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The U.S. financial intelligence unit reiterated Monday that financial institutions should let each customer's unique level of risk determine which policies and procedures they use to vet them under customer due-diligence requirements that took force in May 2018. Banks, brokerages, money services businesses and other financial institutions should screen new and existing legal entity clients under the CDD rule in a manner that accounts for the institution's own risk tolerance, the department's Financial Crimes Enforcement Network advised in three pages of guidance. Such an approach should inform an institution's collection of information about the client's expected banking activity, appearances in...