Report: Hanging Up The Phone On Mobile Remittance Fraud
Cross-border remittances are a lifeline for many households who depend on family members working abroad to send funds home. These international money flows reached $689 billion in 2018, and ensuring funds continue to flow smoothly requires money transfer organizations to provide services that are both convenient and compliant with regulations.
Financial institutions (FIs), FinTechs and other organizations must be able to facilitate remittances while filtering out bad actors that may try to abuse the services for funding crime. Abiding by different countries’ anti-money laundering (AML) and counter-terrorist financing (CTF) laws helps these organizations fend off such fraud and avoid noncompliance fees, but FIs and FinTechs may struggle to monitor all these different laws.