News

Dutch officials in new legislation introduced several measures to address concerns that a first-of-its-kind platform through which lenders in the Netherlands will jointly screen payments for signs of illicit finance will violate client privacy and hamper financial inclusion. The Money Laundering Action Plan bill, if enacted in its current form, would enable banks to pool transactional data in a single database and outsource their payment-screening function to a third party, require all regulated firms to share data on high-risk clients with each other and forbid traders from accepting more than €3,000 cash in any single payment for goods. The draft...