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Regulators Back New Code Of Conduct For UK Indirect Access
30th Sep 2016 | Written by:
The UK’s Payment Systems Regulator (PSR) has welcomed a new code of conduct aimed at improving firms’ indirect access to the country’s payment systems.
Philippines To Broaden Remittance Laws, Tackle De-Risking
28th Sep 2016 | Written by:
Regulators in the Philippines have unveiled plans to tighten regulation of remitters and money changers in a bid to toughen the country’s money laundering and terror financing controls.
German Official: Banks Must ‘Raise Their Game’ To Stop De-Risking
27th Sep 2016 | Written by:
Authorities in Germany have told banks to stop using regulatory pressure as a reason to cut ties with remitters, as the emerging threat of “hidden de-risking” looms over the fund transfer sector.
Weekly News In Brief: September 23, 2016
23rd Sep 2016 | Written by:
The UK's FCA accepts first firms into its "regulatory sandbox"; financial firms warned on growing threat of cyber-attacks; China racing ahead of the UK in digital payment volumes; embattled banks...
FCA Appeals To Innovators To Help Halt De-Risking
22nd Sep 2016 | Written by:
A Financial Conduct Authority (FCA) director has said modernised compliance processes could lower costs for banks and dissuade them from de-risking payments providers.
Bahamas Plans Payment Reform To Beat De-Risking
15th Sep 2016 | Written by:
The Bahamas needs an “accelerated development” of its payment systems, including a cut in the reliance on cash, to fight the threat of de-risking by major banks, according to central bank officials.
Bahamas: 'De-Risking' Policies Not Expected to Dissipate
13th Sep 2016 | Written by:
John A. Rolle, the governor of the Central Bank of the Bahamas, gave a speech at the Grand Bahama Chamber of Commerce Luncheon in Freeport, Grand Bahama, on September 9, 2016 in which he discussed...
Hong Kong: AIs to Refrain from Practices Engaged in the Process of 'De-Risking'
12th Sep 2016 | Written by:
The Hong Kong Monetary Authority (HKMA) has published a letter concerning the enhancement of authorised institutions' (AIs) anti-money laundering and counter-terrorist financing processes and...
AML Reforms Will Encourage De-Risking, U.S. Banks Claim
12th Sep 2016 | Written by:
U.S. banking lobbyists have hit out at proposed changes to money laundering laws, claiming the increased burden on larger banks will leave no option but to keep cutting ties with fund transfer firms.
G20 Urged To Investigate Correspondent Banking Closures
7th Sep 2016 | Written by:
A Financial Stability Board paper has called for more research into the global decline of correspondent banking, amid fears that competition could be stifled and payment flows are being driven...
AML Enforcement ‘Not Zero Tolerance’, Insist U.S. Regulators
6th Sep 2016 | Written by:
U.S. regulators are trying to assuage banks’ concerns over anti-money laundering enforcement, following complaints that global financial institutions are continuing to cut ties with foreign partners.
Banks Cut Africa Ties As De-Risking Grows
25th Aug 2016 | Written by:
Africa continues to be bedevilled by Western banks ending relationships with financial institutions on the continent over regulatory risks, according to an industry report.
Addressing the Unintended Consequences of De-Risking – Focus on Africa
24th Aug 2016 | Written by:
SWIFT, the global provider of secure financial messaging services, has published this paper which includes information on the reduction in the number of foreign counterparties due to the impact of...
Kenya Backs Plans To Review Costly Remittance Regulations
23rd Aug 2016 | Written by:
Kenya’s government has backed proposals to review regulatory and market factors that make sending money to Sub-Saharan Africa the most costly remittance channel in the world.
Paytech Focus: WorldRemit On Winning Over Banks And Regulators With Mobile Money
19th Aug 2016 | Written by:
In a remittance sector beset by relentless pressure from both banks and regulators, WorldRemit attributes its rapid growth to harnessing the remarkable uptake of mobile money in dozens of emerging...
BBA’s De-Risking Defence Prompts Industry Backlash
17th Aug 2016 | Written by:
A fund transfer business threatened with account closures across the Asia-Pacific region has refuted banking industry claims that de-risking helps authorities enforce anti-money laundering (AML) laws.
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