Authorities Failing To Supervise Remittances, Warn FATF And U.S. Officials

A senior Financial Action Task Force (FATF) official has said there are “persistent global weaknesses” in the supervision of money remittance firms, warning that international banks will remain wary of the sector until authorities improve.

The highly influential task force, which sets global regulatory standards for fighting financial crime, has long discouraged banks from cutting ties with remittance companies and other money services businesses (MSBs) — a practice known as de-risking.

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