Banking industry insiders have suggested de-risking does not necessarily stop illicit funds from passing through the financial system, instead labelling the practice a by-product of ineffective...
Authorities must improve their supervision of banks’ approach to anti-money laundering (AML) rules or face the collapse of remittance channels due to de-risking, a report claims.
A global trade body for remittance businesses is in discussions with authorities about creating an industry standard and certification process for fund transfer companies threatened by de-risking.
The UK’s Payment Systems Regulator (PSR) has promised a revolutionary year for easing access to interbank payment systems, although acknowledged growing industry frustration over difficulties...
Caribbean officials have warned that a “pernicious, secret system” for cross-border payments will emerge if de-risking continues, with the region on the cusp of being cut off completely from the U...
The Payment Systems Regulator (PSR) has told the financial sector to ready itself for applications from non-banks planning to open settlement accounts with the Bank of England.
U.S. charities are joining the swelling ranks criticizing authorities for failing to tackle de-risking, citing fears that denial of banking services is sending funds down illicit underground...
The Financial Action Task Force (FATF), the global anti-money laundering watchdog, is attempting to “strengthen its role” and could take on legal status in its home nation France, amid sustained...
The Payment Systems Regulator (PSR) has hailed the launch of a new UK clearing bank as a potential leap forward for payment providers struggling to gain indirect access to the country’s fund...
A U.S. bank that provides services to money transmitters has been fined $8m for anti-money laundering failings, after authorities found weaknesses in its oversight of high-risk third parties.
Financial crimes rules are unlikely to be relaxed under Trump’s administration, experts have said, amid industry-wide calls for reforms to stringent anti-money laundering (AML) controls.
The European Supervisory Authorities (EBA, EIOPA and ESMA, collectively ESAs) have published a joint opinion on the risk of money laundering and terrorism financing (ML/TF) affecting the European...
A UK payment service provider threatened with losing its access to the country’s payment systems has formally requested regulatory intervention, the first application of its kind.
Central bankers in Africa are arguing that greater regulatory integration is needed across the continent to boost financial inclusion, tackle financial crime and foster digital payments.
Government officials and financial regulators in Bangladesh are considering introducing incentives to bolster the country’s ailing remittance market as the value of incoming funds tumbles.
U.S. money transmitters claim a lack of banking access is a greater threat than compliance costs and competitive pressures, with some warning the problem could wipe out the industry.

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