The Payment Accounts Directive (‘PAD’) aims to guarantee access to basic bank accounts for consumers resident in the EU who do not currently have access to the banking system. Rachpal Thind and Grace Wyatt examine what practical challenges the PAD may present to banks in the context of their anti-money laundering and counter terrorist financing controls (‘AML/CTF controls’).
E-Finance & Payments Law & Policy
Payment Accounts Directive: the AML challenges for banks
February 2016
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