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Bank of Scotland fined for breach of Russia sanctions

Image of polymer Scottish £5, £10 and £20 bank notes scattered next to each other.
Photo: K Neville/Getty Images

The UK’s OFSI states that the case “highlights important compliance lessons for a wide range of industry stakeholders.”

The incident began when a person designated under the UK’s Russia sanctions regulations opened an account with the bank on February 6, 2023.

He has since been named in the press as Dmitrii Ovsiannikov, a former governor of Sevastopol in Crimea, later prosecuted and jailed for money laundering and circumventing UK