Wise breached Russia sanctions with £250 payment, says OFSI

According to the Office of Financial Sanctions Implementation (OFSI), Wise Payments had itself reported a suspected breach involving a cash withdrawal of £250.

Reuters reported that the transaction took place the day after the individual involved had been designated by authorities.

It said the funds were made available to a company owned or controlled by the designated person, constituting a breach of the sanctions in place against Russia.

OFSI said in a statement that it did not assess the breach as sufficiently serious to impose a monetary penalty on Wise.

“However, the nature and circumstances of this breach were assessed as moderately severe and in OFSI’s judgement a disclosure is the appropriate and proportionate enforcement response.”

Reporting by Josh White for Sharecast.com.