The UK has fined Deutsche Bank £165,000 for breaching financial sanctions related to Russia, marking another enforcement action against a major lender over wartime restrictions. The German bank's London branch processed two payments totaling £636,000 in 2022 to Okko, a Russian streaming service owned by a sanctioned entity, JSC New Opportunities.

OFSI found Deutsche relied on a third-party screening provider that failed to flag Okko's ownership links. Despite using an outside vendor, the regulator emphasized the bank "remained ultimately responsible" for compliance. Deutsche disclosed the payments voluntarily, earning a discount on the penalty. The fine follows Deutsche reporting itself to EU regulators last month for potential breaches involving retail deposits over €100,000 from sanctioned individuals.

OFSI has issued fewer than 20 fines since 2019, making such actions relatively rare. Apple's European subsidiary was also fined for Okko payments. New Opportunities was created just weeks before buying Okko from Sberbank and was sanctioned by the UK in June 2022. Deutsche said it has strengthened its sanctions compliance framework after identifying the payments.