The Court of Justice of the European Union has ruled that being placed on a United States sanctions list is not, by itself, a sufficient reason for a European Union bank to refuse to open a basic bank account for an individual. The ruling came after a Slovenian bank, formerly Nova Kreditna Banka Maribor and now part of OTP Group, denied an account to a consumer listed by the U.S. Office of Foreign Assets Control (OFAC).
The court noted that the individual was not convicted of any crime that led to their inclusion on the OFAC list and was not subject to sanctions imposed by the United Nations, the European Union, or Slovenia. While acknowledging that inclusion on such lists can be a relevant factor in assessing money laundering and terrorist financing risks, the court emphasized that it does not automatically prohibit a bank from establishing a business relationship.
According to the court's statement, any legal EU resident has the right to open and use a basic bank account, provided they comply with anti-money laundering and anti-terrorism rules. OTP Group responded by stating its full compliance with applicable legislation and regulatory requirements, including AML/FT, and confirmed that banks are obliged to conduct proper, individualized risk assessments, which has been their practice.