Government and regulator action to de-risk the banking industry continues apace. Basel III, the European Banking Authority Stress Tests, FATF 2012 Recommendations and regional implementations such as the 4th European Union Anti-Money Laundering Directive all contribute to this trend. The only problem with de-risking is that banks have to take risks in order to offer services and deal with customers, and that the risks increase disproportionately when either the services or the customers are sophisticated or both. What are the implications for the banks and their clients of banking on gloomy days?
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