Lloyds of London probed in US over Iran dealings

New York's financial regulator is investigating insurer Lloyds of London for suspected violations of US sanctions forbidding dealings with Iran, a source told AFP Wednesday. The state's Department of Financial Services is seeking information on Lloyds' own internal probe into whether it issued insurance contracts for companies trading commodities with Iran. The source said it had issued a number of requests for information in the matter to "a broad range" of reinsurers, but that they were "enhancing" the probe of Lloyds in particular. The case involves insurance contracts for commodities traders Glencore Xstrata and Trafigura Beheer. The Wall Street Journal reported that the case is focused on possible shipments of alumina to Iran by the two companies. The regulator is "requesting information on this internal probe and on two particular contracts with Glencore and Trafigura, which have been dealing with Iran," the source said. The sanctions on Iran forbid US businesses, or companies with a US presence, from any transactions with companies doing business with Iran. The sanctions were imposed to pressure Tehran into reeling back its controversial nuclear program, which the United States and its allies say is aimed at developing atomic weapons.