Wise—UK OFSI disclosed Wise breach of Russia sanctions after designated person withdrew cash
On 31 August 2023, UK's Office of Financial Sanctions Implementation (OFSI) issued a disclosure against Wise Payments Limited for breaching Russia sanctions regulations. On 30 June 2022, the day after a person was added to the UK Sanctions List, a company employee made a £250 cash withdrawal from a Wise business account using a company debit card in the Designated Person's name. This was the first instance of OFSI using its disclosure powers. Wise self-reported the breach on 20 July 2022 but no fine was imposed due to the moderate severity.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Governance | -against | primary | -1.00 |
| Overall incident score = | -0.443 | ||
Score = avg(topic contributions) × significance (high ×1.5) × confidence (0.59)× agency (negligent ×0.5)
Evidence (1 signal)
UK OFSI disclosed Wise breach of Russia sanctions after designated person withdrew cash
On 31 August 2023, UK's Office of Financial Sanctions Implementation (OFSI) issued a disclosure against Wise Payments Limited for breaching Russia sanctions regulations. On 30 June 2022, the day after a person was added to the UK Sanctions List, a company employee made a £250 cash withdrawal from a Wise business account using a company debit card in the Designated Person's name. This was the first instance of OFSI using its disclosure powers. Wise self-reported the breach on 20 July 2022 but no fine was imposed due to the moderate severity.