Lloyds pays $350m to end case in US
UK bank, LloydsTSB will pay a $350m fine so an investigation into allegations they they faked records so clients in Iran and Sudan could do business with US institution would be dropped.
British-based bank Lloyds TSB has agreed to pay a $350m penalty to US authorities over financial transfers that violated US sanctions.
The US justice department said Lloyds had acknowledged "criminal conduct" and agreed to forfeit the funds in return for an end to its investigation.
US prosecutors say the bank faked records so clients in Iran and Sudan could do business with US institutions.
Lloyds TSB said that it had co-operated fully with the probe.
"We are committed to running our business with the highest levels of integrity and regulatory compliance across all of our operations, and have undertaken a range of significant steps to further enhance our compliance programmes," it said in a statement.