OFSI penalises FinTech company for breach of Crimea sanctions

On 5 August 2021, the UK’s Office of Financial Sanctions Implementation (OFSI) announced that it has imposed a penalty on TransferGo Limited (TransferGo) of £50,000 for issuing payments to accounts held at the Russian National Commercial Bank (RNCB) in violation of EU sanctions against Crimea (in breach of Council Regulation (EU) No 269/2014, as enforced in the UK under Regulation 4 of the Ukraine (EU Financial Sanctions) (No 2) Regulations 2014 (the EU Regulations)).