News

The EU Anti-Money Laundering Authority's plan to give banks and other companies more discretion to regear their compliance programs towards high-risk customers as they see fit faces several challenges, at least in the short term, European regulators said Tuesday. Under a regulation adopted last year to harmonize due-diligence requirements and other AML obligations across the bloc, financial services companies will have to to obtain details from clients, both new and existing, that most of them do not already collect, such as their birthplaces and whether they hold dual citizenship. Executives at AMLA, which over the next two years will develop...