When bringing on new clients, standards such as the minimum of investable assets are easy for firms to qualify, but ethical issues like where a client's money came from can be harder to define and uncover.

At the same time, the Dodd-Frank reform legislation and recent accusations of money laundering at HSBC and Standard Chartered have brought client selection front and center. As firms continue to expand into new and perhaps less familiar markets, they will have to be even more vigilant when choosing clients.  

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