Former Bank of England Economist Warns of Banking Struggles Due to Anti-Money Laundering Rules and Advocates for Crypto Transparency
Former Bank of England economist Andy Haldane has raised concerns about the impact of banking struggles on individuals and businesses, citing his own experience of being denied a bank account due to political connections. Anti-money laundering regulations have resulted in the closure of over 140,000 company accounts in the UK alone, with many "normal" customers becoming unprofitable due to added costs. This issue is not limited to the UK, as individuals and businesses worldwide are facing banking issues due to crypto asset activity and politically motivated de-banking. Compliance with AML guidelines is expensive for banks and can result in the blanket "de-risking" policy, which harms all sectors of the economy. Instead of relying on banks to prevent crime, authorities should focus on using flows to trace criminals and prosecute them at the source.
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