Joint statement issued on risk-based approach to conduct due diligence

JMLSG publishes amendments to Part II
MAS on AML/CTF risks in Wealth Management

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and the Office of the Comptroller of the Currency (OCC) have issued a joint statement reminding banks of their requirement to apply a risk-based approach when assessing customer relationships and conducting customer due diligence (CDD).

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