AML executives ponder third directive
London – Anti-money laundering executives at both banks and trade associations are now examining the proposed EU third money laundering directive, which was published by the EU Commission at the end of June.
Although, in general, most industry executives welcome the new risk-based approach to fighting money laundering and terrorism financing, there are some points that the British Bankers Association (BBA) will raise with the EU Commission. The first of these is the difficulty of identifying and verifying the "beneficial owner" of companies. In the new directive, banks and other firms must "identify where applicable, the beneficial owner and take reasonable measures to verify the identity of the
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