In-Depth: Are Remitters Held Back By Poor Supervision?

Financial crime experts have suggested that stronger oversight of the cross-border payments industry could discourage banks from terminating relationships with fund transfer businesses.

Mohit Davar, chairperson of the International Association of Money Transfer Networks (IAMTN), said on Tuesday that de-risking by banks is “the single biggest challenge facing the remittance industry right now”.

Speaking at the Global Money Transfer Summit in London, hosted by the association, Davar said that fund transfer companies are subject to strict know your customer (KYC) controls and have worked hard to keep illicit activity out of the sector.

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