Daniel P. Stipano discussed "Mitigating the risks of banking high risk customers" at the American Bankers Association Regulatory Compliance Conference
What is your bank’s protocol on stratifying customer risk and banking “very high” risk clients? Leading BSA experts will provided tools for identifying, monitoring, and ongoing due diligence for customers that pose the highest money laundering risk and/or come from high risk jurisdictions. Additionally, the discussion included key issues surrounding difficult management discussions of “are these customer’s worth the risk?” as well as how to mitigate risks of those you do bank. The panel wrapped up the session with a discussion about Beneficial Ownership and what’s happening today.