www.reuters.com/business/finance/shares-santander-lloyds-fall-after-report-iran-used-banks-accounts-evade-2024-02-05/
Iran is claiming that it used accounts at Lloyds and Santander to evade sanctions.
Considering that we all take money laundering and sanctions very seriously I doubt it was a deliberate act by either of the banks.
I can't see the banks' systems not picking up these transactions unless they were very cleverly hidden.
The Govts. in the West have pretty much made banks their whipping boys with regards financial crime and they make the banks do all the work. It seems a simple task, but there a hundreds of millions of transactions a day which need to be examined, most of it is automated using algorithms to search known individuals, countries, products etc. There is also "AI" for want of a better phrase that scans transactions.
I suspect that Iran are fibbing. A smart act of economic warfare that costs them nothing but seriously hits the share prices of both companies and impacts many of us through our pension funds.
I note Barclays has not been mentioned, may be because of the large Middle East share ownership or HSBC which has a large Asian share ownership.
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Iran, Santander and Lloyds new
Iran, Santander and Lloyds new