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The Republic of Ireland drafted anti-money laundering legislation on Wednesday that brings the nation's AML regulations in compliance with new European Union standards that came into force nearly two months ago and shores up weaknesses identified by an international watchdog. The measure, which is slated to be fully implemented by December 2009, requires that financial institutions take steps to determine whether customers are politically exposed persons (PEPs) and adopt a risk-based approach to AML compliance and also requires company trust and service providers to fulfill certain AML obligations. The new requirements bring Irish law in line with the EU's Third...