On April 26, 2017 Azimo, an online remittance service based in the UK, introduced a new international money transfer feature to its app that allows users to send cash to any mobile phone number,...
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...
Faced by an unpredictable new US administration, rising international political tension and ever-toughening sanctions regimes, banking veterans and financial crime experts are concerned by how...
The Conference of State Bank Supervisors (CSBS) has released a new tool for money services businesses (MSBs) to improve compliance and transparency in the industry by providing uniform licensing...
Payments firms are concerned that anti-money laundering reforms will give EU member states too much freedom around central contact points, risking fragmentation across the single market.
The UK government has opened public consultations on how it will apply, maintain and review sanctions regimes once the country has left the European Union.
On April 17, 2017 Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, published remittance statistics for the first two months of 2017, which showed that personal remittances...
On April 19, 2017 First Global Data, in collaboration with LianLian Pay, launched a social messaging payments and remittance service to more than 100m users and merchant partners, enabling Chinese...
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.
On March 24, 2017 the Arkansas state legislature passed Act 620/2017, which introduces amendments to the Uniform Money Services Act. These changes aim to “clarify the surety bond requirements for...
According to the Central Bank of Russia (CBR), remittances experienced a growth slowdown in 2016 due to economic weakness in the major remittance-sending countries. The inflow of remittances was...
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.
The revised Payment Services Directive (Directive (EU) 2015/2366), also known as PSD2, has brought a set of obligations for the European Commission, the European Banking Authority (EBA), EU member...
The European supervisory authorities (ESAs) — EBA, EIOPA and ESMA — have launched a public consultation on draft guidelines under Article 25 of the Wire Transfer Regulation, setting out the...
U.S. lawmakers are pushing forward with plans to tax remittances heading south of the border, introducing a new bill targeting transfers to more than 40 countries across South America and the...
European authorities have issued draft guidelines requiring payment firms to implement real-time monitoring systems to detect and prevent the abuse of fund transfer firms by money launderers.

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