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Proposed Regulatory Changes Will Mean Greater CDD Duties for French Banks, Says Academic
printWith an American anti-tax evasion law set to take effect and plans for another European Union directive to fight money laundering, French banks will soon have to know their clients better, including domestic political figures, according to Carolina Ceballos, a professor who studies financial crime at the University of Strasbourg. The U.S. Foreign Account Tax Compliance Act (FATCA) and Europe's planned adoption of the Financial Action Task Force's revised anti-money laundering (AML) standards, along with a push by the French government to crack down on tax evaders, is spurring the changes, said Ceballos. Unfortunately, some banks still struggle with assessing...
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