Jersey fines Lloyds investment banking arm £500k over ''protracted'' AML breaches Jersey Financial Services Commission has fined the local branch of Lloyds investment banking arm £498,000 for regulatory and anti-money laundering breaches. Lloyds Bank Corporate Markets'' Jersey branch specifically breached requirements of the AML|CFT Code and the Banking Code in relation to one correspondent banking relationship between 2008 and 2020, the Jersey FSC said in a statement on 12 August. It failed to ensure that the correspondent banking relationship was properly identified and risks potentially present in correspondent banking relationships adequately considered and mitigated over a protracted period of time. The Jersey regulator also said the penalty arose from the failure to properly identify the relationship at an earlier stage, to maintain adequate systems and controls for correspondent banking to mitigate any increased financial crime risk arising from the relationship, and the failure to bring identified deficiencies to the attention of the JFSC more promptly and completely.