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Trump’s border wall could be muy malo for bank CCOs

Joe Mont | September 1, 2016

A core talking point of Republican Donald Trump’s presidential campaign is that, once in office, he will build a wall along the U.S./Mexico border, a mammoth structure he promises the latter country would pay for

The candidate’s recent meeting with Mexican President Enrique Peña Nieto has reignited the question of how, exactly, would Mexico be pressured to cut that multi-billion dollar check? The needed “encouragement” may ultimately mean more work for banks’ compliance teams.

A plan published on the Trump campaign’s website explains that in order to force Mexico to foot the bill, his administration would rely on an expanded version of the “know your customer” rule, a requirement that financial institutions verify the identity of their clients, seeking out relationships and red flags that might otherwise entangle them in a money laundering scheme or sanctions violation. KYC mandates were...

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