technologies Limited (SGTL), its largest monetary penalty in relation to Russia sanctions since the 2022 invasion. Between May and December 2022, SGTL continued to provide services to a designated entity and sought to receive payments after designation, including exploring alternative payment routes which amounted to circumvention of UK sanctions. This case was assessed as “most serious” with aggravating factors including deliberate circumvention, high breach value, repeated and extended breaches, and substantial risk of harm to the objectives of the UK’s Russia sanctions regime.

  • Ikano Bank receives a remark and an administrative fine

    Finansinspektionen

    The Swedish Financial Supervisory Authority (FI) issues Ikano Bank AB (Ikano) a remark and an administrative fine of 140 million kronor for violations of anti–money laundering regulations. Finansinspektionen has investigated in part Ikano’s compliance with the provisions of the Anti-Money Laundering and Counter-Terrorist Financing Act (2017:630) governing measures against money laundering and terrorist financing. The investigation shows that the bank has been in violation of several of these provisions.

  • Outcome of the 103rd Plenary Meeting of GRECO

    GRECO

    At this meeting, GRECO adopted 6th Evaluation Round reports on Luxembourg, Slovenia and the United Kingdom on  the prevention of corruption and promotion of integrity at the sub-national level. GRECO also adopted compliance  reports on Austria, Bosnia and Herzegovina and Poland on the prevention of corruption in respect of parliamentarians, judges and prosecutors, as well as on Armenia, Georgia, Ireland, Italy, Montenegro and Serbia on the prevention of corruption and the promotion of integrity in central governments (top executive functions) and law enforcement agencies. The Plenary also held a roundtable discussion on practical lessons learned from the first evaluations conducted under the Sixth Evaluation Round and exchanged views on GRECO’s contribution to the European Union’s forthcoming Anti-Corruption Strategy.

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