Apple subsidiary fined by UK government over Moscow sanctions breach
5 hours ago
- #UK Regulations
- #Sanctions
- #Apple
- Apple Distribution International (ADI) fined £390,000 by UK for breaching sanctions against Russia over payments to streaming service Okko.
- Payments totaling over £635,000 made via a UK bank in June-July 2022 to Okko, owned by sanctioned entity JSC New Opportunities.
- ADI voluntarily disclosed payments; OFSI noted no evidence ADI knew of ownership links, highlighting risks in third-party screening.
- Case underscores non-UK firms using UK financial institutions must ensure robust due diligence to avoid sanctions breaches.
- Apple stated it follows laws, reported findings proactively, and is enhancing compliance protocols consistent with industry standards.