OFSI imposes monetary penalty on fintech company for breach of financial sanctions

On 5 August 2021, the Office of Financial Sanctions Implementation ("OFSI") announced the imposition of a monetary penalty of £50,000 on TransferGo Limited ("TransferGo") in respect of a breach of the financial sanctions imposed in respect of the situation in Ukraine. This is the fifth time OFSI has used its power to impose civil penalties for breach of financial sanctions (granted under the Policing and Crime Act 2017 (the "PCA")). Read more