The Malta Financial Services Authority explained that people who are homeless, seeking asylum, or refugees can apply for a new bank account after due diligence procedures in their new information campaign.
The campaign is about how one can open a basic bank account, which means an account where one can deposit money, or withdraw money from Malta and any other EU member state. One can also pay using direct debit in the EU, as well as using a debit card online. It is also possible to receive and order credit transfers, as well as standing orders.
Banks can refuse to open a basic account if the same person has similar accounts opened with other banks in Malta, if someone doesn’t satisfy due diligence, or if someone doesn’t show genuine interest in opening and maintaining the account.
After receiving the application to open the account, the bank is obliged to accept or refuse it within ten working days. Meanwhile, the bank can also close accounts if they are found to be for illegal practices, or if the client offers fraudulent information upon application.
For more information, send an email to email@example.com, or contact the MFSA Communications Section on 80074924 or 27485700.