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.
Calls from within the EU for further amendments to anti-money laundering reforms, including a significant expansion of the list of high-risk jurisdictions, could cause unwanted knock-on effects for...
Jamaica is to speed up development of a national ID system to improve transparency in the financial sector, as the country’s remittance sector strains under the pressure of banks’ de-risking...
Financial crime watchdogs and international policymakers have warned that de-risking is “severely” impacting countries that rely heavily on remittances to make up large portions of their GDP.
Financial institutions with a better understanding of correspondent banks’ risk profiles may be better positioned to carry on offering services and avoid de-risking, U.S. federal regulators have said.
The threat of de-risking to developing economies is a “growing cancer” that limits development, threatens regional stability and prevents participation in the international economy, Caribbean...
A round-up of money laundering news from the Asia-Pacific region, including a major review of Singapore’s controls, as well as a top court review of U.S. card surcharge laws and the promise of...

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