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U.K. Bankers Say Regulatory Worries Cost them Business Opportunities
By Irene Madongo
printFear of regulatory trouble is compelling some banks to turn down business to avoid the huge compliance costs of vetting potential clients, attendees at a banking conference in London heard Thursday. In response to increasing fines and growing compliance demands from the Financial Conduct Authority (FCA) and other regulators, several banks in the United Kingdom have dropped individuals and entities engaged in businesses or from regions that are considered high-risk for money laundering and other financial crimes. Both Barclays Bank and HSBC have been the target of public criticism for taking such action. "When a bank shuts down its office...
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