Call for change to anti-money laundering guidelines for online accounts

Anti-money laundering guidelines are ‘‘overly onerous’’ and ‘‘anti-competitive’’, according to a senior figure in the Irish banking industry.

Greg McAweeney, general manager of internet bank, Rabo Direct, said anti-money laundering guidelines were particularly onerous when it came to opening an online bank account. He said Rabo intended to make a submission to the Financial Regulator in the near future.

Couples opening joint accounts can be faced with problems when it comes to providing ...