UK banks report financial crime & compliance factors significant in SME account closures

Leading UK banks have attributed up to almost all their closures of SME accounts last year, over 140,000 or 2.7% of the total, to financial crime issues or regulatory obligations.

Leading UK banks have attributed up to almost all their closures of SME accounts last year [2023], over 140,000 or 2.7% of the total, to financial crime issues or regulatory obligations.