Lloyds discloses FCA probe into AML controls
By 
Kyle Brasseur2024-02-23T12:14:00
Lloyds is the latest U.K. financial institution being probed by the Financial Conduct Authority (FCA) regarding its anti-money laundering control framework.
The banking group disclosed in its annual report Thursday that the agency opened an investigation into its “compliance with domestic U.K. money laundering regulations and the FCA’s rules and principles for businesses.” The probe remains ongoing.
Lloyds said it is cooperating and that it could not estimate any potential financial impact.
Related articles
-
PremiumLloyds decision to cut risk staff draws criticism, defenders
Lloyds Banking Group is cutting jobs in its risk management function after an internal review reportedly found it was a “blocker” to the organization’s strategic transformation.
-
News BriefBarclays says FCA probe into AML controls closed
Barclays Bank disclosed an investigation by the U.K. Financial Conduct Authority into the bank’s anti-money laundering controls has closed without a penalty.
-
News BriefFCA fines, bans ex-London Capital & Finance compliance head over promos
The U.K. Financial Conduct Authority issued a fine of £31,800 (U.S. $40,000) against a former compliance director at London Capital & Finance for allegedly approving misleading promotions that led to investor deception.
More from Regulatory Enforcement
-
Basic PageNJ manufacturer fined by CPSC for failing to report deadly defect in its air conditioners
A delayed product hazard report cost one company criminal and civil penalties—and a mother her life. This case shows why timely reporting and executive accountability are non-negotiable for compliance teams.
-
News BriefCFPB could run out of money by fall, report says
The Trump administration declawed the Consumer Financial Protection Bureau from the very beginning of his second term. It now appears the agency might be running out of money.
-
ArticleDOJ, SEC end Investigations of GE HealthCare for possible FCPA violations in China
The Securities and Exchange Commission and Department of Justice ended a seven-year review of GE HealthCare Technologies’ China unit for possible violations of the Foreign Corrupt Practices Act.