[kkfx]

> I bet there's a hand wavey paragraph allowing them to shut down your account for "compliance reasons" or similar with no requirement for justification.

Not all the banks I have/have had so far in Italy or France, yes they can impromptu lock an account in case of suspicious activities BUT they can't avoid providing evidence. Without evidence AND a formal opening of a justice procedure locking an account means stealing money.

> I had this happen and contacted the relevant financial ombudsman, and got nothing.

For certain complaint, like expenses charged that are deemed illegitimate yes, I'll go for the ombudsman, in case of a blind lock without answers I just go to the local finance police station filing a theft accusation complaint. In just few hours the local bank director would be formally summoned to answer the allegations and if the lock was unmotivated he/she is formally incriminated while an agreement might settle the process.

In EU in general TOO MANY do ignore the law and it's power, but we still have laws and judiciary procedures, if used properly they tend to work properly.