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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
USDC Treasury Mints $250 Million on Solana Blockchain
zkLend Exploiter Claims to Lose $9.6M Stolen Funds to Phishing Scam
The hacker responsible for the $9.6 million exploit of zkLend claims to have lost a significant amount of the stolen funds to a phishing scam that mimicked Tornado Cash.

SpaceX Launches First Manned Mission to Orbit Earth’s Poles, Led by Crypto Entrepreneur
Elon Musk’s SpaceX has embarked on a groundbreaking mission, sending four private astronauts on the first-ever human spaceflight to orbit the North and South Poles.

Bitcoin Mining Shifts to Cleaner Energy as Coal Use Declines
Bitcoin mining has shifted towards cleaner energy sources over the past 13 years.

Trending news
MoreCrypto prices
More








