Antwerp’s diamond industry battles banks over shuttered accounts

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Anti-Money Laundering


So-called high-value dealers in precious metals and gems are a recognized high-risk client category. This comes from regulatory direction, not the banks themselves," said Tom Keatinge​, director of the Centre for Financial Crime & Security Studies at the Royal United Services Institute, a think tank in London. "But once a regulator designates a client sector to be high risk, banks have to undertake more detailed due diligence."