U.S. Brings Civil Money Laundering Charges Against Lloyds TSB Bank PLC and Bank of Cyprus

On October 15, 2007, the U.S. Attorney for the Southern District of New York filed civil money laundering charges against Lloyds TSB Bank PLC (Lloyds) and the Bank of Cyprus, alleging that both banks allowed the laundering of hundreds of millions of dollars originating from the AremisSoft securities fraud. The U.S. seeks monetary civil penalties totaling at least $130 million from Lloyds TSB Bank PLC and at least $162 million from the Bank of Cyprus, for the value of the funds involved in the financial transactions relating to AremisSoft… [more]