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Remittances And E-Money Feel Heat Of UK Crime Review
27th Oct 2017 | Written by:
A major review of financial crime in the UK has concluded the risks associated with e-money and prepaid products, as well as cross-border remittances, have risen in the last two years.
Sandbox Success Threatened By De-Risking, Says FCA
23rd Oct 2017 | Written by:
The UK’s Financial Conduct Authority (FCA) has said it is “concerned” by reports from firms involved in its regulatory sandbox that banks are refusing to offer services to payments innovators.
In-Depth: Are Remitters Held Back By Poor Supervision?
11th Oct 2017 | Written by:
Financial crime experts have suggested that stronger oversight of the cross-border payments industry could discourage banks from terminating relationships with fund transfer businesses.
Better Data Could Combat De-Risking, Says IMF
9th Oct 2017 | Written by:
The International Monetary Fund (IMF) has called for a new monitoring framework across the correspondent banking industry, in a bid to assess the true scale of de-risking by international banks.
Israeli Regulator Tightens Controls On Overseas Banking
4th Oct 2017 | Written by:
Israeli regulators have toughened their oversight of banks’ activities abroad, prompting fears that the de-risking trend hampering payments firms across the globe could be further exacerbated.
Singapore Regulator Unconcerned By De-Risking Surge
3rd Oct 2017 | Written by:
Singapore’s top financial regulator has downplayed the threat of de-risking to its emerging payment and fintech sector, despite industry claims that the practice is on the rise.
U.S. Regulator Denies Responsibility For De-Risking
26th Sep 2017 | Written by:
U.S. federal regulators have strongly rebuffed suggestions their enforcement policies are driving de-risking, as banks continue to cut ties with money remitters and other apparently high-risk...
UK Regulators Talk Tough On De-Risking
20th Sep 2017 | Written by:
UK regulators have vowed to name and shame banks that unfairly refuse to provide account services to payment firms, and could even impose financial penalties on offenders.
U.S. Enforcement Guidance ‘Helpful But Won’t Halt De-Risking’
11th Sep 2017 | Written by:
Updated enforcement guidance issued by U.S. federal banking regulators is unlikely to prove to be the panacea for payment providers threatened with account closures, legal experts believe.
U.S. Fed Keeps Firm Hand On Faster Payments
7th Sep 2017 | Written by:
Although the new faster payment system in the United States has been touted as an industry-led effort from its inception, a new paper makes clear that authorities will maintain a firm involvement...
U.S. Payments Firms Taking No Chances Over Political Tension
25th Aug 2017 | Written by:
Reputational risk could pose a regulatory threat to payment providers, legal experts have warned, after multiple firms took steps to disassociate themselves from political tensions in the U.S.
Banks Still Liable Despite ‘Choke Point’ Closure
23rd Aug 2017 | Written by:
Operation Choke Point has been ended by the Trump administration, but legal experts are doubtful its absence will ease compliance obligations on banks and payment processors.
In Depth: Payment Firms Fight For Survival As De-Risking Bites
21st Aug 2017 | Written by:
UK payment providers are fighting for survival as high street banks continue to block their access to the financial system, with incoming regulatory reforms offering scant comfort in the short term.
China, Egypt and Mexico Picked For Digital Payments Project
2nd Aug 2017 | Written by:
A new global program to boost research into digital finance and support financial inclusion in developing countries hopes to boost the growth of China, Mexico and Egypt’s payments sectors.
Terror Groups Exploiting Charity Payments, UK Finds
13th Jul 2017 | Written by:
The UK government has said regulatory oversight of fund flows to charitable organisations will be increased following an investigation into domestic extremist and terrorist activity.
FATF Presses World Leaders On Terror Financing And De-Risking
10th Jul 2017 | Written by:
The Financial Action Task Force (FATF) has presented its plans to the G20 group of world leaders, aiming to up the fight against terrorist financing and to protect remitters from the effects of de...
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