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Agencies Release Statement on Risk-Based Approach to Due Diligence

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, the Agencies) have issued a joint statement to remind financial institutions of the risk-based approach to assessing customer relationships and conducting customer due diligence. This statement reinforces a longstanding position that no customer type presents a single level of uniform risk or a particular risk profile related to money laundering, terrorist financing, or other illicit financial activity.