Regardless of size, all financial institutions must know their exposure to money laundering/terrorist financing risk — not only organizationally, but customer by customer — and take risk-appropriate measures to mitigate it. The same goes for credit unions, life insurance companies, money service providers, casinos and other industries. As regulators (and criminals) expand their focus beyond top-tier banks, an increasing range of businesses are faced with the need to perform KYC (Know Your Customer) with the same precision as the best and largest institutions — but without the large investments.
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