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EU Proposal Would Require Banks to Justify Decisions to Turn Away Risky Clients
By Colby Adams
printAn EU plan approved Thursday that could force banks in member-states to open accounts for most applicants would complicate anti-money laundering compliance efforts, according to critics. With support from a broad coalition of political parties, members of the EU Parliament endorsed a measure that, if adopted by the union's 28 national governments, would require financial institutions to make clearer and quicker fee disclosures and ease the ability of consumers to switch banks. Under the initiative, countries would also ensure "that payment accounts with basic features are offered to consumers by all payment service providers in their territory." The features include allowing consumers to...
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