Rules Navigator

Sign in
Register

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

Thomas Hyrkiel

 Click to share on Facebook (Opens in new window/tab) Click to share on Twitter (Opens in new window/tab) Click to share on LinkedIn (Opens in new window/tab) Click to share on WhatsApp (Opens in new window/tab)

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

Register for free to keep reading

To continue reading this article and unlock full access to GRIP, register now. You’ll enjoy free access to all content until our subscription service launches in early 2026.

  • Unlimited access to industry insights
  • Stay on top of key rules and regulatory changes with our Rules Navigator
  • Ad-free experience with no distractions
  • Regular podcasts from trusted external experts
  • Fresh compliance and regulatory content every day
Register for free
Sign in
, , , , , , , ,