The Commission has released a working paper that considers how crossborder banking groups comply with AML requirements at group level. The paper concludes that convergence of national laws is quite high, although the AML Directives are minimum harmonisation ones. However, there are differences, specifically in due diligence requirements, sharing of information and application of local laws to cross-border services.
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Commission looks at AML compliance in banking groups
- Dentons
- Emma Radmore
- European Union
- July 3 2009
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