Banks Cash In On PPE, But Risks Could Haunt Them

Law360 (June 19, 2020, 5:37 PM EDT) -- U.S. banks are facilitating a flurry of deals to bring personal protective equipment into the country from China and elsewhere in exchange for hefty fees, but inherent risks could come back to bite them as regulators continue to expose underlying fraud.

Presiding over these anything-but-ordinary deals can be a risky business, with "know your customer" due diligence increasingly difficult when sorting through a newfound market that the latest headlines suggest is rampant with fraud, attorneys say.

"Everyone in the world has their hair on fire to get these masks and the rest of the PPE," said Andrew S. Ittleman, a founding...

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