Lloyds, Santander UK Accounts Used by Sanctioned Iranian Petrochemical Commercial Company, FT Reports
-- The U.K. division of Iran's state-controlled Petrochemical Commercial Company used front companies with bank accounts at Lloyds Banking Group and Santander UK to move money while evading sanctions, the Financial Times reports citing documents.
-- A Lloyds Banking Group spokesperson said: "The Group's business activities are conducted to ensure compliance with applicable sanctions laws. We are committed to adhering to all legislative and regulatory requirements as they relate to economic crime. We are not permitted to comment on individual customers. In addition, due to legal restrictions, we cannot comment on the submission of suspicious activity reports to relevant authorities when and if they occur."
-- Santander UK, PCC and PCC UK didn't immediately respond to a request for comment.
Full story: http://tinyurl.com/z88tn2be
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
February 05, 2024 03:41 ET (08:41 GMT)
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