The Office of Financial Sanctions Implementation (OFSI), created in March 2016 to oversee the enforcement of financial sanctions in the UK, has issued its first financial penalty. The monetary penalty of £5,000 was made against Raphaels Bank for a contravention of the Egypt (Asset Freezing) Regulations. Whilst the size of the penalty appears small, the value of the underlying transaction was only £200. The penalty was therefore 25 times that amount, and was reduced by 50% from £10,000 due to Raphaels cooperation with OFSI and its self-disclosure of the breach. With the possibility of OFSI penalties of up to £1m or 50% of the value of the breach (whichever is greater), this penalty regime could become a useful enforcement tool.