Month: January 2017

BBC World Service – 50 Things That Made the Modern Economy

A fantastic podcast series put out by the BBC: 50 things That Made the Modern Economy as narrated by Tim Harford. Great listen.  There are two particular episodes of interest: M-PESA (Listen) The Bank (Listen) I think after NPR’s Planet Money, this is perhaps the next best thing I’ve heard. Inventions, ideas and innovations which …

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Report by AUSTRAC on Bank de-risking of remittance businesses

AUSTRAC (the Australian Financial Regulator) recently released a report on the Bank de-risking of Remittance Businesses in Australia. The short 14-page report very well summarizes the statistics of remittance in Australia with respect to RNPs (Remittance Network Providers) and also provides some interesting insights based on the AUSTRAC survey of RNPs and banks on de-risking.  You …

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Foreign Correspondent Banking – Regulators Encourage U.S. Banks to Keep Doing It, But Their Regulations Have Been Discouraging – Lexology

Foreign Correspondent Banking: The three dreaded words that hang like the Damocles Sword on every foreign bank wanting to trade with the United States for US Dollar clearing & settlement. This is a great article that highlights the issues surrounding the shrinking supply of foreign correspondent banks. In addition to this article, I would also highly …

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Government launches consultation on enhancing anti-money laundering regulation of designated non-financial businesses and professions – Lexology

A great opinion article from Herbert Smith Freehills LLP on enhancing anti-money laundering regulations. On 6 January 2017, the Government published a consultation paper on proposals to extend the customer due diligence (CDD) and relevant… Source: Government launches consultation on enhancing anti-money laundering regulation of designated non-financial businesses and professions – Lexology — This page …

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Saudi advisory council to debate proposed levy on remittances -report | Zawya

Ever since oil prices fell, the Gulf Cooperation Countries have been flip-flopping on the issue of remittance tax. Expatriates (read: migrant workers) living in the GCC annually send over US$ 100 Billion back to their home countries. All was hunky-dory when the price of an oil barrel was over US$ 100. Today, the case needs to …

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State Banking Regulators Oppose Office of Comptroller of Currency Fintech Charter | The National Law Review

Well, no one said this was going to be an easy play for OCC, which is trying to implement a Fintech Charter. The money transmitter license process in the United States is quite a cumbersome process. For many startups, it is almost an impossible task to get the licenses in all 50 States (47 or …

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