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Banks in the European Union are reassessing and reducing the due-diligence profiles they keep on all customers to avoid potentially game-changing fines for breaches of more stringent data protection rules set to take effect next year, say sources. The General Data Protection Regulation, which replaces the bloc's current rules in May 2018, will carry the higher of a €20 million maximum penalty or four percent of a company's annual turnover for serious organizational breaches, which include failing to give customers adequate privacy safeguards or processing personal data without a client's consent. Compliance officers at firms with EU-based clients will need...