Remittances Grow in Developing Countries

Remittances to low and middle income countries are projected to reach a new world record, states the World Bank’s Migration and Development Brief December 2018.

Remittances flows to low and middle income countries.

According to the brief, remittance to developing nations is estimated to reach $528 billion by the end of 2018, which is a robust 7.8% growth since 2017. On the other hand, global remittances, including the developed nations, are expected to increase by 10.3% and reach to $689 billion.

In addition to this, future remittance is also expected to grow to the developing countries. In 2019, the figures are estimated to grow by 4% and reach $549 billion. On the other hand, global remittance will grow by 3.7% and reach $715 billion in 2019.

Find out more about remittance figures and trends here, Accelerated remittances growth to low- and middle-income countries in 2018.

REMITTANCES NEWS: IAMTN proposes new industry wide standards to tackle de-risking

This is a brief read, but it goes to show, that FATF is starting to get serious about the derisking problem. Today, finding an MSB Friendly Bank is next to impossible.  It has been a huge issue for many years now, but now it has gotten to the point of collapsing the industry on itself.

Source: REMITTANCES NEWS: IAMTN proposes new industry wide standards to tackle de-risking

Guidance on Existing AML Program Rule Compliance Obligations for MSB Principals with Respect to Agent Monitoring | FinCEN.gov

With the recent Western Union fiasco and the fines levied by FinCEN (nice income by the FinCEN!), MSBs are often complacent when it comes to their responsibility regarding Agent Monitoring. I thought I’d dig up the original rule book of the FinCEN guidance – and here it is.

Source: Guidance on Existing AML Program Rule Compliance Obligations for MSB Principals with Respect to Agent Monitoring | FinCEN.gov

Mass deportation of Jamaicans under Trump administration could affect remittances – Immigration attorney | Loop News Jamaica

With the recent ascent to the throne, President Donald Trump’s government is making the illegal aliens in the US quite worried. Not only is it the illegal aliens, but also their original countries from where they came from as they are dependent on these remittances, read: lucrative Benjamin’s that come from the US.

Countries like Jamaica are bracing themselves, for what many say is inevitable – mass deportation of aliens and the significant reduction in remittances.

 

Walker-Huntington said the country needs to be prepared for an increase in the number of deportees. “It [deportation] is going to happen,” she stressed. Speaking at the Victoria Mutual Wealth Management Economic Forum, under the theme “TRUMPONOMICS: Repercussions for Jamaica” on Monday, Walker-Huntington said there are some 70,000 undocumented people, who recently arrived in the US and are sending back remittances to Jamaica.

Source: Mass deportation of Jamaicans under Trump administration could affect remittances – Immigration attorney | Loop News Jamaica

Western Union Settlement: A Cautionary Tale for Bitcoin Money Transmitters | Bitcoin Magazine

This should be no surprise. Many-a-times I have written about the need to have full transaction visibility in the remittance lifecycle, but it seems that is not understood by many. Up-stream aggregators in many cases are looking at bulk payments and do not have access to the elementary data of the transactions that are flowing through their banking or remittance channels.

The availability of having full transaction visibility ensures that there is a transparent policy in the company and with that, the confidence to execute transactions because nothing is being masked. It goes without saying that a corrupt agent or one with nefarious purposes can always endanger the pipeline, hence the need for redundant checks and balance, not to mention, spot audits.

Bitcoin Magazine is the original source of information, news and commentary about Bitcoin, the blockchain and digital currencies.

Source: Western Union Settlement: A Cautionary Tale for Bitcoin Money Transmitters | Bitcoin Magazine