UK regulators have hit back at claims their supervision of money services businesses (MSBs) is not up to scratch, after banks suggested poor oversight is one reason why de-risking is so prevalent in the sector.
Payment firms that only offer remittances are bound by the country’s anti-money laundering laws, but unlike other financial institutions are supervised by HM Revenue & Customs (HMRC) rather than the Financial Conduct Authority.
Speaking at last week’s Global Money Transfer Summit in London, Standard Chartered’s global head of financial crime said that major financial institutions have to be “perfect” in the eyes of their national regulators — but questioned whether the same can be said of remitters.
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