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Banks must respond to newly updated federal guidance by identifying and reducing their vulnerability to illicit funds and other risks that stem from their links to payment platforms and other fintechs, attorneys and former regulators told ACAMS moneylaundering.com. On Friday, the Office of the Comptroller of the Currency, or OCC, Federal Reserve and Federal Deposit Insurance Corp., or FDIC, which together supervise more than 5,000 depository institutions, jointly updated the guidance on the steps banks should take to address the threat of financial crime associated with contracts, partnerships and other third-party ties. "Bank-fintech partnerships have proliferated since the initial guidance...