Lloyds and Santander accused of providing accounts for Iranian front companies
Source: The Guardian
Lloyds and Santander accused of providing accounts for Iranian front companies
Both banks deny helping Tehran-controlled oil firm PCC to move money in breach of sanctions
Kalyeena Makortoff Banking correspondent
@kalyeena
Mon 5 Feb 2024 14.44 GMT
Last modified on Mon 5 Feb 2024 15.03 GMT
Two of the UK’s largest lenders, Santander UK and Lloyds Banking Group, allegedly held bank accounts for front companies that helped Iranian entities evade US sanctions, according to reports.
The news has rattled investors, who sold off shares in the two banks on Monday morning, amid fears that the lenders could face penalties if they are found to have in any way assisted Iran’s state-controlled Petrochemical Commercial Company (PCC).
The Tehran-controlled company has been accused by US officials of raising hundreds of millions of dollars for Iran’s Revolutionary Guards al-Quds Force, and working with Russian intelligence agencies. PCC and its British subsidiary have been under US sanctions since November 2018.
PCC is alleged to have moved money through a Santander UK business bank account by using a front company registered to a detached house in Surrey, according to documents seen by the Financial Times.
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Read more: https://www.theguardian.com/business/2024/feb/05/lloyds-and-santander-accused-of-providing-accounts-for-iranian-front-companies
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