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Banks trying to avoid money laundering could benefit from know-your-customer utilities, CPMI says

( July 13, 2016, 16:41 GMT | Official Statement) -- MLex Summary: The Committee on Payments and Market Infrastructures, a global standard-setter, recommended regulators consider use of know-your-customer utilities by banks seeking to avoid money-laundering while also trying to stick with payment networks in emerging countries. These utilities store customer due-diligence information in a single repository. CPMI came up with four other recommendations to address large banks' withdrawal from correspondent banking with smaller institutions in high-risk emerging countries, in part to avoid breaching money-laundering regulations. Statement follows in full. Also see document below. ...

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