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How does private banking intersect with money laundering? How can bankers safeguard their institutions to avoid becoming involved in shady financial transactions through their private banking operations?



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Answer:

Other factors that can contribute to money laundering risks in private banking include: Lack of transparency.

Bankers must review their records for accounts and transactions and notify the Financial Crimes Enforcement Network (FinCEN) of any “matches” in accordance with the instructions provided.

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