21 May

Do You or Don’t You Derisk? The UK Has a Message US Banks May Heed

In a practice referred to as “derisking,” banks have been avoiding customer classes with a higher propensity for money laundering and terrorist financing activity. But as certain business types like charities, remittance facilitators, crypto-currencies, and other money service businesses (MSBs) lose access to banking altogether, regulators are trying to course-correct.

The FDIC backtracked from initial guidance to avoid certain classes of customers. As stated in FIL-5-2015:

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