Wednesday, April 6, 2016

Banks banned from dealing with bearer shares. Part of anti-laundering compliance rules


The Central Bank (BDL) has issued a ruling prohibiting banks and other financial institutions from carrying out transactions with companies or mutual investment funds whose ownerships are partially or fully in 'bearer shares'.

The concerned parties are also not allowed to deal with companies or mutual investment funds if the latter are owned directly or indirectly by other companies or mutual investment funds whose shares are bearer shares, according to BDL's intermediate circular 411.
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