Daniel P. Stipano quoted in Wall Street Journal article, “Bank regulators clarify due-diligence requirements for politically exposed persons”
Wall Street JournalDaniel P. Stipano
Daniel P. Stipano was quoted on August 24, 2020, in a Wall Street Journal article, “Bank regulators clarify due-diligence requirements for politically exposed persons,” which examined the anti-money-laundering guidance provided by five regulatory agencies on how financial institutions should deal with foreign public officials and their families or associates.
Stipano noted, “The notice comes as banking regulators aim to address concerns from the banking industry that compliance with Bank Secrecy Act due-diligence requirements has become overly burdensome and costly, which has led to many banks closing high-risk accounts. The U.S. Treasury Department and several banking regulators have issued other notices recently to make clear that compliance with the Bank Secrecy Act should be risk-based. It’s a conscious effort to react to the banks’ concerns.”