Banks bar conspiracy theorists

"The conspiracy thinker just banks elsewhere," a recent newspaper article read. Rabobank and Triodos have blocked bank accounts of Internet channels spreading "fake news" about COVID-19 and Corona vaccinations. Rabobank, among others, confirmed that it no longer accepts customers who spread "conspiracy theories and other proven disinformation."

Keeping 'antivaxxers' out is part of banks' policy to prevent reputation risk. However, the question is whether banks can close the accounts of existing customers if they comply with the agreements with the bank, otherwise comply with laws and regulations, and also provide the necessary information to the bank in the context of, for example, customer due diligence. If, for example, those customers were unable to open a bank account elsewhere, a judge will not simply allow such a bank account closure. After all, having a bank account is necessary to participate in trade.  

The situation is different when parties want to open a new bank account. Banks are free to decide with whom they enter into an agreement. They can formulate policies that high-risk customers are not welcome. The question, however, is whether this includes "conspiracy theorists."

The trend for banks to look more critically at their existing and new clients has existed for some time. This trend is caused not only by tightened integrity laws and regulations, but also by the high fines that a number of major Dutch banks received for their failures to combat money laundering. Not long ago, I wrote a blog about integrity issues when opening or closing a bank account.