Skip to content

News

The UK’s great bank account shutdown

payments
Facebook
Twitter
LinkedIn

Innocent customers are having their accounts closed, funds frozen and large transactions blocked as panicking banks try to crack down on crime.

Regulators have become increasingly concerned that criminals are taking advantage of weaknesses in bank systems. They want banks to be more robust in monitoring transactions, large money transfers and payments to cryptocurrency sites, and have talked to them about how suspicious activity should be reported.

The regulators’ concerns coincide with a surge in fraud, highlighted in research by Which? that showed victims’ losses had grown by a third to £2.3 billion in the past 12 months.

At the same time, customers report being unfairly treated by banks. More than 5,500 NatWest customers said they had been locked out of their accounts without explanation, we reported last week. And the problems are growing.

Source: The Times

Facebook
Twitter
LinkedIn

Related Posts

Nigel Reed discussing FCA safeguarding audit requirements and the FRC consultation

FCA Safeguarding Audit Requirements: What Does the FRC Consultation Mean for Firms?

The Financial Reporting Council (FRC) has published a consultation on a new safeguarding assurance standard for payment and e-money institutions, following a request from the Financial Conduct Authority (FCA). The
Read More >
Safeguarding audit guide for UK payment and e-money firms

What Do Auditors Look for During a Safeguarding Audit?

A safeguarding audit looks at whether a payment or e-money firm’s arrangements are designed and operating effectively to protect relevant customer funds and comply with the FCA’s safeguarding requirements. Auditors
Read More >