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IAMs and private banks must share client due diligence responsibilities, say intermediaries at PBs

Independent asset managers (IAMs) and custodian private banks need to share due diligence responsibilities, including know your client (KYC) processes, say a number of IAM desk heads at private banks. “In our experience, both parties are onboarding risk, therefore both IAMs and custodian banks need to share the responsibility of carrying out due diligence,” a Singapore-based IAM head at a…

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