All posts tagged "Remittances"
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325AML / KYCJapan Banks Exit Forex Business Amid AML Cost Concerns
While smaller banks are exiting the foreign exchange business entirely, larger banks are raising counter service fees for overseas remittances.
October 17, 2019 -
926Asia-PacificMaybank to Enable Real-time Payments for Cambodia, Malaysia
Cambodia’s central bank and Malaysia’s Maybank will work together to enable real-time cross-border transfers, payments and remittances between the two countries.
October 12, 2019 -
504Fintech / RegtechMAS Launches Faster Option Sandbox Testing
Sandbox Express entails an approval process of just 21 days before firms can start testing innovative financial products and services in a pre-determined environment.
August 8, 2019 -
377AML / KYCMalaysian Authorities Bust Illegal Money Services Network
In raids were jointly conducted by central bank, police and immigration officers, authorities seized almost $1mn, along with documents, computers and mobile phones.
August 5, 2019 -
1.2KAML / KYCHKMA Grades SVF Sector as ‘Medium Risk’ in Latest AML/CTF Assessment
While most of the sector presents low risk, higher risk has emerged in SVF products that allow overseas cash withdrawals, cross border remittances, and person-to-person transfers.
July 22, 2019 -
705Capital RegulationFSB Chair Issues Letter to G20 Ahead of Osaka Summit
The letter reports on the FSB's work to monitor financial stability risks, reform implementation progress, and market fragmentation issues.
June 27, 2019 -
402IndiaRBI Publishes Payment Systems Benchmarking Report
Further efforts are needed to reduce paper clearing and improve acceptance infrastructure (e.g. PoS devices) to enhance digital payments.
June 7, 2019 -
855Big Picture
Decline in Correspondent Banking is Universal – CPMI
Over the last seven years, active relationships in the global correspondent banking network have declined by about 20%, and the number of active corridors has fallen by roughly 10%.
May 28, 2019 -
914AML / KYCJapan to Halt Overseas Transfers that Bypass Bank Accounts
In preparation for this year's FATF review, Japanese banks will reportedly terminate counter services for overseas remittances that bypass bank accounts.
May 6, 2019 -
1.0KAsia-PacificAustralian Authorities Bust Vietnamese Money Transfer Cartel
The ACCC and Australian police have brought charges against an alleged price-fixing cartel, which is said to have been directed by Vietnam's Sacombank.
April 12, 2019
