London-Based Financial Firm Fined for Transactions With Sanctioned Russian Bank
The U.K.'s Office of Financial Sanctions Implementation fined London-based financial institution Clear Junction more than $49,000 for violating the country's sanctions on those violating the territorial sovereignty of Ukraine. From March to June 2018, Clear Junction conducted 15 transactions with…
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accounts held at the EU-designated Russian National Commercial Bank. Clear Junction then made funds available to an individual designated under the Ukraine sanctions regime, OFSI said. Clear Junction made a voluntary disclosure, dropping the penalty by 26.7%. The financial services firm detailed eight of the transactions, but further investigation revealed nondisclosed payments from Clear Junction. TransferGo initiated the transactions, giving a Russian Bank Identification Code to Clear Junction to enable the transactions, OFSI said. TransferGo was fined in August for its role in the scheme.