NatWest is closing a number of pooled client accounts in Gibraltar.

In a letter to customers, the bank said it had reviewed their arrangements and could not meet their customer due diligence obligations.

In response to GBC questions, the bank said "a small number of pooled client accounts held with NatWest International are being closed across all jurisdictions" in which it operates.

GBC understands some accounts are also being closed in Guernsey, the Isle of Man and Luxembourg.

The decision does not affect other sorts of accounts, such as personal banking.

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