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.
Earlier this week, Barclays disclosed the FCA closed a similar investigation into its compliance with U.K. money laundering regulations without taking action. The Barclays probe was focused on transaction monitoring.
Kyle Brasseur is Editor in Chief of Compliance Week. His background includes expertise in user personalization with ESPN.com.View full Profile
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