How to safely bank low-risk clients in high-risk jurisdictions: Is it time to “re-risk”?

CR1 2016-09-26T15:30:00.000Z

roomCode
CR1
Room
Conference Room 1
Date
-
Kavita Maharaj
Former Anchor Bloomberg, CNBC, ITV
Jochen Metzger
Director General of Payments and Settlement Systems
Deutsche Bundesbank
John Cusack
Global Head, Financial Crime Compliance
Standard Chartered
Richard A. Lalonde
Senior Financial Sector Expert
International Monetary Fund
Julie T Katzman
Executive Vice President/COO
Inter American Development Bank (IADB)

Banks face a difficult balancing act when it comes to banking legitimate customers in high-risk jurisdictions. The cost of additional due diligence and the risk of compliance missteps can be high, particularly when balanced against the relatively modest financial returns that such relationships often deliver. What can banks do avoid fines as well as financial exclusion? Are there global or community-driven strategies that can benefit all? How does the shifting sanctions landscape, with restrictions being relaxed for some countries, change the compliance dynamic?

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