Oireachtas Joint and Select Committees

Wednesday, 1 February 2023

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Engagement with Ulster Bank and KBC Bank Ireland

Mr. Frank Jansen:

There is legislation and regulation around servicing customers in the country. This is called the anti-money laundering, AML, or know-you-customer process. It is hard to move a customer living in Ireland who is doing his daily financial life in Ireland with all that to another country. The regulator of the receiving country would not accept that. A lot of procedures would have to be put in place to do that. It is not so straightforward.

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