French banks did not break rules with National Front account closures – CB
French bank Société Générale and its Credit Du Nord subsidiary did not violate banking regulations by shutting down the accounts of the far-right National Front party, the Bank of France said on Tuesday. NF chief Marine Le Pen last week accused the banks, as well as HSBC which closed her personal account, of launching a “banking fatwa” to silence her party. The banks declined to offer fuller explanations for the account closures but said they had acted within regulatory requirements, Reuters said. “The closure of the NF’s accounts by the banks does not appear to reflect wrongdoing vis-à-vis their regulatory obligations, and leaves no reason to believe they acted with discrimination,” according to the central bank.