Reported by Ryan Browne

Wise CEO and co-founder Kristo Kaarmann.

British financial technology giant Wiseallowed an individual on the Russian sanctions list to withdraw money, a U.K. government body said Thursday.  

The user was allowed to make a withdrawal of £250 ($316.63) from a business account on Wise, according to the Office of Financial Sanctions Implementation.

The British government imposed new measures and designations in response to the Russian invasion of Ukraine in February 2022, targeting a host of new banks and wealthy individuals.

According to the OFSI, Wise reported a suspected sanctions breach on June 30, 2022. The cash withdrawal was made from a Wise business account held by a company owned by an unnamed designated person, using a credit card held in their name. At the time, the company was a customer of Wise.

Wise “made complete disclosures and fully cooperated with OFSI throughout its investigation,” the OFSI said.

Read full report: https://www.cnbc.com/amp/2023/08/31/fintech-giant-wise-allowed-russia-sanctions-target-to-withdraw-money.html