Santander did not find any breaches of U.S. sanctions against Iran in an internal review of accounts, according to an internal memo seen Tuesday by Bloomberg and Reuters.

The internal review followed a Financial Times report last week that an Iranian petrochemical company secretly held accounts there and at Lloyds to evade U.S. sanctions in a scheme supported by the Iranian government.

The publication reported that both banks had accounts owned by British front companies actually owned by Tehran-controlled Petrochemical Commercial Company, which U.S. officials say has raised the equivalent of millions of dollars for Iran’s Quds Force and has worked with Russian intelligence agencies.

PCC and its British subsidiary have faced U.S. sanctions since 2018, according to the Financial Times.

Santander said in its memo that it had reviewed people associated with the entities and individuals identified by the Financial Times, and that it “had not found any sanctions breach in any other part of the bank's global operations” in the review.

The internal review found the bank was “never aware that the account holder was owned in a trust by an Iranian company facing US sanctions,” Bloomberg reported, citing the memo. The review also found that the account holder wasn’t present on any sanctions list, nor was the business owned by people subject to sanctions according to public record, according to the memo.

“We can state categorically that Santander has not found any breach by it of US sanctions against Iran in connection with these allegations,” the memo said. “Santander is acutely aware of its obligation to comply with all relevant sanctions regimes. In this case, both in the UK and across our global banking operations, we are confident that we did that.”