The British financial technology firm Wise reportedly permitted a person on a Russian sanctions list to withdraw funds, according to a statement from a British government organization. According to the Office of Financial Sanctions Implementation, the user was able to withdraw $316.63 from a Wise business account. In response to Russia’s invasion of Ukraine in February 2022, the British government implemented new measures and designations, hitting a slew of new banks and affluent individuals.
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Wise allegedly informed the OFSI of a possible violation of penalties. A credit card belonging to an entity owned by a person who should remain nameless was used to make the cash withdrawal from the Wise business account. Wise provided services to the company during that time.
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A new sanction-designated person under UK legislation was added on June 29, 2022. We immediately followed our protocols for checking for penalties and shut down the account we believed belonged to the individual’s business. This effectively prevented the account holder from accessing their funds online. An additional £250 was withdrawn from an ATM using a business debit card linked to the account.
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