Lloyds: Freezes 8,000 Jersey offshore bank accounts

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Lloyds: Freezes 8,000 Jersey offshore bank accounts

Lloyds: Freezes 8,000 offshore bank accounts in Jersey after pursuing ID authentication for three years

  • The lockdowns occurred at the end of 2018 in order to comply with the island’s money laundering rules
  • The bank reportedly did not have specific concerns about the accounts in question
  • The frozen accounts comprised less than 5% of the bank’s total expatriate accounts
  • This is also to protect the customer, as it prevents anybody else trying to use the account
  • Jersey, Guernsey and the Isle of Man have been facing increased scrutiny
  • The Jersey Financial Services Commission recently concluded a year-long consultation