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The United Kingdom's Office of Sanctions Implementation, or OFSI, announced its first enforcement action Monday, fining one of the country's oldest lenders £5,000 for processing a £200 transaction involving a blacklisted party. OFSI, a department within HM Treasury that functions similarly to the U.S. Office of Foreign Assets Control, claimed in a 1-page notice that London-based Raphaels Bank likely "knew or had reasonable cause to suspect" that the transaction in question involved a person designated by the European Union under sanctions targeting the misappropriation of Egyptian state funds. The enforcement action marks the first ever issued by OFSI, which was...