The Office of Foreign Assets Control (OFAC) has amended its Rough Diamonds Control Regulations by adding two requirements. The importation of diamonds into the US is governed by the Clean Diamond Trade Act and the Kimberly Process Certification Scheme (KPCS). Basically, businesses must file reports detailing import, export and stockpile information. Should financial institutions that bank diamond traders obtain some sort of certification from their clients that they are in compliance with this new regulation?

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