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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...
FCA Gives Financial Sector A PEP Talk
7th Jul 2017 | Written by:
New UK guidance for financial firms serving politically exposed persons (PEPs) has the potential to ease firms’ compliance burden greatly, experts believe, providing it is approached in the right way.
Brexit Could Fragment Anti-Money Laundering Efforts, Experts Warn
6th Jul 2017 | Written by:
Although the UK transposed the 4th Anti-Money Laundering Directive (4th AMLD) just in time last month, financial crime experts are concerned about the great unknown of Brexit and its impact on a...
FSB Sets Up Remittance Task Force To Tackle De-Risking
5th Jul 2017 | Written by:
One of the world’s top financial watchdogs is to focus efforts on removing “unwarranted barriers” for remittance firms seeking to access banking services, after new data showed a continuing decline...
U.S. Policymakers Set Sights On Bank Secrecy Act
3rd Jul 2017 | Written by:
As the U.S. financial sector grapples with a period of legal unpredictability, industry heavyweights are setting their sights on reforming another long-standing piece of banking regulation: the...
FCA Announces Next Batch Of Sandbox Successes
16th Jun 2017 | Written by:
Payments innovators have praised the UK Financial Conduct Authority’s (FCA) regulatory sandbox programme after it unveiled the second batch of successful applicants.
Regtech ‘Unlikely’ To Solve De-Risking Woes
14th Jun 2017 | Written by:
Experts are doubtful that the emergence of new regtech products will reverse de-risking by banks, despite acknowledging the potential benefits of improved transparency and payments tracking.
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