US prosecutors said that the bank's misconduct took place between 1995 and 2007.
"For more than 12 years, Lloyds facilitated the anonymous movement of hundreds of millions of dollars from US-sanctioned nations through our financial system," Assistant Attorney General Matthew Friedrich said.
According to court documents, Lloyds removed information such as customer names, bank names and addresses so that wire transfers would pass undetected through filters at US banks.
This process - known as stripping - meant that more than $350m (£230m at current exchange rates) that might otherwise have been blocked was processed by US institutions.
Lloyds TSB had agreed to forfeit half the money to the US and half to New York County.
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