Lloyds Freezes Offshore Jersey Accounts In AML Move

Law360, London (June 24, 2019, 2:13 PM BST) -- Lloyds Banking Group confirmed on Monday reports that it has frozen offshore banking accounts in Jersey after the holders failed to provide customer information under new money laundering rules.

 

A spokesman for Lloyds Banking Group PLC would not confirm how many accounts it has closed, but indicated that the number was not far from the 8,000 total reported by the Financial Times on Sunday. The island, a British dependency off the north French coast, is implementing new European Union rules on money laundering in a crackdown.

The lender started contacting clients three years ago asking them to provide up-to-date details...

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