All posts tagged "Remittances"
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305IndiaRBI 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 -
627Big PictureDecline 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 -
815AML / 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 -
820Asia-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 -
593Fintech / RegtechJapan to Allow Non-Banks to Handle Large Remittances
In a bid to improve remittance services in the country and promote fintech, Japan plans to ease limits on non-banks providing money transfer services.
February 21, 2019 -
540Fintech / RegtechMAS to ‘Fast-Track’ Sandbox Applicants for Some Regulated Activities
The regulator wants to streamline the application and approval process for regulated activities where risks are generally low or well understood and could be reasonably contained.
November 15, 2018 -
387AML / KYCTaiwan FSC to Probe Recent Fee Hikes at Banks
Seven state-banks have raised fees for foreign remittances, saying the extra charges are needed to offset costs associated with upgrades to money laundering controls.
October 12, 2018 -
272Australia & NZACCC Opens Inquiry into High Markup Currency Conversion Services
The inquiry will examine why major companies in Australia, including the big four banks, seem to be able to consistently charge high prices, said ACCC chair Rod Sims.
October 3, 2018 -
524Fintech / RegtechBanks Need Regulatory Defence Against Tech Firms
The Facebook controversy around user data hasn’t discouraged it from advancing its ambitions in financial services like payment and remittance processing.
August 16, 2018 -
255India
India Tightens Outward Remittance Norms To Check Fund Flows
The RBI requires the quoting of permanent account numbers for all transactions. It has also tightened the definition of “close relative” for funds sent for the “maintenance” of close relatives under its remittance regulation.
June 21, 2018
