Regulators Powerless To Stop Banks Denying ‘Risky’ Accounts, Industry Warned

Banks are unlikely to stop de-risking accounts of certain payment companies despite fresh criticism from anti-money laundering (AML) watchdogs, industry experts believe.

The Financial Action Task Force (FATF), the global AML group, is pushing national regulators to punish the practice of wholesale account closing.

This involves shutting off entire categories of customer, deemed either too risky or expensive to bank, and often affects Bitcoin or money remittance companies.

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