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. 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.
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.
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...
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”.
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.
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.
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...
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.
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...
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.
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.
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...
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.
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...
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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