June 2024

If you run a Money Transfer Business (an MTB) which provides Money Transfer Services, you’ll already know that it’s a regulated activity within the scope of the Financial Conduct Authority, the FCA. You’ll understand the obligations that relationship creates. The FCA may be busy, but that doesn’t mean compliance can be overlooked Even if your

The United Kingdom’s remittance sector, long dominated by money transfers to the Indian Subcontinent, is experiencing  growth and diversification. Remittances to Caribbean nations and several African countries continue to grow, especially to those in West and Sub-Saharan Africa. The industry faces a broadening market with increasing complexity. And in the UK, regulatory compliance features as

As cross-border remittance services flourish globally, the imperative to counter financial crime and ensure effective regulatory compliance has never been clearer. Activity in the United Kingdom is a good example of this need. In the UK there has been significant growth in cross-border payments. Here, according to Research and Markets, the remittance market is projected

Money transfer businesses (MTBs) operate in a sector characterised by a long phase of sustained expansion. Growth statistics project a global market value of $83.2 billion by 2034. That’s a compound annual growth rate of 13.5%​​. In this environment, established enterprises are enlarging their networks, and new entrants are attracted by the sector’s opportunities. It’s

Money transfer businesses (MTBs) play a vital role in the global financial ecosystem, facilitating cross-border transactions for millions. However, the sector also faces increased scrutiny due to its potential for misuse by criminals. Financial crime is a significant global threat. Estimates of its approximate annual value range from 2 trillion US dollars (HSBC) to 3

A recent announcement by money transfer business (MTB) LemFi highlights a growing trend in the UK remittance market. Along with other providers they now offer zero fees on some transfers, coupled with competitive exchange rates. LemFi’s promise is zero fees for transfers from the UK to India. As the remittance market grows and competition increases,

In the UK, financial services regulation is stringent. Expectations are high, within the industry, and more broadly in the economy and society too. Non-compliance can have severe consequences, including fines, reputational damage and, potentially, the loss of the right to operate. For Money Transfer Businesses (MTBs), the environment necessitates rigorous identity verification processes to prevent

As in any other business, in the UK’s remittance sector getting the details right is fundamentally important. It’s a growing market, possibly booming. Operators who pay consistent attention to detail should succeed. Those who take shortcuts make themselves especially vulnerable. With an estimated worth of approximately £9.12 billion in 2024, projected to rise to £10.02

In the UK, Money Transfer Businesses (MTBs) are regulated by the Financial Conduct Authority (FCA). The aim is not just to ensure proper conduct within financial service businesses, but also to limit the extent to which businesses, and therefore the whole financial sector, are exposed to financial crime. Regulations are therefore far-reaching and impact directly

The UK’s money transfer service (MTS) industry has thrived on a mix of established financial institutions and innovative startups. Demand for their services has been high, so the marketplace has been relatively comfortable. That may be about to change. A growing number of new or expanding competitors is challenging the status quo. International services are

It’s an understatement to say the UK’s remittance sector is highly competitive. It’s an environment where survival can depend on achieving both efficiency and effectiveness. And nowhere is it more evident than with compliance processes. Money Transfer Businesses (MTBs) grapple with the dual challenges of ensuring regulatory compliance while striving to remain agile and responsive

The financial services sector is heavily regulated, and compliance demands can be a burden for businesses of all sizes. Remittance providers, also known as money transfer businesses (MTBs), are no exception. Know Your Customer (KYC) checks, anti-money laundering (AML), counter-terrorism financing (CTF) measures, and sanctions lists are just some of the hurdles that MTBs must

The remittance market in the United Kingdom is undergoing gradual but significant transformation. Traditionally dominated by links with the Indian subcontinent, the focus is broadening to include several African countries as key destinations for funds. The shift reflects broader economic trends and the increasing influence of digital technology. Consistent Growth in Demand for Remittance Services.

The UK’s financial system continues to develop and grow, not least in the money transfer market. Growth is fueled by complementary factors: demand is high, and digitalization makes sending money overseas easier and cheaper than before. There are over 650 Money Transfer Operators (MTOs) in the UK, and digital services mean there’s less need for

In the UK remittance service market, the call for vigilance against financial crime has never been louder. The Financial Conduct Authority (FCA), the UK’s financial regulatory body, has reaffirmed its commitment to combating financial crimes, with a specific focus on anti-money laundering (AML) and combating the financing of terrorism (CFT). This emphasis comes at a