Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

British review of “politically exposed” bank clients put off until election

British review of “politically exposed” bank clients put off until election

LONDON (Reuters) – Britain’s financial watchdog will wait until after next month’s national election to publish its review into how banks conduct mandatory extra checks on “politically exposed” customers and their families for money laundering risks.

The review had been due to be published at the end of June but would now be released after parliament returns following the July 4 election, the Financial Conduct Authority (FCA) said on Wednesday.

The review of rules on politically exposed persons, or PEPs, is part of a wider look at “debanking”, a hot topic since private bank Coutts closed the accounts of Nigel Farage, who now leads the right-wing Reform UK party.

Farage accused the bank, part of state-owned NatWest, of discriminating against him because of his political views. NatWest CEO Alison Rose later quit after acknowledging an “error of judgment” in discussing the case with a journalist.

The FCA has said it cannot change the law that requires extra checks on PEPs. But it is examining whether risk assessments of British PEPs, their families and known close associates, are proportionate, appropriate and do not create unnecessary barriers for public servants and their families.

The markets regulator has said that individuals may find themselves excluded from products or services “through no fault of their own” if banks apply rules inappropriately.

 

(Reporting by Kirstin Ridley; Editing by Peter Graff)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts