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Beneficial owners of persons subject to AML/CTPF Act: new requirements 1/34/21

We have written earlier about amendments to the Anti Money Laundering and Counter Terrorism and Proliferation Financing Act (the “Act”), which, among other things, will make it easier for persons that are subject to the Act (“Subjects”) to report suspicious transactions and will set up a common customer due diligence tool. This article explores changes to the requirements affecting the ultimate beneficial owner (“UBO”) of a Subject.

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