The Banking industry through a time of constant development, is ready to welcome a new revolutionary way on how to open a bank account within the European Union. The ultimate objective behind this decision is the contribution towards the establishment of a single market.
Individuals or entities holding bank accounts in the European Union will now have a single passport that will enable them to open a bank account around the Union.
This development will replace any other type of customer identification (27 different types currently applied), which will certainly improve the customer due-diligence process.
AMLA, the new EU Anti-Money Laundering Authority, aims to create a more transparent market along with cross-border data sharing, that will enable them to prevent the flourish trend of money laundering networks, which are more than capable to operate across national borders.
For additional information or assistance from our local advisors, please contact the Corporate & Banking Department at our Eurofast Office in Nicosia, Cyprus, at firstname.lastname@example.org.
Eurofast is a regional business advisory organization employing local advisors in over 21 cities in South East Europe & the Middle East (SEEME). The Organization is uniquely positioned as a one-stop-shop for investors and companies looking for professional services in Tax & Transfer Pricing – Payroll & Employment – Accounting & Compliance – Advisory & Corporate.