Saltar al contenido
CrossTech is part of The Platinum Network. Become a Member!
  • enEnglish
  • esEspañol
  • pt-brPortuguês
Linkedin page opens in new windowYouTube page opens in new windowTwitter page opens in new windowFacebook page opens in new windowInstagram page opens in new window
CrossTech
Cross Border Payments
CrossTechCrossTech
  • Home
  • About Us
    • Board of Directors
    • Who comes to CROSSTECH?
    • Industry Associations
    • WOMEN IN THE MONEY TRANSFER INDUSTRY AWARDS
    • IDFR – International Day of Family Remittances
    • Contact Us
  • Conferences
    • Past Conferences
      • IMTC WORLD
        • WORLD 2022
        • IMTC WORLD 2021
        • IMTC WORLD 2020
      • IMTC LATAM
        • LATAM 2022
        • IMTC LATAM 2021
        • IMTC LATAM 2019
      • REGLIANCE
        • REGLIANCE 2021
      • IMTC EMEA
        • IMTC EMEA 2021
        • IMTC EMEA 2019
        • IMTC EMEA 2018
      • IMTC ASIA
        • IMTC ASIA 2018
        • IMTC ASIA 2016
      • IMTC AFRICA
        • IMTC AFRICA 2019
        • IMTC AFRICA 2017
      • IMTC BRASIL
        • IMTC BRASIL 2018
        • IMTC BRASIL 2016
      • REMTECH AWARDS
        • CROSSTECH AWARDS 2022
        • REMTECH 2020
        • REMTECH AWARDS 2019
    • Past & Present Sponsors
    • Past Speakers
    • Past Participants
  • Magazine
  • Blog
Buscar:
  • Home
  • About Us
    • Board of Directors
    • Who comes to CROSSTECH?
    • Industry Associations
    • WOMEN IN THE MONEY TRANSFER INDUSTRY AWARDS
    • IDFR – International Day of Family Remittances
    • Contact Us
  • Conferences
    • Past Conferences
      • IMTC WORLD
        • WORLD 2022
        • IMTC WORLD 2021
        • IMTC WORLD 2020
      • IMTC LATAM
        • LATAM 2022
        • IMTC LATAM 2021
        • IMTC LATAM 2019
      • REGLIANCE
        • REGLIANCE 2021
      • IMTC EMEA
        • IMTC EMEA 2021
        • IMTC EMEA 2019
        • IMTC EMEA 2018
      • IMTC ASIA
        • IMTC ASIA 2018
        • IMTC ASIA 2016
      • IMTC AFRICA
        • IMTC AFRICA 2019
        • IMTC AFRICA 2017
      • IMTC BRASIL
        • IMTC BRASIL 2018
        • IMTC BRASIL 2016
      • REMTECH AWARDS
        • CROSSTECH AWARDS 2022
        • REMTECH 2020
        • REMTECH AWARDS 2019
    • Past & Present Sponsors
    • Past Speakers
    • Past Participants
  • Magazine
  • Blog

Commonwealth’s De-Risking Meeting in London

Estás aquí:
  1. Inicio
  2. De-Risking
  3. Commonwealth’s De-Risking Meeting in London

As we informed all our special Friday Newsletter to subscribers in the UK, the Commonwealth Secretariat invited the International Money Transfer & Payments Industry to the “Disconnecting from Global Finance: A Conversation on De-Risking” meeting that was programmed this past Thursday, August 10th at Marlborough House in London. The meeting was called following the release of the Commonwealth’s report “Disconnecting from Global Finance: The Impact of AML/CFT Regulations in Commonwealth Developing Countries”. Passions ran high at the meeting as money transfer businesses and smaller financial institutions complained about the “detrimental” decline in international banking for many businesses and individuals.

The Commonwealth Secretariat Meeting Report

In their post the Commonwealth calls for collaboration on ‘detrimental’ declines in banking relationships and quotes Commonwealth Deputy Secretary-General Deodat Maharaj, who chaired the public meeting, who stressed the importance of protecting countries and communities from corruption and terrorism, but warned that “a one-size-fits-all” approach to regulation does not serve the needs and reality faced by Commonwealth developing countries. the post also quotes from Commonwealth Economic Policy expert Samantha Attridge, Head of Finance and Development Policy, who  clearly stated that “global regulations that are designed to stop money laundering and the financing of terrorism have contributed to this worrying [De-Risking] phenomenon” The post also quotes David Lewis, Executive Secretary of the Financial Action Task Force (FATF), who said his organisation is taking de-risking seriously and that they are examining the issue to determine whether there was “overzealous application” of the regulations. Senior representatives from the British Bankers’ Association, HSBC Holdings, Santander and the Wolfsberg Group were present beside the long list of MSBs and Money Transmitters.

The Money Service Business Association Meeting Report

Judith Rinearson, Partner at K&L Gates, represented the MSBA at the Commonwealth Secretariat meeting and the MSBA post states that “Everyone present agreed that de-risking does not prevent or help money laundering; in fact, there is evidence that it increases the risk of money laundering by moving payments underground. Moreover, attendees commented on how de-risking has hurt the economies of many small developing countries such as Belize, Jamaica and Samoa”.

Judie also mentioned that there were many in attendance that blamed the United States for the wave in de-risking in the world due to the Department of Justice’s enforcement actions that have been aimed at large banks. Banks were also being blamed as they imposed a “one size fits all” approach. The fact that US Banks are forcing correspondent banks in developing countries to close the bank accounts of local MSBs is also fueling the blame aimed at US institutions.

<em>Note: If you have not watched this video interview (November 2015) on De-Risking by Rajesh Mirchandani, CGD VP of Communications and Policy Outreach of the Center for Global Development “<a href=”https://www.youtube.com/watch?v=4Hdt8s8R3tc” target=”_blank”>A Call for Action on De-Risking – Podcast with US Treasury Under Secretary Nathan Sheets</a>”. you should watch it. I know that most of the industry does not believe in what US regulators are expressing as US Banks are not reacting to these good intentioned views.</em>

The Jamaica National Building Society Meeting Interview

Executive of Corporate Affairs and Public Policy for Jamaica National Building Society, Paulette Simpson discusses in this short Video Interview the benefits of the Commonwealth bringing together different stakeholders involved in the De-risking issue.

If you were present at the meeting we will love to hear your point of view. Contact us

Note: We wish to thank Robbie Hopper, Research Officer G20 and Global Finance System for keeping the industry informed

Categoría: De-RiskingPor Hugo Cuevas-MohrAugust 13, 2016
Share this post
Share on FacebookShare on Facebook TweetShare on Twitter

Navegación entre publicaciones

AnteriorPublicación anterior:Remittances to the South Asia Region (SAR)SiguientePublicación siguiente:HELPING REMITTANCE FAMILIES IN NEED

Related Posts

Customer Expectations In The Payments Industry
March 5, 2020
Digital vs. Cash, are we getting it all wrong?
June 10, 2018
THE FUTURE OF PAYMENTS: MTOs, PIs, REMTECH & THE BLOCKCHAIN
March 3, 2018
CHILE: WHERE MIGRANTS BECOME AN EVERYDAY SURPRISE
February 13, 2018
QUÉ NOS DEJÓ EL 2017
December 19, 2017
The Antimonopoly Prosecutor in Chile sides with MSBs on Bank Account Closures
November 13, 2017
Are you a PNET Member?

If you have not joined our industry community yet, go to PNET and sign up. You can get membership perks and discounts for IMTC conferences!

Keep on Learning!
Check our online courses:

MTTC Money Transfer Compliance Certication Course. Check the version in English &  la versión en Español.
Watch video presentation of our courses here.

PNET Logo
The CrossTech Conferences are developed by The Platinum Network, producer of the CrossTech Innovation Awards --formerly the Remtech Awards-- and the CrossTech Compliance Conference. --formerly Regliance--

THE PLATINUM NETWORK
7700 N Kendall Dr Suite 407
Miami, Florida 33156

WhatsApp: +1 (786) 731-5507

Important Links
IMTC in Twitter
IMTC Linkedin Group
IMTC in YouTube
IMTC in Facebook
IMTC in Instagram

Terms & Conditions
Visa Letter Information
Privacy & Cookie Policy
Hotel Reservation Fraud
Latest Tweets
  • January 22nd started the lunar new year and this is the rabbit's year. One of the 12 animals of the Chinese zodiac.… twitter.com/i/web/status/16187…

    January 26, 2023 10:51 pm

  • Here is the team who gave us a glimpse of their knowings about compliance during CrossTech World 2022. We love you… twitter.com/i/web/status/16183…

    January 25, 2023 11:14 pm

WhatsApp us