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Wise breached UK’s Russia sanctions regime with cash allowance to designated person

( August 31, 2023, 10:54 GMT | Official Statement) -- MLex Summary: Foreign exchange fintech Wise Payments breached the UK’s Russia sanctions regime when it allowed a person sanctioned under the Russian sanctions regime to make a cash withdrawal of 250 pounds (around $320), the Office of Financial Sanctions Implementation said today. Wise reported the suspected breach to OFSI in July 2022. The cash withdrawal was made on June 30 that year, one day after the person had been added to the sanctions list. Despite the low breach value, OFSI said Wise’s systems and controls were “inappropriate,” but did not assess the breach as sufficiently serious to warrant a fine.Report attached. ...

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