Jersey Financial Services Commission has fined the local branch of Lloyds investment banking arm £498,000 for regulatory and anti-money laundering breaches. Lloyds Bank Corporate Markets' Jersey branch specifically breached requirements of the AML/CFT Code and the Banking Code in relation to one correspondent banking relationship between 2008 and 2020, the Jersey FSC said in a statement on 12 August. It failed to ensure that the correspondent banking relationship was properly identified and risks potentially present in correspondent banking relationships adequately considered and m...
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