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Loyds frozen about 8000 accounts from outshone clients

Loyds Broup decided to froze assets of thousand of Jersey based customers after they failed to produce respective KYC information upon bank’s request.

The remediation plan of the Jersey institution ended with the account blocking after no KYC files were completed regardless the 3 year effort to collect respective documentation.

The accounts will remain blocked until complete and up to date information will be presented.

The effort of remediation started as part of a project to comply with channel island regulation and in specific as an effort to enforce compliance with the AML regime.

This comes after the local government involved (with other crown dependencies) itself in a project to enforce the 5th AML directive by producing the Register of Beneficial Owners required by EU framework.

Jersey stated to be committed to the fight against money laundering and terrorist financing and to be taking actions to crack down any issues going on in the jurisdiction.

Source

https://www.riskscreen.com/kyc360/news/lloyds-freezes-thousands-of-jersey-accounts-in-compliance-crackdown-report/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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