![]() ![]() OFAC's analysis of Lloyds' transactions indicated that, from June 2003 through August 2006, Lloyds routed at least 4,281 electronic funds transfers totaling nearly $37 million through third-party banks located in the United States in apparent violation of the International Emergency Economic Powers Act and OFAC regulations related to Iran, Sudan, and Libya. sanctioned parties in wire transfer instructions. Lloyds' apparent violations of Treasury regulations arose out of policies that began in the mid-1990s when, at the behest of and with the knowledge of its Iranian bank customers, Lloyds developed a policy of intentionally manipulating and deleting information about U.S. Lloyds previously entered into deferred prosecution agreements with the Department of Justice and with the New York County District Attorney's Office for the same pattern of conduct. sanctioned parties in wire transfer instructions routed through third-party banks located in the United States. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a $217 million settlement with Lloyds TSB Bank, plc (Lloyds), concerning the bank's intentional manipulation and deletion of information about U.S. Under the terms of this agreement, the Group has up to four years to complete a sale and is in the preliminary stages of this process.Settlement Reached for Apparent Violations of Treasury Sanctions Regulations This minimises disruption to our customers and ensures that we make the change in the most cost effective way possible."Īs part of the restructuring plan agreed with the European Commission in November 2009, the Group agreed to sell a standalone retail banking business with at least 600 branches, a 4.6% share of the personal current accounts market in the UK and up to approximately 19% of the Group’s mortgage assets. We are introducing the new brand on a phased basis over the course of the next few years. Graham Lindsay, managing director, customer experience, Lloyds Banking Group, said: "This is the first step in our planned journey to the new Lloyds Bank brand. The majority of the group’s other Lloyds TSB branded business units are expected to follow suit during 2012. Lloyds Bank Corporate Markets will be the first UK-based part of the group to operate under the new name and will start its rebranding process later this year. ![]() It also stated that the planned approach also ensures "that the move to the new brand is carried out in the most cost effective way possible" by fitting in with the normal cycle of investment in our brands. The group has previously confirmed that its branches in Scotland will operate solely under the Bank of Scotland name.Īccording to the banking group, "the transition to Lloyds Bank will be carried out in several stages over the next three years" in an attempt to minimise the possibility of any disruption to customers. There will be no change to Lloyds’ brands Halifax or Bank of Scotland, and no change to the Lloyds TSB marketing department. The change in branding was first mooted in November 2009 when the group announced it would be selling a standalone retail banking business including the TSB brand name as part of the restructuring plan agreed with the European Commission. The finance group said that by the end of 2013 the majority of branches, products and services currently branded Lloyds TSB will operate under the Lloyds Bank brand. ![]()
0 Comments
Leave a Reply. |