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.
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.
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.
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...
A Financial Conduct Authority (FCA) director has said modernised compliance processes could lower costs for banks and dissuade them from de-risking payments providers.
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.
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...
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...
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.
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...
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.
Africa continues to be bedevilled by Western banks ending relationships with financial institutions on the continent over regulatory risks, according to an industry report.
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’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.
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...
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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