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  1. ITV Report

Thousands of Lloyds Bank accounts frozen

Bank accounts in the Channel Islands are among those affected. Credit: Joe Giddens/PA Archive/PA Images

Lloyds Bank has frozen thousands of expatriate bank accounts, including some in the Channel Islands, because of changes to Jersey's money laundering laws.

Lloyds Bank says accounts were frozen to meet "international regulatory standards" which included having up to date information on its customers.

The bank has frozen the accounts of customers who have not been in contact.

The Financial Times has reported 8,000 accounts have been frozen - figures not denied by the banking group.

Lloyds' international account holders are managed from Jersey which is why they have to follow the island's laws.

In a statement, a spokesperson for the banking group said:

Over the last three years we have made multiple attempts to contact these customers, asking that they provide us with the necessary information. Unfortunately, where a customer has not provided us with this necessary information we have had to freeze their account until we get the information. This is also to protect the customer, as it prevents anybody else trying to use the account if the customer has stopped using it or has moved address.

– Lloyds Bank