Last month I wrote about politically exposed persons and a bank’s responsibility to exercise enhanced due diligence in opening accounts for such persons and monitoring activity through the account.1
Some of the same concerns involving the maintenance of bank accounts for politically exposed persons arise in providing banking services to embassies, consulates and missions (collectively, “foreign missions”) of other countries that are located in the United States. These services often are provided by the U.S. offices of banks from those foreign countries.
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