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Relaxing AML on Remittances amid Pandemic Appears ‘Unworkable,’ Say Professionals

By Gabriel Vedrenne

A recent World Bank proposal to ease scrutiny of small-dollar remittances for anti-money laundering purposes amid the novel coronavirus pandemic may prove hard to implement, sources told ACAMS moneylaundering.com. The global development bank forecasted in October that remittances to the world's poorest countries, which have dwindled for several years running, may fall as much as 14 percent by 2021 as the economic disruptions caused by COVID-19 impede migrant workers in developed nations from earning and sending funds to their relatives back home. Banks' continued reluctance to process the transactions behind remittances to and from Somalia, Haiti and other high-risk countries...

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