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.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial