He has been reported to have had multiple meetings with Russian embassy officials as well as being offered business opportunities in Russia in the run-up to the Brexit referendum. He has denied any wrongdoing and said: "There was no Russian money and no interference of any type." In May 2020, The Electoral Commission, who had referred Banks to the NCA for investigation of these allegations, conceded Banks did not break electoral law during the 2016 EU referendum campaign. Banks said he had been "completely vindicated" after reaching a settlement with the Electoral Commission.