August 26, 2016
Global regulators will try to get more insight into why major banks are withdrawing from handling cross-border payments, making it harder for people to send money to relatives and loved-ones abroad. Banks say it has become more costly to comply with tougher customer checks against money-laundering and terrorist financing, putting pressure on regulators to ease up.
The Financial Stability Board (FSB), which coordinates regulation across the Group of 20 economies (G20), says it is worried that fewer major banks are offering smaller banks correspondent relationships, the links which enable such remittances.
