Are influential regulators, international standards-setters and financial sector participants doing enough to tackle de-risking? PaymentsCompliance speaks to J. Andrew Spindler, a former New York...
Following the success of similar efforts in bribery and tax evasion, there has been recent renewed interest in the UK in the prospect of making failure to prevent economic crime a corporate offence...
On December 3, 2018, the Financial Crimes Enforcement Network (FinCEN) released a statement, jointly drafted with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance...
On November 22, 2018, the Anti-Money Laundering Council (AMLC) approved the final amendments to the 2018 Implementing Rules and Regulations of Republic Act No. 9160 (Anti-Money Laundering Act of...
The European Commission will share proposals for possible new ways of facilitating payments between the EU and Iran in light of rigorous new US sanctions, its vice president and financial services...
The number of correspondent banking relationships and active remittance corridors has fallen further, the Financial Stability Board (FSB) has warned, as national regulators are urged to do more to...
Experts are unconvinced that the recent resignation of anti-marijuana hardliner Jeff Sessions as U.S. Attorney General is good news for legal cannabis businesses and the payment providers seeking...
Major European financial institutions believe blockchain technology could be deployed across the sector as the basis for a shared know your customer (KYC) system, helping cut compliance costs and...
A paper from a think tank has suggested that it is uneven and inconsistent application of EU rules by member states, rather than the stricter requirements, that have created the most significant...
UK regulators have hit back at claims their supervision of money services businesses (MSBs) is not up to scratch, after banks suggested poor oversight is one reason why de-risking is so prevalent...
U.S. federal authorities have issued a $100m fine to Capital One, after the financial giant failed to correct “systemic deficiencies” in its anti-money laundering (AML) program for correspondent...
A U.S. Treasury official has said legal reforms aimed at helping money transfer firms affected by de-risking are highly unlikely, despite legislative efforts in Europe to tackle the issue.
The UK's Financial Conduct Authority is lacking data on whether it needs to do more to help payment providers still struggling to obtain or maintain access to a bank account, a senior official has...
On October 11, 2018, the Financial Supervisory Commission made available to the public the outcome of the 36th Committee Resolution, as well as an action plan, to establish key priorities to be...
UK regulators have downplayed the impact of de-risking on money services businesses (MSBs), pointing out there has been little decrease in the number of such firms despite ongoing concerns about...
Australian regulators have launched a wide-ranging inquiry into currency exchange practices within the banking, cards and remittance sectors, in response to concerns over transparency, pricing and...

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