Business · 2 hours ago
Citibank fined £4.7m for processing £19.7m in banned Russian payments
The London branch handled 970 illegal transfers worth £19.7m, leaving two dozen business accounts active. The Office of Financial Sanctions Implementation, Britain's sanctions watchdog, found the bank loosened its checking rules in May 2022 to manage a massive workload. Officials classed the failures as highly severe, pointing out that staff sometimes took up to 518 days to declare locked funds.
Reported by City AM · How we write briefs