Lloyds TSB faces £180m terror law hit

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The case is believed to relate to payments made to and from individuals or companies from a blacklist of countries that America believes sponsor terrorism.

While the size of that settlement is unknown, the bank is understood to have set aside £180 million in provisions for the first half.

Lloyds came to the attention of US authorities earlier this year when Barclays said it was providing information to the US about past dollar transactions.

Lloyds says it does not expect the deal to have any material impact on its performance.

In 2005, ABN Amro paid $80 million (£40.8 million) in penalties after being accused of "serious, long-standing and systemic" errors at its New York and Dubai offices that broke Office of Foreign Assets Control rules.