DIFFERENT ANGLE by Kenneth Rijock
If you read page one on America's most prominent newspapers today, you saw that a PEP from one of the world's most reputedly corrupt countries has been reportedly able to gain easy entry into the USA, notwithstanding that he should not be granted a visa. What many readers also saw was the apex of reputation damage; two prominent US banks named for banking this individual's millions, and happily moving his money, even though it was common knowledge that the source of funds allegedly consisted of bribes and other illegal payments. Think damages to reputation, squared.
I fully understand that such clients bring extremely lucrative business into the bank, but, in an age where FCPA indictments are increasing exponentially, the likelihood that your client's millions (in your accounts) constitute the proceeds of crime are probable at worst. The times are changing; get with the programme, or risk having your bank's name strewn all over page one.
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