Concerns over money-laundering and a clampdown on costs are behind a decision to close thousands of RBS accounts

The taxpayer-backed Royal Bank of Scotland (RBS) is to close thousands of customer accounts amid growing international scrutiny of banks' compliance with anti-money-laundering rules. Sky News has learnt that RBS will shortly begin writing to the holders of around 36,000 personal non-sterling currency accounts to inform them that the product range will be shut down within weeks. The move is being motivated by a desire to save costs under the stewardship of Ross McEwan, RBS's new chief executive, as well as greater pressure on banks to "know their customers" more thoroughly. Insiders said on Wednesday that Simon Turner, head of current accounts at RBS, would write to affected customers at both NatWest and the parent brand to offer them alternative arrangements. In a statement issued to Sky News, an RBS spokeswoman said: "As part of our focus on simplifying our product range, we have taken the decision to close these accounts. "There are a decreasing number of customers using these type of accounts and we are supporting them to make alternative arrangements." A source close to RBS confirmed that 36,000 accounts would be affected but insisted the "vast majority" of these were inactive....Read more here