RUSSIA'S NEW ANTI-JOURNALIST LAW WILL MAKE DUE DILIGENCE ON ANY RUSSIAN CLIENT IMPOSSIBLE TO COMPLETE

The Draconian law that Russian autocratic President Vladimir Putin pushed through recently will make due diligence inquiries on ANY Russian client, by compliance officers at international Western banks, completely impossible, meaning that compliance officers will now have to redline wealthy Russian nationals from spending new accounts abroad, for any purpose.

Allow us to explain: it is now a crime, punishable by s 15-year prison term, to publish any information the the Russian regime claims is "fake news." This means that any negative news article, published anywhere, about an affluent Russian who is, of course, associated with Putin's regime, could bring prison time for the author.Not only have Western media stopped reporting from Russia, but you can assume that this will cause an abrupt full stop in there publication of any investigative articles that might cause an inquiring compliance officer to bar a Russian applicant seeking to open an account.

Compliance officers are risk-adverse, and they will surely refrain from approving any Russian applicant, as they cannot be certain that he or she is a danger to take on as a client. This is just one example of the unintended co sequences of the new law: in essence, it will interfere with the ability of Russians to open and maintain accounts abroad. Some may call it their own personal nightmare for supporting Putin, but since anyone of substance must support the Russian regime, to stay in business and out of jail, their inability to open accounts abroad is richly reserved, in our humble opinion.

Compliance officers, as gate keepers, stay away from Russians seeking to open accounts, because you will not know who you are dealing with.