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Germany Faces Dilemma: Attorney Bank Accounts or Attorney-Client Privilege?

Gabriel Vedrenne
Senior Reporter

Amid the growing tendency of banks in Germany to reduce their exposure to financial crime-related risk by ditching law firms as clients, the federal government wants to subject the accounts that the former provides to the latter to stronger anti-money laundering supervision. The German Parliament's Legal Affairs Committee convened for two hours on April 24 for a scheduled debate on largely innocuous proposals to reform current legislation governing the activities of tens of thousands of notaries, lawyers and tax advisers in Germany, one of which would newly allow individuals in those professions to meet with clients remotely. But an eleventh-hour...

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