Wise, a British financial technology company, allowed an individual on the Russian sanctions list to withdraw money from a business account, according to the UK’s Office of Financial Sanctions Implementation (OFSI). The withdrawal amounted to £250 ($316.63). Wise reported the suspected sanctions breach on June 30, 2022. The company stated that it took immediate steps to suspend its services to Russia when sanctions were imposed in response to the Russian invasion of Ukraine. Wise voluntarily reported the ATM withdrawal to OFSI, conducted a review of its processes, and implemented internal system changes to prevent such transactions in the future. OFSI did not impose a monetary penalty on Wise, considering the breach not sufficiently serious. Wise is one of the UK’s most successful fintech companies, with a market cap of £6.56 billion. Despite the small amount involved, this case highlights the fintech industry’s ongoing challenge in preventing sanctions breaches.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}