Money Laundering costs Lloyds TSB Bank USD 350 million
US anti-money laundering officials had their biggest success so far when a British bank, Lloyds TSB Bank, agreed to pay USD 350 million to the federal government and the Manhattan District Attorney’s office as it had violated federal and New York state laws.
An international UK-based bank in January agreed to pay the money after American investigators found out that the bank falsified information on electronic fund transfers from Iranian and Sudanese banks to United States’ banks. According to court files, in this case, the employees of the bank found a way to avoid setting off alarms at US banks.
It should be noted that the penalty to be paid by the bank was a reminder of the severe consequences that violators of U.S. Anti-money laundering laws will face.