Bank Crime Rules Are Surprise Headache in Swedish Migrant Crisis
- Asylum seekers without ID have trouble opening bank account
- EBA offers compromise solution over money laundering rules
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Banks around Europe are trying to figure out how to provide their services to asylum seekers while making sure they stick to strict rules blocking money laundering and terror financing.
By compelling banks to verify the identity of their customers, the requirements make it harder for would-be refugees without a valid ID to open a bank account. Without a bank account, it’s not easy to receive a salary.