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Dutch Advance Plans for Mandatory Bank-to-Bank Data Exchanges

By Koos Couvée

Dutch banks and other firms subject to anti-money laundering rules would be required to share data on high-risk clients with each other under a legislative proposal that also paves the way for lenders to build a single "utility," or platform, for jointly monitoring all transactions. Dutch officials on Monday launched a public comment period on the 4-page bill, entitled the "money laundering action plan," which would also forbid importers, exporters and other firms from accepting more than €3,000 cash in any single payment for their goods amid suspicions that criminals are laundering vast amounts of illicit currency from behind the...

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