Insights
When the Dashboard Makes the Difference
Money Transfer: Fine Margins and Compliance Require State-of-the-Art Automation
As they quietly ease the flow of money across the world, money transfer services form an intimidating web of necessity and convenience. For millions they’re a lifeline, underpinning economies and supporting families continents away. Remittances from families and migrant workers
From Compromised Emails to Pig Butchering – Catching Fraud in the Digital World
To accompany the Global Fraud Summit in London in March this year, Interpol has shared a snapshot of the range of fraud-based financial crime. Offences fit into six broad types. The four most common are investment fraud, advance payment fraud,
Keeping the Knowing in KYC
Go to the gym, and flexibility is all the rage. It makes everything easier and more effective. For financial services businesses, it does the same, especially if it indicates a responsive approach to regulation updates and changing risks. This holy
Compliance: This Time It’s for Real
Global trade has matured. Complex contracts facilitate the cross border flow of goods and services – and more than we’d wish, criminal activity too. As financial transactions become more sophisticated, so do the opportunities for criminals to exploit them for
The Long Reach of European Regulation
The European Union (EU) has a habit of regulating in ways which extend beyond its own borders. This is not just a testament to its commercial and trading reach, but also to the thoroughness of its regulatory frameworks. The EU’s
When is KYC not KYC?
The world of financial services is a classic example of an environment where we seek clarity and simplicity, but seem plagued by ever more complex systems and regulation. That this is at least in part due to criminal activity comes
How to comply, without compliance being a burden
The financial services sector is no stranger to regulation. And when it comes to compliance, eyes sometimes roll at the steadily growing burden. This is especially true around anti-money laundering (AML) measures, which have become a significant concern for banks
Remittance Services – tackling another vulnerability
Digital services spread rapidly once their potential is understood. Witness the swift adoption of mobile phones in regions where traditional infrastructures were absent. This digital leap has transformed many sectors, including financial services, and particularly in the realm of remittances.
Don’t Get Left Behind: Why Scalable Compliance is Key for Remittance Providers
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...
The Changing Shape of the UK Remittance Market
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...
In the UK Money Transfer Market, it Pays to Stay in the Know
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...
In the Remittance Service Market, it Pays to Stay Alert
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...
Taking the Risk out of Remittance
As digital technology has become better and cheaper, the cost of entry into the remittance, or money transfer, market has dropped. Currently, there are over 60,000 business operating in the UK remittance market. It’s competitive, but as remittance gets easier, the market also expands, so...
Money Transfer: Fine Margins and Compliance Require State-of-the-Art Automation
As they quietly ease the flow of money across the world, money transfer services form an intimidating web of necessity and convenience. For millions they’re a lifeline, underpinning economies and supporting families continents away. Remittances from families and migrant workers have rarely been so widespread....
