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Bank of Scotland Fined £160K for Putin Ally Payments

1/27/2026

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Summary

Story summary

Bank of Scotland was fined £160,000 by the Office of Financial Sanctions Implementation (OFSI) for processing payments linked to Dmitrii Ovsiannikov, an ally of Vladimir Putin.
Between 8 and 24 February 2023, it processed 24 transactions totaling £77,383 for Ovsiannikov, sanctioned for past Russian government roles.
The penalty was reduced by 50% after voluntary disclosure, and Lloyds Banking Group said it has strengthened its controls.

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Story summary

Bank of Scotland was fined £160,000 by the Office of Financial Sanctions Implementation (OFSI) for processing payments linked to Dmitrii Ovsiannikov, an ally of Vladimir Putin.
Between 8 and 24 February 2023, it processed 24 transactions totaling £77,383 for Ovsiannikov, sanctioned for past Russian government roles.
The penalty was reduced by 50% after voluntary disclosure, and Lloyds Banking Group said it has strengthened its controls.