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Bangladesh Ponders Business Incentives As Informal Remittances Thrive
17th Jan 2017 | Written by:
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 Transfers Face ‘Existential Crisis’ Over De-Risking
5th Jan 2017 | Written by:
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.
Key Regulatory Trends And Industry Issues For 2017
3rd Jan 2017 | Written by:
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.
Payments Industry 2016 In Focus: Main Stories And Trends
23rd Dec 2016 | Written by:
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...
Complex And Costly: Experts Rail Against Risk-Based AML
20th Dec 2016 | Written by:
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...
G20 Watchdog Takes Fight To De-Risking For 2017
20th Dec 2016 | Written by:
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.
Liability Shift ‘Could Solve Account Access Woes’
14th Dec 2016 | Written by:
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...
FCA Asked To Clarify Risk-Based Money Laundering Rules
5th Dec 2016 | Written by:
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.
Basel Committee Consults On New De-Risking Advice
25th Nov 2016 | Written by:
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...
U.S. Says Improved AML Regimes Will Counter De-Risking
16th Nov 2016 | Written by:
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 PM Takes De-Risking Battle To US
7th Nov 2016 | Written by:
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...
Terror Funding Report ‘No Reason For Remittance Crackdown’
4th Nov 2016 | Written by:
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...
Countries Must Work Together To Fight De-Risking, Says IMF
2nd Nov 2016 | Written by:
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...
Regulatory Misconceptions: An Industry View On De-Risking
1st Nov 2016 | Written by:
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.
New FATF Guidelines Won’t Deter De-Risking, Experts Fear
31st Oct 2016 | Written by:
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.
FATF Issues New Guidance To Discourage De-Risking
25th Oct 2016 | Written by:
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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