Search

REVISED FRAMEWORK ON DOMESTIC MONEY TRANSFER Background The framework for Domestic Money Transfer ('DMT') was initially introduced by the Reserve Bank of India ('RBI') vide its notification dated October 5, [...]

Introduction The international money transfer operator (IMTO) licence is one that is required for the provision of inbound cross-border payment services from overseas to Nigerians and foreigners in Nigeria such [...]

The Bank Secrecy Act (BSA) requires certain businesses to register with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). Money services businesses (MSBs) must comply with the BSA requirements [...]

Court of Cassation, Commercial, Economic and Financial Division, 14 February 2024 - no. 22-11.654 The question of the liability of banks for the provision of payment services requires them to [...]

Mills & Mills LLP has recently been informed about new banking requirements for international transfers of funds by Canadian charities to foreign charities and other intermediary NGO's. Registered charities that [...]

In a significant move aimed at bolstering India's International Financial Service Centre (IFSC), the Reserve Bank of India (RBI) recently announced measures that promise to cement the position of GIFT [...]

1.1 INTRODUCTION Businesses with an International Money Transfer Operator (IMTO) license are authorised by the Central Bank of Nigeria (CBN) to facilitate efficient fund transfers from entities or individuals abroad [...]

On January 31, 2024, the Central Bank of Nigeria (CBN) pursuant to its powers under section 2(d) of the Central Bank of Nigeria Act, 2007, and the Banks and Other [...]

> On Jan. 25, 2024, the Hawaii Department of Commerce and Consumer Affairs Division of Financial Institutions (DFI) and the Hawaii Technology Development Corporation (collectively, the 'Agencies') jointly issued a [...]

The Vietnamese National Assembly enacted a new Law on Anti-Money Laundering (2022 AML Law) that took effect in early 2023. In support of its implementation, Decree No. 19/2023/ND-CP was issued [...]

The regulations were meant to prevent dollar transfers to corrupt actors. But they have ended up harming ordinary Iraqis who need U.S. currency for legitimate purposes. BAGHDAD -- When the [...]

In PT Asuransi Tugu Pratama Indonesia TBK (formerly known as PT Tugu Pratama Indonesia) v Citibank N.A. [2023] HKCFA 3, the Hong Kong Court of Final Appeal ('CFA') gave important [...]

The UK's Financial Conduct Authority disclosed, via a statement issued on 25 January 2023, that it is investigating three transfer companies for possible violation of the UK's Competition Act 1998. [...]

This is the second of an expected five-part series on fraudulent transfers. In my first blog, I laid out the basic statutory framework, as well as described generally the difference [...]

The Central Bank of the Republic of Turkey ('CBRT') stated that the Guidelines on Associating Business Models Offered in the Payments Area with Payment Service Types ('Guidelines') aim to associate [...]

Inward remittances have made remarkable contributions to Vietnam's economic growth. Philip Ziter, a lawyer in the Ho Chi Minh City office of US-backed law firm Russin & Vecchi, provides analysis [...]

Byline: JAMES BRADSHAW; Staff Canada's largest banks held a flurry of meetings and calls on Tuesday as they tried to grasp how far the federal government expects them to go [...]

EU to implement 'travel rule' for crypto transfers The EU Parliament and Council have reached a provisional deal to curb money laundering and terrorism financing in Europe by implementing the [...]

On May 20, 2022, Arizona Gov. Doug Ducey signed Senate Bill 1580, which effectively replaces Arizona's current money transmission law1 with the Model Money Transmission Modernization Act (the Model Act) [...]

KEY TAKEAWAYS The war in Ukraine has led to a number of public and private economic sanctions against Russia which may limit your ability to conduct commercial activities and send [...]

According to a recent report, crimes involving virtual assets ('VAs') nearly doubled in 2021, with illicit gains reaching a high of $14 billion.1 At the same time, the use of [...]

The California Department of Financial Protection and Innovation (DFPI) has finally adopted final rules relating to the scope of the agent-of-a-payee exemption under the California Money Transmission Act (MTA), Cal. [...]

The Situation: The amendment to the Payment Services Act ('PSA') of Japan took effect in May 2021, removing the current numerical transfer cap placed on fund transfer services by nonbank [...]

Any company that intermediates payments for other parties ─ such as a marketplace platform, a billing service, a payment facilitator or a B2B platform provider ─ must take into consideration [...]

The Central Bank of the Republic of Turkey ('Central Bank') amended the Communiqué on the Procedures and Principles Regarding the Bank Fees Chargeable to Business Customers ('Communiqué'), which was published [...]

The Florida Office of Financial Regulation ('OFR') has rejected a petition for a declaratory statement seeking confirmation that payment processing activity involving the receipt of funds and transmission of such [...]