MONEY SERVICE BUSINESSES IN EMERGING MARKETS FACE TOUGHER COMPLIANCE AND DERISKING DEMANDS
May 1st, 2019
MONEY service businesses (MSBs) are having a tougher time operating in compliance with international AMF/CFT rules, especially those in emerging market countries, where they have to deal with a double challenge of tighter controls and derisking by banking partners.
MSBs throughout the Middle East, for instance, have been hit by derisking from correspondent banks as well as designations by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). For instance, in 2015, the Dubai, United Arab Emirates (UAE)-based Al Zarooni Exchange was ...
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