Bank Services

Treasury written question – answered on 9th September 2013.

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Photo of Andrea Leadsom Andrea Leadsom Conservative, South Northamptonshire

To ask the Chancellor of the Exchequer what assessment he has made of the effect on the seven day switching service of new anti-money laundering requirements.

Photo of Greg Clark Greg Clark The Financial Secretary to the Treasury

UK anti-money laundering requirements will not impact the delivery of the seven day Current Account Switching Service. A bank will already have conducted necessary anti-money laundering checks prior to the account being switched which will take up to seven days.

The Payments Council has worked with industry to ensure that the delivery of this service will be simple and convenient.

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