Financial Inclusion in Europe for People Experiencing Homelessness: Basic Bank Account Access

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Author: Nija Daniels, The City College of New York (Jeannette K. Watson Fellow)

Around the world, countries and financial systems are constantly changing and transforming into increasingly cashless and digitalized societies. As a result, digital currencies and cashless transactions are becoming a frequent occurrence in day-to-day life. Participation in economic and social life is now contingent upon having access to financial services. This paper serves to critically understand the two relevant directives known as the Payment Accounts Directive (PAD) and the Anti-Money Laundering Directive (AMLD) and to highlight existing gaps in their practical implementation by financial institutions.