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Digital banks are attracting grey economy actors, report finds | Collector
Digital banks are attracting grey economy actors, report finds

Digital banks are attracting grey economy actors, report finds

Finland’s Tax Administration has warned that digital-only banks are becoming a preferred tool for some participants in the grey economy and organised financial crime, as the number of Finnish customers using foreign-based providers continues to rise. A new report from the agency says most customers use neopanks for legitimate purposes, but weaknesses in customer verification and the international nature of the sector have created opportunities for abuse.

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