Unclear expectations and inconsistent supervision by U.S. regulators has had a chilling effect on banks' willingness and ability to serve money transmitter clients, a new report from a federal...
In response to calls from the banking industry, U.S. regulators have eased reporting requirements for banks servicing client businesses involved in hemp, the low-THC strain of cannabis used for...
Six European countries have announced they are joining the INSTEX payments instrument facilitating trade with Iran, widening the total number of participants to nine.
The Office of Foreign Assets Control (OFAC) has granted U.S. cryptocurrency exchange Bittrex a license to allow customers in sanctioned jurisdictions to withdraw their funds.
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...
A U.S. government official has played down the risk of Pakistan’s remittance sector being shut off from the international financial system, as the South Asian country vows to complete reforms...
Further legislative and regulatory action is needed to clear the lingering haze around the banking issue facing the U.S.’ legalized cannabis industry, despite the recent passage of a landmark bill...
Financial institutions headquartered in Europe but operating elsewhere face “significant” consequences if they do not identify conflicts between EU laws on anti-money laundering (AML) and those in...
New U.S. sanctions against Venezuela fall short of a crippling embargo but are still likely to accelerate an exodus of foreign firms from any business involving the oil-rich nation, legal experts...
As bank de-risking continues to plague the worldwide financial system, U.S officials are encouraging regulated institutions to assess risk on a case-by-case basis, rather than making blanket...
A U.S. Senate committee hearing to examine proposals aimed at enabling banks to serve legal cannabis businesses without fear of legal repercussions has offered some signs of progress toward that...
The long-smoldering issue of legal cannabis businesses lacking access to banking and payment services will take center stage in a key Senate committee hearing next week, the scheduling of which...
On July 11, 2019, the Financial Stability Board (FSB) invited international financial institutions to complete an online survey disclosing chosen effective practices adopted to manage and recover...
A foreign exchange and payment service provider has lost its bid to claim damages from Royal Bank of Scotland (RBS), after the UK lender terminated its business accounts on suspicion they were...
UK payment providers have welcomed industry-led attempts to improve their access to bank account services, but called on government and regulators to give greater support to a sector still...
The influential Wolfsberg Group has published an update to its guidance on due diligence for correspondent banking relationships, after recent reports from international bodies revealed de-risking...

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