| Link(s): | CBNA_London_Public_Penalty_Notice.pdf Financial sanctions enforcement: decisions and monetary penalties imposed – GOV.UK |
Context
OFSI has imposed a £4,732,830.58 monetary penalty on Citibank, N.A., London Branch (CBNA London) for breaches of the Russia (Sanctions) (EU Exit) Regulations 2019 and the Global Anti-Corruption Sanctions Regulations 2021.
Key points to note and next actions
- The case involved £19.7 million worth of transactions (970 in total), which were processed between 2022 and 2025. The majority of the breaches occurred between February and November 2022 following Russia’s illegal invasion of Ukraine and arose across the bank’s operations.
- CBNA London voluntarily disclosed the majority of the breaches, co-operated with OFSI’s investigation and undertook remediation. A 20% voluntary disclosure and co-operation discount and a 20% settlement discount were applied, which resulted in a final penalty of £4,732,830.58 being levied.