Tracking down documentation necessary to meet customer identification and transaction monitoring obligations is challenging under any circumstances, but when there is a language barrier, the difficulty can grow exponentially. Translating key information on Web sites and in financial documents that might reveal the risks of banking a customer or working with a correspondent institution can be particularly troublesome for small banks with tight budgets. There are free or inexpensive translators available on the Internet – Google introduced its own translation system last year – but those tools can be inaccurate, particularly when dealing with the complex idiom of banking compliance....
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