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Justice Department Penalizes Lloyds TSB $350 Million, Largest Sanctions Fine
By Matt Squire and Brian Monroe
printLloyds TSB Bank Plc. has agreed to pay the United States $350 million to settle charges that it hid wire transfers with blacklisted companies, the largest sanctions-related penalty to date. The fine is part of a deferred prosecution agreement with the U.S. Justice Department and the District Attorney of New York County to settle charges that the bank's branches in London and Dubai falsified and omitted data on wire transfers from clients in sanctioned countries in order to hide their identity from correspondent banks in the United States. Between 2001 and 2004, Lloyds allowed over $300 million in wire transfers...
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