#Saudi Business Is About to Get More Complicated for EU Banks - Bloomberg

Saudi Business Is About to Get More Complicated for EU Banks - Bloomberg:

European Union banks will face higher hurdles in dealing with clients from countries including Saudi Arabia as the bloc moves to tighten controls on illicit financial flows.

Panama and the U.S. Virgin Islands will also be put alongside Iran and North Korea on a new EU roll call of 23 countries outside the bloc identified as posing higher risks for terrorist financing and money laundering, according to people familiar with its content. The European Commission, which drew up the list, will sign off on it on Wednesday, according to people familiar with its content who spoke on condition of anonymity.

EU banks dealing with customers from those countries will have to apply additional checks, also known as “enhanced customer due diligence.” That can mean that they have to gather more background information about individuals and verify that the conducted business is legitimate.