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...
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...
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.
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.
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...
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.
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.
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...

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