Both banks deny helping Tehran-controlled oil firm PCC to move money in breach of sanctions
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).
About Author
More Stories
Dutch climate campaigners vow to take Shell to court again
Australia has been hesitant – but could robots soon be delivering your pizza?
US reportedly plans to slash bank rules imposed to prevent 2008-style crash