JERSEY: BANK FINED £500,000 FOR AML/CFT BREACH

On 14 August, the Jersey Evening Post reported that Lloyds Bank Corporate Markets Jersey has been fined almost half-a-million pounds for breaching the Island’s financial services regulatory requirements.  Jersey FSC said that LBCM failed to adequately identify the correspondent banking relationship and to apply appropriate controls in relation to AML/CFT systems.  The relationship was with an overseas incorporated bank and operated between 2006 and October 2021.

https://jerseyeveningpost.com/news/2022/08/14/bank-fined-500k-for-regulatory-breach/

Any modest contributions for my time and ongoing expenses are welcomed!  At Buy me a Coffee one-off contributions start as low as $3, at

https://www.buymeacoffee.com/KoIvM842y

NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: