Government officials and financial regulators in Bangladesh are considering introducing incentives to bolster the country’s ailing remittance market as the value of incoming funds tumbles.
U.S. money transmitters claim a lack of banking access is a greater threat than compliance costs and competitive pressures, with some warning the problem could wipe out the industry.
After a turbulent and unpredictable 2016, the global payments industry has its work cut out to prepare for a flurry of regulatory, legislative and policy reforms.
A landmark year for the global payments sector, 2016 was characterised as much by legal reforms as by seismic shifts in the political landscape. Regulators in the UK launched unprecedented new...
The global “risk-based approach” to anti-money laundering has been labelled flawed and impractical by experts, who fear it may have accelerated the de-risking of payments providers by international...
Tougher banking regulation and anti-money laundering standards are needed in developing economies in 2017 to tackle the growing problem of de-risking, a global financial watchdog has said.
UK high-street banks are being made to “police” transactions carried out by payments providers, experts have said, ultimately making it harder than ever for non-banks to access basic services and...
UK payments lobbyists are asking regulators for more details on anti-money laundering liability, in an effort to tackle the “de-risking” problem of banks abandoning certain categories of customer.
Financial institutions are set to be given new clearer guidance on how to manage the risks of money laundering and the financing of terrorism by global banking supervisors.The Basel Committee on...
Countries grappling with the withdrawal of correspondent banking relationships must work to improve their anti-money laundering and counter-terrorist financing regimes, a U.S. Treasury boss has...
Malta has become the first western country to confront fears of de-risking after its Prime Minister flew to the United States in a bid to persuade banking giants to keep their correspondent banking...
Regulators should accept that some remittance systems will be misused by terrorist groups, experts have said, after mounting international pressure on cross-border fund transfer firms to stamp out...
Small states that face economic problems because of the loss of correspondent banks should work together to fight the impact of de-risking collectively, according to the International Monetary Fund...
Fragmented or misguided regulation has created an uncertain environment around cross-border payments, holding back innovation and encouraging banks to de-risk, industry insiders have said.
Industry experts are unconvinced by a global watchdog’s latest guidance for correspondent banking relationships, arguing developments are still too thin to discourage banks from cutting ties.
A global financial crime watchdog has issued new advice in an effort to deter financial institutions from cutting relationships with correspondent banks and, by extension, money transfer businesses.

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