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AML processes to be tested by incoming EU funds transfer regulation, warns expert

Hong Kong private banks that facilitate wire transfers to the EU will need to review their anti-money laundering (AML) and due diligence processes before a new Funds Transfer Regulation (FTR) comes into effect in 2017, an expert tells Asian Private Banker. Implemented by the EU, the FTR conforms to Financial Action Task Force (FATF) Recommendation 16 and is intended to…

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