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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.
Mexico AML Criticism Too Hasty, Claim Authorities
23rd Jan 2018 | Written by:
Mexican authorities have responded to a damning report examining the country’s anti-money laundering controls, claiming that remedies are already in motion.
Think Tank Seeks New Reporting Regime For UK Remittances
15th Jan 2018 | Written by:
A paper published by an influential UK think tank has recommended the introduction of European-style data reporting requirements for money services businesses (MSBs), in a bid to help combat fraud...
Payments Industry 2017 In Focus: Main Stories And Trends
22nd Dec 2017 | Written by:
The global payments industry has undergone a year characterised by conflict — between traditional financial institutions and emerging technologically savvy rivals, and between regulators,...
Venezuela State Virtual Currency ‘A Pipe Dream’, Say Experts
21st Dec 2017 | Written by:
Crisis-stricken Venezuela's bold ambitions to develop a national digital currency will do little to help bypass US financial sanctions, experts have said.
EU Blacklists ‘Could Drive Caribbean De-Risking’
19th Dec 2017 | Written by:
Caribbean officials are urging the EU to rethink its inclusion of several countries from the region on new financial crime blacklists, warning it could undo significant progress in combating de...
Firms Under Pressure As U.S. Extends North Korea Sanctions
10th Nov 2017 | Written by:
Freshly expanded sanctions against North Korea look set to drive de-risking by banks, as foreign entities now run the risk of losing access to the entire U.S. financial market.
FCA Threatens Action On Consumer De-Risking
7th Nov 2017 | Written by:
UK regulators have insisted they are prepared to take enforcement action against financial firms and their senior employees if found to be unfairly denying consumers access to products and services.
Remittance Inefficiencies ‘Lie With Regulation, Not Tech’
3rd Nov 2017 | Written by:
Regulation, rather than antiquated legacy systems, is the biggest inefficiency in cross-border payments, according to some of the world's biggest money transfer companies.
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