UK banking system might face fines due to stronger immigration checks
Banks might face fines unless they comply with new regulation to scrutinize the immigration status of 76 million current bank account holders. Such a thorough check needs to be conducted against a government database of immigrants without the right to reside in the UK.
The Home Office has the right to impose sanctions on any organization refusing to adhere to new regulations, and it will decide whether the banks should close the accounts of violators of the immigration policy.
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