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Prospect Of Independent EU Payments System Raises Eyebrows
29th Aug 2018 | Written by:
German and French authorities are planning to build a separate payments channel for companies who want to keep their funds safe from the long arm of US sanctions, but their ambitions for financial...
UK E-Money Firms Urged To Improve Financial Crime Controls
10th Aug 2018 | Written by:
A UK-based consultancy specialising in financial crime has warned that many e-money firms “have areas for improvement” in how they approach anti-money laundering requirements.
Swiss Regulator Takes First Enforcement Action Against ICO Issuer
27th Jul 2018 | Written by:
Switzerland’s financial regulator has opened enforcement proceedings against the issuer of an initial coin offering (ICO) for the first time in its history, after suspicions the company was...
De-Risking: Banks Urged To Detail Reasons For Declining Payments
10th Jul 2018 | Written by:
Experts have called for more transparency around the reasons for declined payments to reduce the compliance friction driving de-risking of both smaller banks and new fintech companies.
US: Government Accountability Office Issues Report on Bank Secrecy Act to Address Domestic and International De-Risking Concerns
28th Jun 2018 | Written by:
On June 26, 2018 the U.S. Government Accountability Office (GAO), an independent, nonpartisan agency that provides investigative and evaluation services for Congress, published a report titled ...
Digital, AML And De-Risking: WorldRemit And Western Union On Remittances in 2018
26th Jun 2018 | Written by:
The pressures facing global remittance heavyweights have never been higher, with a shifting regulatory landscape, a transition away from cash and the ever-present threat of blanket de-risking by...
In Depth: Member States Too Slow On Terror Financing, Says FATF
18th May 2018 | Written by:
Despite a raft of urgent EU regulatory reforms aimed at tackling terrorist financing, officials remain concerned about a lack of visible progress at member state level — with cash, prepaid cards...
FinCEN Director Eases De-Risking Concerns Over New Due Diligence Rule
17th May 2018 | Written by:
Federal U.S. regulators have sought to assuage concerns that new due diligence rules for financial institutions could prove overly onerous and result in de-risking of customers.
UK Regulator Warns Of Impending Fines For Remittance Companies
9th May 2018 | Written by:
The UK regulator of money services businesses has told the sector to expect financial penalties for non-compliance with money laundering requirements, after identifying cases where millions of...
Pressure On High-Risk Jurisdictions Driving Islamic Bank De-Risking
4th May 2018 | Written by:
Concerns over de-risking in the Islamic banking sector have been linked to regulatory pressure on transactions involving high-risk regions, after an industry group appealed to the Financial...
In Depth: Financial Sector Feels The Heat As Latvia Confronts AML Failings
23rd Apr 2018 | Written by:
Latvian authorities, spooked by a recent high-profile failure, have launched a belated assault on the dirty money coursing through the veins of the Baltic nation’s financial system — prompting...
Fintech-Hungry UK Promises Machine-Readable Rules This Year
23rd Mar 2018 | Written by:
UK authorities will introduce machine-readable rules for financial services firms before the end of the year, according to a new fintech strategy published by the government on Thursday.
Risk-Averse Banks Wary Of Weak Enforcement In Remittance Sector
20th Mar 2018 | Written by:
Two global financial watchdogs have called on national regulators to strengthen oversight of the remittance sector, warning that a "complete absence" of supervision in many regions is driving banks...
FATF Issues Report to G20 Finance Ministers and Central Bank Governors
19th Mar 2018 | Written by:
On March 16, 2018 the Financial Action Task Force (FATF) published a report to the G20 finance ministers and central bank governors, which sets out FATF's recent and ongoing work to combat money...
Digital KYC Reforms ‘Vital’ To Asia-Pacific Remittance Sector
15th Mar 2018 | Written by:
Regulators in several Asia-Pacific countries are "waking up" to demands from local remittance companies for modernised licensing and know your customer (KYC) requirements, industry insiders believe.
Slow Adoption Of EU Reforms Hampers Spain’s Innovation Push
13th Mar 2018 | Written by:
Spain's attempts to lure UK payments institutions concerned over the potential loss of passporting rights are being hampered by slow adoption of EU regulatory requirements in the country.
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