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EU Sets Out New Cross-Border AML Rules For Payment Firms

Law360, London (August 10, 2018, 1:38 PM BST) -- The European Commission on Friday told payment firms that offer services in more than one EU state that they will be required to appoint so-called central contact points to help ensure they comply with the host country’s anti-money laundering rules.

Member states that host payment service providers with a head office in another EU country can force these firms to appoint a central contact, the commission said. The contact’ will be responsible for ensuring that the payment firm is in line with the host country’s regulations...
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