8,000 Offshore Accounts Frozen by Britain’s Lloyds Bank in Money-Laundering Fight
June 26, 2019
Britain’s Lloyds Banking Group said that in a wide crackdown on money-laundering, it’s frozen more than 8,000 customer accounts. The accounts were frozen after the lender tried to obtain the identities of the owners only to fail.
A spokesperson of the bank said that the executives had started approaching select expatriate customers from January 2016 onwards to update their records and also to meet international regulatory standards. However, when the customers didn’t provide with the required information, their accounts were frozen, they said.