Policies and Disasters

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NatWest, a UK-based lender has recently made a move at losing their Corporate clients through a cryptocurrency-related policy.

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This crypto-related policy comes after a similar statement was made by another UK-based bank, HSBC.

The UK Financial Conduct Authority, in March, had asked all Crypto firms based in the UK to submit their financial crimes reports yearly.

All these are geared towards monitoring the activities of possible criminals who make use of cryptocurrencies to launder their funds.

In a statement made by Morten Friis, the head of NatWest risk's committee, he stated that;

We have no appetite for dealing with customers, whether taking them on as new clients or having an ongoing relationship with people, whose main business is backed by an exchange for cryptocurrencies or otherwise transacting in cryptocurrencies as their main activity.

This statement was made at a shareholder's meeting held on Wednesday.

The statement, similar to that made by HSBC when they made the decision to refuse profit deposits of account holders from cryptocurrency exchanges was made earlier this year when they bar their customers from buying stocks from MicroStrategy.

While they claim that these statements are borne out of a need to thread with caution where cryptocurrency is concerned, they have further stated that they will make the effort to monitor the activities of cryptocurrency holder's accounts.

Regardless of the fact that studies have shown that only a minute amount of financial crimes are committed through the use of cryptocurrencies, these banks are still of the notion that holding back and creating restrictions for crypto users can put an end to financial evils.


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