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Correspondent Banking Plummets As De-Risking Takes Hold
10th May 2017 | Written by:
The number of correspondent banking relationships worldwide has plummeted by 25 percent since 2009, with researchers blaming the decline on banks de-risking due to regulatory concerns.
Weekly News In Brief: May 5, 2017
5th May 2017 | Written by:
Denmark agrees last-minute deal with Europol to enable ongoing cooperation; the UK's competition regulator launches a phase two investigation into ATM merger; two reports find an increase in...
Banks Blame De-Risking On Regulatory Failings, Not Criminal Activity
27th Apr 2017 | Written by:
Banking industry insiders have suggested de-risking does not necessarily stop illicit funds from passing through the financial system, instead labelling the practice a by-product of ineffective...
Report Calls For Clarity On Risk-Based AML
18th Apr 2017 | Written by:
Authorities must improve their supervision of banks’ approach to anti-money laundering (AML) rules or face the collapse of remittance channels due to de-risking, a report claims.
Remittance Firms Seek Global Standards In De-Risking Fight
10th Apr 2017 | Written by:
A global trade body for remittance businesses is in discussions with authorities about creating an industry standard and certification process for fund transfer companies threatened by de-risking.
PSR ‘Cannot Tackle Account Access Problems Alone’
30th Mar 2017 | Written by:
The UK’s Payment Systems Regulator (PSR) has promised a revolutionary year for easing access to interbank payment systems, although acknowledged growing industry frustration over difficulties...
Crime Warning Issued As Caribbean Remittances Sector Teeters
28th Mar 2017 | Written by:
Caribbean officials have warned that a “pernicious, secret system” for cross-border payments will emerge if de-risking continues, with the region on the cusp of being cut off completely from the U...
PSR Tells Industry To Brace For Non-Bank Central Bank Settlement
10th Mar 2017 | Written by:
The Payment Systems Regulator (PSR) has told the financial sector to ready itself for applications from non-banks planning to open settlement accounts with the Bank of England.
U.S. Non-Profits Attack De-Risking ‘Perfect Storm’
7th Mar 2017 | Written by:
U.S. charities are joining the swelling ranks criticizing authorities for failing to tackle de-risking, citing fears that denial of banking services is sending funds down illicit underground channels.
FATF Considers ‘Legal Shake-Up’ In Financial Crime Fight
3rd Mar 2017 | Written by:
The Financial Action Task Force (FATF), the global anti-money laundering watchdog, is attempting to “strengthen its role” and could take on legal status in its home nation France, amid sustained...
PSR Hails New Bank Launch As Indirect Access Opportunity
2nd Mar 2017 | Written by:
The Payment Systems Regulator (PSR) has hailed the launch of a new UK clearing bank as a potential leap forward for payment providers struggling to gain indirect access to the country’s fund...
Bank Fined Over Money Transmission AML Failings
28th Feb 2017 | Written by:
A U.S. bank that provides services to money transmitters has been fined $8m for anti-money laundering failings, after authorities found weaknesses in its oversight of high-risk third parties.
Trump Unlikely To Ease AML Burden, Say Experts
22nd Feb 2017 | Written by:
Financial crimes rules are unlikely to be relaxed under Trump’s administration, experts have said, amid industry-wide calls for reforms to stringent anti-money laundering (AML) controls.
ESAs' Joint Opinion on the Risks of ML/TF Affecting the EU's Financial Sector
21st Feb 2017 | Written by:
The European Supervisory Authorities (EBA, EIOPA and ESMA, collectively ESAs) have published a joint opinion on the risk of money laundering and terrorism financing (ML/TF) affecting the European...
Regulator To Investigate Access Termination After Industry Complaint
21st Feb 2017 | Written by:
A UK payment service provider threatened with losing its access to the country’s payment systems has formally requested regulatory intervention, the first application of its kind.
Africa Regulators Call For Harmonised Finance Rules
7th Feb 2017 | Written by:
Central bankers in Africa are arguing that greater regulatory integration is needed across the continent to boost financial inclusion, tackle financial crime and foster digital payments.
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