How to solve a problem such as derisking? The UK’s Financial Conduct Authority and the intergovernmental Financial Action Task Force, among others, have expressed frustration at the practice of banks terminating or restricting business relationships with clients to “avoid, rather than manage, risk”, in the words of the task force.

In 2012, the task force, which represents 34 governments that have substantial financial sectors, issued a series of amended recommendations that required financial institutions to understand their money laundering and terrorist financing risks, and implement anti-money laundering and counter-terrorism funding measures.