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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.
Global Watchdogs Hail Banks’ Efforts To Counter De-Risking
7th Mar 2018 | Written by:
Influential global standards-setters have rallied behind efforts by a group of international banks to combat de-risking in the correspondent banking sector and breathe life back into stunted...
Bank Of England Backs Tough Regulations For Virtual Currency
5th Mar 2018 | Written by:
The governor of the Bank of England has said “the time has come” to subject virtual currency businesses to the same tough standards faced by the regulated financial services sector.
Malta Vows To Tackle Payment System Access Issues
1st Mar 2018 | Written by:
Malta is looking to address difficulties faced by payment and e-money institutions in gaining access to national fund transfer infrastructure after a growing number of firms have had their...
US: Report to Congressional Requesters on De-Risking Along the Southwest Border
28th Feb 2018 | Written by:
The U.S. Government Accountability Office (GAO), an independent, nonpartisan agency that provides investigative and evaluation services for Congress, has published a report called “Derisking along...
Cross-Border Payments Need Cross-Border Regulation, Says BIS
20th Feb 2018 | Written by:
The influential Bank for International Settlements (BIS) has called for greater cooperation among regulators and supervisors in response to increasingly sophisticated payments technology.
De-Risking A 'Competitive Maneuver', U.S. Lawmakers Told
16th Feb 2018 | Written by:
U.S. banks are shutting accounts of payment companies as a competitive tactic, not only for compliance concerns, industry representatives have complained.
European Parliament Backs Tunisia Inclusion On AML Blacklist
8th Feb 2018 | Written by:
The European Parliament has voted to include Tunisia on a blacklist of countries at high risk of money laundering, despite vocal opposition from concerned parties.
Virtual Currency Firms ‘Caught Between Regulators And Banks’
24th Jan 2018 | Written by:
Virtual currency businesses are growing increasingly frustrated by having to forge a path between uncertain regulators and an unreceptive banking community, industry insiders have said.
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