Banks are de-risking due to lack of regulatory direction

Conference hears of conflicting guidance

moneymousetrap

While regulators ramp up their warnings on the consequences of wholesale de-risking, banks are requesting clearer and more specific guidance related to anti-money laundering (AML) and counter-terrorism financing (CTF) compliance.

The lack of regulatory guidance on how to continue serving companies in high-risk countries is particularly worrying when the risks of non-compliance are so high, said Danny Sanhye, head of the financial intelligence unit for Europe at HSBC.

"There is a perception now f