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The Committee wants that financial institutions not only have to identify the director of a company, casino or trust which carries out a transaction but also all 'beneficial owners' who control at least 25% of those entities. The Commission had set the threshold at 10%.
Banks, credit companies and other financial institutions will have to check a customer's identity when they open an account or whenever the customer carries out a transaction of EUR 15,000 or more. Anonymous accounts and those opened under false names will be banned. Member States will have to decide under what circumstances a financial operation poses a high risk of money laundering or of financing terrorism. In such cases, the financial institution or any other players - such as insurers or lawyers - will be legally obliged to report the transaction to a 'financial intelligence unit' of the Member State, which will process the information and deliver it to the competent authorities.
The directive is likely to be adopted at first reading in June.