AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Ask the bank in writing for its reasons, the notice period and how to get your money out, then use its complaints process and, if needed, the ombudsman. In the UK, payment accounts opened from 28 April 2026 must normally get 90 days' notice of closure with sufficiently detailed reasons, though there are exceptions where crime is suspected. Meanwhile open a replacement account and move regular payments.
Why banks close accounts
Account closures after transfers to Nigeria are often described as 'de-risking': a bank decides a customer or a type of activity falls outside what it is willing to handle. Sometimes the trigger is a specific concern, such as payments that look like a scam pattern or money passing through for others. Sometimes it is a broader policy. The FATF has said its standards 'do not envisage de-risking, or cutting-off entire classes of customers', but each bank still makes its own commercial decisions.
Nigeria is no longer on the FATF list of jurisdictions under increased monitoring, which it left in October 2025. That reduces one reason banks gave for caution, but does not stop individual closures.
What the bank must tell you in the UK
The Payment Services (Amendment) Regulations 2025 (SI 2025/688), in force from 28 April 2026, changed the rules for closing payment accounts.
| Account contract | Notice | Reasons |
|---|---|---|
| Agreed on or after 28 April 2026 | At least 90 days | Sufficiently detailed reasons, plus how to complain and to the Financial Ombudsman Service |
| Agreed before 28 April 2026 | Two months if the contract allows termination | Depends on the contract and the bank's policy |
| Exceptions (both) | Can be shorter or none | Where due diligence cannot be completed, serious crime is suspected, or a regulator or law requires it |
The exceptions matter. If the bank suspects criminal use or is acting under a legal requirement, it may close without notice and without explaining in detail, because tipping off a suspect can itself be an offence. Outside the UK, rules differ: in Canada, for example, the Financial Consumer Agency of Canada lists grounds on which a bank may refuse to open an account, such as fraud or false information. Check your country's banking regulator.
What to ask for
- The reason, in writing, as detailed as the bank is permitted to give.
- The closure date and what happens to direct debits, standing orders and incoming payments.
- Your balance: how and when it will be paid to you, and to which account.
- Whether a fraud marker was recorded. In the UK, a Cifas marker can last six years unless challenged and can affect future accounts, credit and phone contracts, according to Which?.
- A final response to a complaint, which lets you go to the ombudsman.
How to complain
Complain to the bank first, saying what you think was wrong: no notice, no reasons, a mistaken view of your payments or money withheld. Keep evidence that shows your transfers are ordinary family support or your own money, such as receipts, payslips and a list of the people you pay. In the UK, if the bank does not resolve it, the Financial Ombudsman Service can consider the complaint; under the new rules, the closure notice itself must tell you about that route.
A checklist for the notice period
- Note the closure date in writing and diary a reminder a fortnight before it.
- Download statements for the whole time you held the account; you may need them for tax, visa or mortgage applications, and online access may end at closure.
- List every regular payment in and out, including salary, rent, subscriptions and family transfers, and move each one.
- Withdraw or transfer the balance to an account in your own name, keeping proof of the transfer.
- Keep the bank's closure letter and your complaint correspondence together, in case you need them later for an ombudsman complaint or a new bank's questions.
Keeping money moving to Nigeria
- Open a new account before the old one closes, and tell your employer the new details.
- Move regular payments, including family support, to the new account or to a regulated remittance provider.
- Keep receipts for each transfer and a short note of who and why; see proving support for family in Nigeria.
- Avoid patterns that look like splitting or passing money through for others; see splitting transfers and structuring flags.
- If an app rather than a bank closed your account, see money transfer app closed your account.
If your bank only blocked a payment rather than closing the account, bank blocked a payment to Nigeria explains how to clear it.
Where Pryme fits
A Pryme Personal Account can be opened from any country and holds NGN, USD, GBP and EUR with local account details for each; see the multicurrency account and how it works. It is not a replacement for a local current account where you are paid, and Pryme carries out its own checks like any regulated provider.
Questions people ask
Can a bank close my account for sending money to Nigeria?
A bank can close an account for many reasons, but in the UK it must normally give notice and, for accounts opened from 28 April 2026, 90 days' notice and detailed reasons, unless an exception such as suspected crime applies.
Does my UK bank have to tell me why it closed my account?
For payment accounts agreed on or after 28 April 2026, yes, with sufficiently detailed reasons, except where the law allows it to withhold them, such as suspected serious crime.
How do I complain about my bank account being closed?
Complain to the bank in writing first. If it does not resolve the issue, take it to the Financial Ombudsman Service in the UK, or your country's equivalent.
Will an account closure affect my credit or new accounts?
A closure alone may not, but a fraud marker such as a Cifas entry can affect new accounts and credit for up to six years. Ask whether one was filed.
Sources
- The Payment Services (Amendment) Regulations 2025, SI 2025/688 · accessed Oct 2026
- FATF: Jurisdictions under increased monitoring, October 2025 · accessed Oct 2026
- Which?: 5 signs your loved one is a money mule (1 Jul 2024) · accessed Oct 2026
- FCAC: Opening a bank account · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.