Banks Turn Away More Clients Over AML Worries, FCA Says

By Lucia Osborne-Crowley (October 7, 2021, 2:45 PM BST) -- The finance watchdog said on Thursday that the number of clients that banks have had to turn away because of concerns about financial crime has more than doubled in three years.

The Financial Conduct Authority said in a report that just over 761,400 customers were "exited" — had their accounts closed — during the 2019/20 reporting period for reasons of financial crime, which has more than doubled in the past three years. The watchdog did not provide figures from three years ago.

The number of customers being refused service by banks for financial crime reasons is also increasing, rising from 1.48...

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