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EU Rules on Customer Due Diligence for Ukrainian Clients in EU Banks
The European Union (EU) has introduced unified rules for customer due diligence for all 27 member states. These new requirements will cover, among other things, the verification of nationality, sanctions lists, and virtual bank accounts. The rules aim to standardize procedures for verifying clients in financial institutions within the EU, including checking for multiple nationalities, freezing all declared and verifying at least one nationality, and verifying names in the original alphabet or Latin transliteration. The new regulations will apply after six months of implementation, with ongoing updates based on risk levels. The changes will affect Ukrainian clients with accounts in EU banks, requiring them to undergo the same verification process as other EU citizens.