UK orders crypto firms to review transactions tied to alleged Russian sanctions evasion

The UK National Crime Agency has instructed banks, payment companies and cryptocurrency firms to review transactions tied to the A7 payment network, which has been identified as being used to evade sanctions on Russia, CryptoSlate reported. UK authorities believe A7 was used to move Russian clients’ funds overseas through financial institutions in third countries or international payment networks. Firms involved are therefore required to check counterparties, wallets and transfer routes linked to A7. The UK government is also pursuing a plan to raise the maximum civil penalty for financial sanctions violations to £2 million ($2.7 million) or 100% of the value of the breach, from the current £1 million ($1.35 million) or 50% of the breach amount.