In addition, progress on inflation has been slow. Prices for personal consumption expenditures (PCE) have increased 1.3 percent over the 12 months through January, well below the Federal Open Market Committee’s (FOMC) 2 percent target. Reductions in energy prices are, in part, responsible for this low rate, and if energy prices stabilize, top-line inflation should move higher.
These include obtaining customer identity documents, residence status, address, business location and sources of income; this is done at account opening and on an ongoing basis. Banks also need to ensure that any cross-border cash deposits and similar inw ard transfers are supported by duly completed and valid documents, w hen processing such transactions.