Closing a U.K. bank account against the wishes of the customer has just got more complicated. From April 28, banks and payment service providers must comply with new rules governing when and how they close an existing customer’s account.

This aligns with global efforts to ensure citizens have a right to banking facilities, but raises compliance questions about financial firms’ approaches to risk and economic crime mitigation.

Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...