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Banks get deadline to identify corporate owners in amendment on EU money-laundering bill

( November 9, 2016, 18:00 GMT | Official Statement) -- MLex Summary: Banks and other companies obliged to monitor suspicious transactions may have to perform due diligence on their customers a year after a revised EU law money laundering goes into effect, under a revision proposed by European Parliament members. The due diligence mandate refers to a duty of identifying the beneficial owners standing behind incorporated entities, as part of an initiative to crack down on tax dodgers. Parliament members in charge of the bill put forward the idea of a time limit in their first package of amendments on the legislation.Click the attachment at bottom for the full document:...

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