Australia’s top financial crime watchdog has said improved industry vigilance led to a 300 percent increase in suspicious transaction reports about terrorist financing.
Banks are unlikely to stop de-risking accounts of certain payment companies despite fresh criticism from anti-money laundering watchdogs, industry experts believe.
Bangladesh’s top financial regulator has appealed for “urgent” action from UK and US authorities to address banks’ de-risking practices, which it claims is choking a $15trn remittance industry.
A UK government department has offered a lifeline to remittance businesses strangled by de-risking procedures, proposing a new digital cross-border payment system designed to bypass banks.
The Financial Action Task Force, the global anti-money laundering watchdog, is to work with remittance companies and banks to tackle de-risking, which it claims is fuelling an illicit market in...
Australia’s banks must face competition watchdogs for denying Bitcoin companies accounts, as global institutions crushed by compliance costs thrust the de-risking issue back into the spotlight. 
U.S.-led regulatory pressure on banks is crippling the Caribbean’s remittance industry, undermining efforts to fight financial crime and encouraging a fund transfer black market, experts have said.
A sweeping report into Australia’s financial crime detection flaws has criticised banks for shutting or denying accounts for payment remittance companies, as an overhaul of laws becomes...
Western Union’s remittance services in the Bahamas, the Cayman Islands and Turks and Caicos have been shut down due to “excessive” regulatory pressure and compliance costs hurting its partner bank.
PaymentsCompliance looks at the UAE remittance market as industry voices claim soaring compliance costs are squeezing Middle East banks and forcing them to cut ties with money transfer businesses.
Banks which deny accounts for payment processors and fintech companies rather than submit to extensive compliance scrutiny risk triggering major competition cases, experts have warned.
Je-Yoon Shin, Vice-President of FATF gave a speech at the Thomson Reuters/2nd Annual Japanese Regulatory Summit in Tokyo on March 10, 2015.