Lloyds has frozen the accounts of about 8,000 offshore banking customers based in Jersey as part of a crackdown on money laundering, after asking them for three years to prove their identity, the FT reports. The bank was forced to take action at the end of last year to meet rules on money laundering in Jersey, where its international business is based. The UK lender took the decision after clients failed to prove their identity three years after they were requested to do so. In a statement to the FT, a spokesperson for Lloyds said: "Over the last three years we have made multiple ...
To continue reading this article...
Join International Investment
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes