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Deutsche Bank: Regulatory Costs To Blame For De-Risking Policy
8th Jun 2016 | Written by:
Major international banks have insisted rising compliance costs are to blame for the worldwide “de-risking” issue, making it unprofitable to offer accounts to fund transfer businesses.
U.S. Warns De-Risking Is Driving Unbanked Off-Grid
1st Jun 2016 | Written by:
U.S. state regulators have expressed concern that the “de-risking” of money service businesses (MSBs) by major banks could push unbanked consumers out of the legitimate financial sector.
Risk-Averse Banks Admit 'Bitcoin Island' Fears
31st May 2016 | Written by:
in Isle of Man
Banks active in the Isle of Man’s burgeoning fintech sector have admitted offering services to crypto-currency businesses is still considered too high risk, despite optimism from government officials.
Drivers & Impacts of De-risking
25th May 2016 | Written by:
Financial Conduct Authority
The Financial Conduct Authority (FCA) commissioned John Howell & Co. Ltd. (JH&Co) to undertake a study of the representative views and data in the UK related to circumstances around banks...
FCA Review Says No Easy Answer To De-Risking
25th May 2016 | Written by:
A long-awaited Financial Conduct Authority (FCA) review into account closures by UK banks has concluded there “is no silver bullet for the de-risking issue”.
Court Rulings Give Processors Hope On De-Risking
24th May 2016 | Written by:
EU fund transfer companies have been told the solution to “de-risking” may lie in the courts, after a series of rulings prevented major Spanish banks from closing down remitters’ accounts.
U.S. ‘Unlikely To Follow Europe’ On De-Risking Action
23rd May 2016 | Written by:
EU laws demanding banks offer services to payment providers could help put the brakes on “de-risking” in Europe, legal experts have said, although they are unlikely to be mimicked in the U.S.
U.S. Processor Sues Visa After Bank Account Loss
19th May 2016 | Written by:
A U.S. payments processor cut off from its banking relationships in Belize has filed a lawsuit against Visa, accusing the card giant of ignoring unauthorised or “risky” payments worth millions of...
Paytech Focus: MoneyGram Plots Path From Legacy Remitter To Digital King
10th May 2016 | Written by:
Brushing aside comparisons to Blockbuster, doomed relic of the video era, MoneyGram is using record profits to ride a digital wave of transformation from legacy player to mobile money leader.
Bank Of England Access Overhaul Applauded By Industry
9th May 2016 | Written by:
Experts have praised Bank of England proposals to allow non-bank financial firms direct access to the country’s core payments infrastructure — providing crucial questions around financial crime...
De-Risking Not Harming Remitters, Says Long-Awaited AML Review
6th May 2016 | Written by:
A major government review of Australia’s anti-money laundering (AML) framework has downplayed the impact of de-risking on remitters, favouring tougher law enforcement over regulatory overhaul.
U.S. Senate Plots Operation Choke Point Rebuke
28th Apr 2016 | Written by:
American federal agencies tasked with fighting financial fraud could see their powers curtailed after controversy surrounding a probe into banks and payments processors and fears over de-risking.
Global Remittances In Decline As De-Risking Worsens
27th Apr 2016 | Written by:
The value of global remittances has declined for the first time since the financial crisis, new figures show, with the closure of fund transfer channels by banks labelled a “major challenge” to the...
Bank Of England: New Laws Could Let Payments Firms Bypass Banks
25th Apr 2016 | Written by:
A senior director at the Bank of England has said groundbreaking new laws could be drafted to allow payments businesses direct access to the UK’s settlement infrastructure, bypassing banks entirely.
Weekly News In Brief: April 22, 2016
22nd Apr 2016 | Written by:
The Financial Action Task Force holds talks with charities over de-risking of remittance companies; the UK payments watchdog publishes its list of annual regulatory fees; TransferWise opens a...
Blocking Payments Firms Heightens Financial Crime Risk, Say Experts
21st Apr 2016 | Written by:
Industry insiders have criticised UK authorities for failing to help processors access banking services, while allowing a regulatory “grey area” to emerge that could present a major financial crime...
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