Jeremy Hunt was among politicians denied a bank account because of the “completely disproportionate” application of money laundering rules, The Telegraph can reveal.
The Chancellor has told colleagues that he was turned down for an account by Monzo, citing the anti-money laundering regulations that parliamentarians have said are resulting in their own bank accounts, and those of their children, being closed.
The financial regulator was accused of being “asleep at the wheel”.
It can also be revealed that a string of peers, including Lord Clarke of Nottingham, one of Mr Hunt’s predecessors as chancellor, have had their credit cards cancelled because of what they believe to be a zealous application of the rules by American Express.
