October 1, 2024

OFSI fines UK concierge services firm for violating Russia sanctions

On September 27, 2024, the UK Office of Financial Sanctions Implementation announced that it issued a £15,000 monetary penalty against Integral Concierge Services (“ICSL”) for breaching financial sanctions against Russia.  According to OFSI, ICSL breached Russia sanctions by making or receiving 26 payments in connection with property management services provided to an unnamed designated person between 2022 and 2023.  OFSI also reported that ICSL did not challenge the penalty but paid it in full.

OFSI announced the monetary penalty to make persons in the UK, particularly firms in the property management sector, aware of importance of understanding financial sanctions risks and taking appropriate actions to address these risks.  OFSI further reported, that as of June 2022 and the introduction of strict civil liability for financial sanctions, action can be taken against persons who violate financial sanctions regardless of whether they knew or had reasonable cause to suspect that their actions were in breach.

OFSI Press Release