Banks do not commit unfair competition when canceling bank accounts whether exists money laundering risk

Last October, the Supreme Court sentenced that there is no unfair competition based on the existence of different irregularities when sending money to other countries, related to Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorism financing and Law 10/2010, of 28 April, prevention of money laundering and terrorism financing. Faced with possible money laundering crime, it is necessary to adopt proportional due diligence measures such as ending a professional relationship, which would not be considered unfair competition.

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