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US State-level ‘Fair Access’ Banking Laws Come with BSA Risks

"Fair access" banking laws recently enacted in two U.S. states and proposed in several others could pose fresh compliance challenges for financial institutions because the legislation potentially clashes with federal anti-money laundering requirements, analysts told ACAMS moneylaundering.com. Florida's Fair Access to Banking Law, which took effect on July 1, bars financial institutions in the state from closing customers' accounts or withdrawing financial services from them based on their political or religious beliefs, their lawful ownership of firearms, alleged poor compliance with environmental, social and governance standards and other "qualitative" factors. A similar law went into effect in Tennessee the same...

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