(Bloomberg) -- The British watchdog tasked with oversight of sanctions issued its first ever financial penalty for Russia-related violations, fining a small property management firm £15,000 ($20,132) for continuing to carry out transactions on behalf of a sanctioned individual.
Integral Concierge Services Ltd. made and received some 26 payments for management services that it provided to the sanctioned person, the UK’s Office of Financial Sanctions Implementation said on Friday.
The British enforcement of Russian sanctions, which is overseen by a patchwork of different agencies, has come under criticism after police botched a series of high-profile investigations and the tax authority issued penalties without naming the offending party. OFSI has tooled up to respond to its mandate — doubling the number of staff to deal with a surge in suspected breaches — but it has little track record in enforcement.
ICSL, which acted for the sanctioned person since 2015 collecting rent and paying for maintenance and repairs, made no representations to the regulator, OFSI said. The firm didn’t respond to an email seeking comment.
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