EU Moves To Protect Bank Customers From AML 'De-Risking'

Law360, London (June 16, 2020, 1:27 PM BST) -- Europe's banking watchdog said Tuesday it wants to assess how frequently lenders are turning away potential customers or terminating relationships because of money-laundering concerns as they shore up their defenses after a string of scandals.

The European Banking Authority said it wants to hear from consumers who have been "exposed to this phenomenon," which is known as de-risking. The EBA also wants to hear from banks as it seeks to establish how widespread such denial of service has become.

The European Union's money laundering directive obliges banks to vet accounts for possible links to terror or crime cartels. Some lenders have...

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