S.L. 376.8 Art. 22Refusal of application.

(1) A credit institution shall refuse to open a payment account with basic features for a consumer where to do so would result in a breach of any anti-money laundering and combating the funding of terrorism obligation arising from applicable law or from any other enforceable procedure, guidance or provision.

(2) Credit institutions shall consider whether there are any grounds for the circumstances surrounding a refusal to open a payment account with basic features as set out in sub-regulation (1) to be disclosed to the Financial Intelligence Analysis Unit in terms of applicable anti-money laundering and combating the funding of terrorism legislation.