UK Issues Retail Banking General License for Non-Designated Individuals
The U.K.'s Office of Financial Sanctions Implementation released a General License June 10 permitting certain activity for retail banking services. The license permits non-designated individuals to use retail banking services of a sanctioned Russian or Belarusian credit or financial institution…
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if the payments are made or received are meant for that individual's personal use and the total value of the payments made June 10 to Sept. 10 doesn't exceed $60,000. The license permits such action until Sept. 10. A relevant institution can process these payments, the license said.