Why is On-boarding and Off-boarding Bank Clients Important?

Foodman CPAs & Advisors
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After the Panama Papers, and with the recent FinCEN final Customer Due Diligence (CDD) rule, U.S. financial institutions are further focused on tightening internal controls against money laundering, terrorist financing, sanctions prevention, compliance and anti-money laundering systems. And, because some bank accounts have just become too risky or too costly when comparing compliance costs with profitability, banks worldwide are “off-boarding” client relationships.

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