A British law enacted Wednesday clears the way for potential monetary penalties against banks that deny or restrict financial services for politicians based solely on their political ties. Under amendments to the Bank of England and Financial Services Act, the government can order the Financial Conduct Authority (FCA) to consider complaints by individuals who believe financial institutions have unduly deemed them as politically exposed persons (PEPs) or who allege the firms unreasonably treated them as high-risk clients or denied them services due to their political ties. U.K. officials may also determine the "circumstances in which compensation payments are to be...
Four months after the enactment of the EU's latest anti-money laundering directive, British officials are considering how to navigate new standards for political accounts in light of complaints from lawmakers.
print