A World Bank study set to be published next month will suggest that the compliance risks often associated with money remittance firms may not be as serious as they seem. Under the direction of the Group of 20, the World Bank has surveyed 19 member-states to collect information on why banks are turning away corporate clients wholesale and how the practice is impacting global remittance flows. The intergovernmental group is scheduled to disclose the main findings of the study next week ahead of publishing the full report later in the month. The findings could "take the de-risking discussion to a...
An intergovernmental watchdog group is set to issue new guidance on cross-border transfers, virtual currencies and other categories of customers and transactions that many banks associate with high regulatory and legal risks.
Failing to find conventional financial services, some money services businesses have asked armored car companies to bank on their behalf without the knowledge of the institutions maintaining the accounts, say consultants.
A number of large U.S. and international banks are dropping customer accounts and services tied to high-risk geographical regions and lines of business in response to regulatory pressure, including enforcement actions.