Watchdog Calls For EU Bank Access For Ukrainian Refugees

By Dawood Fakhir (April 28, 2022, 6:39 PM BST) -- The European Union's banking watchdog has urged financial institutions and their supervisors to ensure that refugees from Ukraine get access to at least basic banking services in the region to settle in the society.

The European Banking Authority called on banks in the EU on Wednesday to provide protection to vulnerable Ukrainian refugees from criminals such as migrant smugglers. The watchdog also urged lenders to minimize the risk of money laundering and terrorist financing, because criminals can exploit a relaxation in rules for refugees to access the financial system and carry out their illegal activities.

The Financial Action Task Force, an intergovernmental...

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