Customers with blocked accounts are the ones being stung in the fight over money laundering ǀ View

Euronews | Jan 27, 2020 at 6:37 PM
  • No one, of course, is in favour of people using the facilities of banks and building societies to launder money, finance terrorism or breach financial sanctions.
  • The fact that legitimate customers of banks face the red tape of due diligence checks, and even risk being turned away or their accounts being closed or frozen when banks suspect criminal activity, is generally held to be a regrettable but necessary side-effect of the system.
  • Consent requests are an important exception.