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Banks Seek to ‘Passport’ Compliance Staff to Europe’s Mainland Post-Brexit

By Colby Adams

Several London-based banks are considering establishing back offices within other European countries to maintain access to the European Union should the United Kingdom's plan to leave the economic bloc go forward. The moves, which would follow Britain's plans to formally launch its exit from the European Union through the invocation of Article 50 of the Lisbon treaty, reflect the likelihood that British banks could face new restrictions on business with the EU's 27 other member-states as soon as two years from now. "The referendum was based on the perception that the country's immigration controls are weak, so the only way...

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