EBIC criticises third money laundering directive

Financial Crime

The super-trade association -- composed of several other trade associations, including the European Banking Federation, the European Savings Bank Group and the European Association of Cooperative Banks -- said some of the proposals would be costly for financial institutions to implement.

Specifically, it asked that the definition of ‘beneficial owner’ should be a principle rather than a rule, and said the definition of ‘politically-exposed person’ runs in contradiction with the risk-based

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