Bank account closures
However, think tank Royal United Services Institute (Rusi) has warned this could have a chilling effect on lenders as they become less willing to take people on. Tom Keatinge, Rusi’s director of the Centre for Financial Crime and Security Studies, said: So I’m a bank. I have been deputised by the money laundering regulations and other laws to look for suspicious activity to basically defend the UK and the financial system from abuse by criminals for money laundering and the like. Now the Government is limiting one of the important tools that I have to achieve that - that is being able to close a bank account at 60 days’ notice without having to give a reason."