UK Doubles Maximum OFSI Fine and Settles with Citibank London for £4.7 Million

On September 3, 2026, UK Chancellor of the Exchequer John Healey announced that the maximum monetary penalty available to the Office of Financial Sanctions Implementation (OFSI) would be doubled — to 100% of the value of a sanctions breach, up from the previous 50% ceiling. The announcement coincided with the publication of OFSI's September 2 settlement with Citibank N.A. London Branch, fined £4,732,830.58 for breaching Russia and global anti-corruption sanctions regulations by making funds available for the benefit of a designated person. The doubling of the maximum penalty is the most significant structural change to the UK's civil sanctions enforcement framework in years, and comes alongside OFSI's expanded licensing remit covering goods as well as services. For firms advising financial institutions on sanctions compliance, the message from London is clear: the ceiling for civil enforcement exposure has materially increased, and the regulator's appetite for enforcement is rising.