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
Nine large UK banks must offer a fee-free basic bank account to anyone legally resident in the UK who has no other usable UK account, but the law also says they must refuse where opening it would be unlawful, for example under the Fraud Act 2006 or the money laundering regulations. If you are refused, the bank must tell you why in writing, without delay and free, and explain your right to complain to the Financial Ombudsman.
Losing a bank account because the bank suspected it was used as a money mule account leaves you without a way to receive wages, pay rent or send money home. It is common: the FCA said in September 2026 that 35 firms closed 238,396 suspected mule accounts in 2025, up from 233,269 in 2024. Some of those holders knew what they were doing; many were students or new arrivals who let someone use their account. This guide explains what the law gives you next, and what it does not.
Your basic bank account right
The Payment Accounts Regulations 2015 require designated banks to offer a payment account with basic features to eligible consumers. HM Treasury lists the nine designated providers: Barclays UK, the Co-operative Bank, HSBC UK, Lloyds Banking Group (including Halifax and Bank of Scotland), Nationwide, NatWest Group (including RBS and Ulster Bank), Santander UK, TSB and Virgin Money.
Under regulation 23 you are eligible if you are legally resident in the UK and you either hold no UK payment account with basic features or are not eligible for any of that bank's other accounts. A declaration that your existing account is being closed counts as not holding one. The account is in sterling and must let you pay in, withdraw cash, use a debit card, set up direct debits and standing orders, and make transfers, with no fee for these and no charge for a failed payment. Our guide to basic bank account eligibility covers the documents.
When a bank must or may refuse
Regulation 25 is the part that matters after a mule closure. It sets out two kinds of refusal.
| Type | Ground in regulation 25 |
|---|---|
| Must refuse | Opening would be contrary to the Fraud Act 2006 |
| Must refuse | Opening would be contrary to the Money Laundering Regulations 2017 |
| Must refuse | Opening would breach section 40 of the Immigration Act 2014 (disqualified persons) |
| Must refuse | An FCA requirement stops the bank taking new customers |
| May refuse | Your conduct towards staff amounts to an offence such as harassment or a public order offence |
A Cifas marker is not itself listed as a ground. In practice, though, a bank checks the National Fraud Database and judges whether opening an account would breach its anti-money laundering duties, and a recent misuse marker weighs heavily in that judgement. So the right is real, but it is not unconditional.
What the bank must tell you
- The reason for refusal, in writing, free of charge and without delay, if it is lawful to give it.
- A reason detailed and specific enough for you to understand it, unless that would be unlawful.
- How to complain to the bank and your right to go to the Financial Ombudsman Service.
Keep that letter. It is the starting point for any complaint.
Why your old account closed with no notice
From 28 April 2026, SI 2025/688 requires 90 days' notice and detailed reasons before a bank closes a payment account opened from that date. The same rules allow closure without notice where the bank suspects serious crime, where it cannot complete due diligence, or where a regulator requires it. That is why mule closures are usually immediate. If money was left in the account, ask the bank in writing how and when it will be returned.
Steps to take before applying again
- Get your Cifas file free and see what was recorded; then follow the steps to dispute a Cifas marker if it is wrong or unfair.
- Gather evidence of where your legitimate income comes from: payslips, a contract, student finance letters.
- Apply to one designated bank at a time for its basic account, stating that you hold no other usable account.
- If refused, read the written reason, then complain to that bank. The Ombudsman says a firm has 15 days for payment services complaints and up to 8 weeks for most others; you then have 6 months to refer the complaint.
- Stop all contact with anyone who asked to use your account, and report them to the police.
Be wary of anyone offering to 'clean' your record or open an account for you for a fee. Paying someone to open an account in another name repeats the original problem and can be a crime in itself.
Where Pryme fits
Pryme is not a bank and is not a way around a refusal. Any account, including a Pryme Personal Account, is opened only after identity and fraud checks, and outside Nigeria financial activities are carried out through regulated partners. Once you hold an account in your own name, you can keep pounds and naira separately (multicurrency account) and send to family with the rate and fee shown before you approve (send money). Never let anyone else use it.
Questions people ask
Can a bank refuse me a basic bank account because of a Cifas marker?
The law lists unlawful opening, for example under the Fraud Act or the money laundering regulations, as a ground the bank must refuse on. A Cifas marker is not named, but banks weigh it in that judgement.
Which banks have to offer basic bank accounts?
HM Treasury lists nine: Barclays UK, Co-operative Bank, HSBC UK, Lloyds Banking Group, Nationwide, NatWest Group, Santander UK, TSB and Virgin Money.
Does the bank have to say why I was refused?
Yes, in writing, free and without delay, unless giving the reason would be unlawful. It must also explain how to complain and your right to go to the Financial Ombudsman.
Why was my account closed without warning?
The 2026 notice rules require 90 days' notice for accounts opened from 28 April 2026, but allow closure without notice where serious crime is suspected.
Sources
- legislation.gov.uk: Payment Accounts Regulations 2015, regulation 23 (revised text) · accessed Oct 2026
- legislation.gov.uk: Payment Accounts Regulations 2015, regulation 25 (refusal of application) · accessed Oct 2026
- HM Treasury: Basic bank accounts (collection) · accessed Oct 2026
- FCA press release: Firms crack down on money mules but need to do more (23 Sep 2026) · accessed Oct 2026
- legislation.gov.uk: SI 2025/688, payment account closure notice rules (made 12 Jun 2025, in force 28 Apr 2026) · accessed Oct 2026
- Financial Ombudsman Service: How to complain · 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.