The opening of multiple accounts for the same holder cannot be offered for the following reasons:
Regulatory Requirements
- Financial institutions must comply with regulations that prevent money laundering and fraud
- These regulations often limit the number of accounts per person or entity
Risk Management
- Limiting accounts helps avoid confusion and errors
- It allows for more efficient monitoring and management of accounts
Customer Protection
- Fewer accounts make financial management easier for customers
- They ensure that funds are managed safely and properly
These measures also help to maintain the integrity of the financial system.