Feds de-risking guidance may not move the needle on banks

By Jon Hill (July 8, 2022, 9:32 PM say the guidance may have limited practical effect.

The Financial Crimes Enforcement Network and federal banking agencies came together to issue a joint statement Wednesday that advises broadly against de-risking, a practice in which banks restrict or refuse service to customers in industries and regions considered to be of high risk of financial crime.

Framed as a reminder of existing policy, the statement said banks should remember to use a “risk-based approach” when…

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