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