A bank may refuse to open a basic payment account only after a case-by-case assessment of money laundering and terrorist financing risks.
In this case, a Slovenian bank relied on a customer’s inclusion on the US OFAC list, despite not being on EU/UN sanctions, in order to decide to not allow the consumer to open a payment account with basic features. The Court held that EU residents have a right to a basic account. This right can be restricted for the purposes of AML/CFT compliance. Being on an OFAC list alone does not justify refusal. It can, however, be considered as a factor when the bank is conducting its assessment on the consumer to decide whether it is too dangerous to allow the consumer to open a payment account. From that point, the refusal is lawful if the bank cannot adequately manage the assessed risk.