EU-level reforms to anti-money laundering laws that took legal effect on January 10 have introduced new requirements for banks handling transactions linked to high-risk countries. Among the changes to customer due diligence (CDD) are explicit requirements for regulated persons to take reasonable measures to understand the ownership and control structure of their customers, and to verify the identity of senior managing officials when the beneficial owner of a corporate body cannot be identified. Attempting to stop the movement of illicit funds across international borders is one of the...
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