A global financial crime watchdog has said regulators will be held responsible if their enforcement of anti-money laundering (AML) laws is causing banks to deny services to money transfer businesses.
Lawmakers in the UK will examine whether financial sector regulation could be amended to ease access to payment systems and bring the country’s 1.5m unbanked adults into the formal financial system.
Authorities in the Cayman Islands raised fines for money laundering to hundreds of thousands of dollars last week, following international pressure on the territory to address financial mischief.
UK parliamentarians have vowed to increase pressure on banks to provide services to businesses, charities and individuals threatened with account closures, despite hesitancy from regulators to...
Caribbean correspondent banks and remitters cut off from their banking relationships in the US are now turning to financial institutions in Europe instead, according to central bank officials.
A new report from the UK’s payments watchdog has welcomed signs that access is becoming easier for some processors, but has dampened hopes it would stop banks from cutting off services to smaller...
A U.S. bill seeking to break the stalemate between regulators, banks and remitters has passed its first legal hurdle, giving hope that a pilot program for transfers to Somalia could be established.
Governments, regulators and global banks must work together to provide a “collective solution” to the termination of correspondent banking relationships with smaller countries, the head of the...
Rising costs and uncertainty around customer due diligence are causing cross-border payments networks to fragment as correspondent banks sever ties with risky customers and markets, according to...
The UK’s Payments Strategy Forum has outlined ambitions to reform the country’s core payment systems, including plans to consolidate Bacs, Cheque & Credit and Faster Payments into a single entity.
Support grows for retaining U.S. swipe fee caps; Caribbean officials to arrange global stakeholder conference on de-risking; European Parliament approves cybersecurity directive; Europe strengthens...
U.S. lawmakers have accused the country's anti-money laundering authority of encouraging banks to shut down business lines and end banking relationships by threatening them with enforcement measures.
Regulators and legal experts have cheered the Bank of England’s decision to provide settlement accounts to non-bank payment firms, saying it could offer a lifeline to businesses previously shut out...
An international survey of financial institutions has found that nearly half have cut services to entire industry segments so far this year, with regulatory risk cited as the most influential factor.
The traditional cash-to-cash remittance sector could be significantly undercut by emerging digital rivals, a report has claimed, as regulatory pressures and de-risking by banks take their toll on...
A senior financial watchdog has told banks to have confidence in the close scrutiny of fund transfer companies, claiming the regulatory landscape has improved dramatically in the last ten years.

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