Bob Nersesian 12/22/2022
Gambling With an Edge
00:00
Money Laundering - Is There a Law Out There That Says Absent Activity Must Do Business With You?
Richard Quest: Is there a law that says if your business is legal, the bank must do business with you? Quest: There may well be a law that people read to say that. But I would double-dog guarantee you that that law actually says absent activity which gives a reasonable suspicion of improper activity a bank cannot refuse Yada yada yada. He said banks can put up a colorful explanation to avoid any ramifications for refusing or canceling you as a customer. The exception at the front has got to exist because you certainly want banks to be not participating in what they are concerned with is money laundering.
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