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Dutch Banks Lament EU’s CDD Plan

Koos Couvée
London Bureau Chief

Dutch bankers warned Tuesday that proposed technical standards for implementing new, EU-wide, customer due-diligence requirements risk overburdening banks and other financial institutions while doing little to tackle illicit finance. Under a regulation adopted last year to harmonize CDD and other anti-money laundering-related obligations across the EU by July 2027, banks and other financial services companies will have to obtain details from new and existing clients that most of them do not already collect, such as their birthplaces and whether they hold dual citizenship. The Dutch Banking Association, which represents ING, Rabobank, ABN Amro and dozens of other banks of all sizes...

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