EC needs to move with caution

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Finextra has reported that:

The European Commission (EC) has launched a consultation on ways of making it easier for customers to switch bank accounts between financial institutions - both at a national level and within the European Union.

The consultation follows the publication of a report compiled by an 'expert group on customer mobility' that identifies obstacles that customers face when switching bank accounts, both domestically and across borders.

That's OK. I can see the reasons for this. But at a time when accountability is crucial this has to have conditions attached:

1) The bank that closes an account has to keep a record of where the money went, and be allowed to disclose it on enquiry;

2) A recipient bank has to record where the money has come from and be allowed to disclose it;

3) No relaxation in 'know your client' and client identification arrangements should be allowed.

At a time when money is moving to Singapore too quickly for comfort this is a key factor.