The Spectator’s Notes | 13 July 2017
For some time now, banks have wielded hamfistedly the concept of the ‘politically exposed person’. They have withdrawn bank accounts from — or refused them to — not only kleptocrats from crazy dictatorships but also blameless citizens of parliamentary democracies like our own. Now, I gather, they have started to persecute the fringes of the British royal family. One such royal person tells me that he had to resign from the board of a charity before the bank thought it safe to let it open an account. He adds that he has two royal relations who have been refused accounts. In the case of an American bank, it declined the customer because it wanted nothing to do with ‘present or past non-US officials, their families or close associates’.