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ARTICLE · 04 SEPTEMBER 2026

OFSI Imposes Fine Of £4.73m On Investment Bank

Duane Morris LLP
Duane Morris LLP
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The UK's Office of Financial Sanctions Implementation has issued its second-largest penalty against Citibank NA for nearly £4.8 million, stemming from 970 payments that breached Russian sanctions totaling over £19.7 million. The fine highlights critical failures in customer screening processes and preparedness, with OFSI applying discounts for voluntary disclosure and settlement while criticizing the bank's delayed reporting and policy changes that complicated payment prevention.

United KingdomFinance and Banking
Mark Handley
Mark Handley
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The UK’s Office of Financial Sanctions Implementation has issued a Penalty Notice against Citibank NA in the amount of £4,732,830.58.

This is OFSI’s second largest fine since it was launched.

The fine relates to 970 payments in breach of the UK’s Russian sanctions with a total value of £19,720,127.32 with most of the payments taking place in the months after February 2022.

OFSI have Citibank a 20% voluntary self-disclosure and cooperation credit (and not the permissible 30%). The bank had voluntarily self-reported many of the breaches and payments, but was unaware of £6.9m of the payments being breaches until OFSI started to raise questions.

OFSI also provided Citibank with a 20% discount based on agreeing a settlement, under OFSI’s fairly new settlement methodology.

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