UK regulators have downplayed the impact of de-risking on money services businesses (MSBs), pointing out there has been little decrease in the number of such firms despite ongoing concerns about the sector’s risk profile.
Simon York, director of the fraud investigation service at HM Revenue & Customs (HMRC), told lawmakers on Wednesday that the spate of de-risking of MSBs by traditional financial institutions does not appear to have led to those businesses going underground.
“Overall we’ve not seen the number of businesses we supervise change all that much, or the number of premises we supervise change all that much,” York said, speaking before the Treasury Select Committee.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.