The Impact of Money Laundering on Customer Due Diligence
The Panama Papers scandal of 2016 led to the leaked individuals’ names and associations being scrutinized by governments in the UK, Germany, France, Italy, Spain and Australia, among others, which is unsurprising given that the financial services industry is in the process of preparing for new, stricter regulation.
The Common Reporting Standards regulation, the Fourth Money Laundering Directive, the Foreign Account Tax Compliance Act and Financial Action Task Force recommendations on money laundering that have been proposed and enacted in Europe and the US are intended to strengthen the AML regulatory environment and increase pressure on institutions to comply.
The key players covered @ HSBC, DBS, UBS, Gibraltar Private Bank and Trust, Deutsche Bank, Commerzbank, Wells Fargo Advisor, Standard Bank, Tokyo Mitsubishi-UFJ, Axis Bank, HDFC Bank, ICICI Bank, Atlas …
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