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.
