News, Regulation & Supervision

UK to reassess money-laundering rules after damaging debanking data

By Ellesheva Kissin
Image via Kirsty O’Connor/HM Treasury

City minister Bim Afolami has vowed that the UK Treasury will consult on “onerous” regulations which are inflaming a debanking crisis for small businesses.

Speaking at a Treasury Committee hearing after it was announced that 140,000 SMEs had been denied bank accounts, Afolami said present money-laundering regulations are ...

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