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Poor Implementation Of European AML Rules Blamed For Financial Exclusion
31st Oct 2018 | Written by:
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 Regulator Refutes Accusations Of Weak MSB Supervision
25th Oct 2018 | Written by:
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...
Capital One Fined $100m After Failing To Address AML Deficiencies
24th Oct 2018 | Written by:
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...
U.S. Treasury Rules Out Laws On De-Risking As MSB Sanctions Ramp Up
18th Oct 2018 | Written by:
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.
Regulator 'Lacks Data' On De-Risking Despite PSD2, Official Says
17th Oct 2018 | Written by:
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...
Taiwan: Financial Supervisory Commission Publishes AML/CTF Action Plan
12th Oct 2018 | Written by:
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...
De-Risking Not Pushing MSBs Underground, Insists UK Regulator
11th Oct 2018 | Written by:
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 Competition Watchdog Takes Aim At Currency Conversion
3rd Oct 2018 | Written by:
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...
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.
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