Kim Wilson, a visiting fellow at the Feinstein International Center,  teamed up with Brenda Santoro and Ahmed Dermish to post an article entitled, Financial Inclusion and Immigration in Europe – Disrupting Identity Norms, on the Center for Financial Inclusion’s blog today.

They write:

In uncertain times do developed economies have the resiliency in their financial inclusion processes to withstand rapid change without risking systemic stability and consumer protection?

Modern, nationally integrated systems, high-capacity supervision, and flexible policymaking are helping Germany turn the refugee crisis into an economic opportunity.

The German Federal Financial Supervisory Authority, commonly known as BAFIN, this fall relaxed requirements for opening a bank account. The new rules allow accounts to be opened with a stamped document from an appropriate German authority, such as BAFIN, along with a picture and personal information. Transitional rules are in effect until the approval of the law, expected this year. A directive in the European Union, which will begin in September 2016, will require similar access to bank accounts across the EU… Click here to read the rest of the post.