A global expert on international money remittances, Dr Ismail Ahmed, says that “New Zealand de-risking was far bigger than anything we’ve seen elsewhere in the world”.
De-risking refers to a policy currently being adopted by banks in New Zealand, Australia, and elsewhere in the world. Instead of assessing the money laundering risks posed by a customer on a case by case basis, banks will refuse to accept whole industries of customers. The industry that is currently subject to blanket de-risking is the money remittance industry.
In this interview, Dr Ismail outlines why this is a problem, and suggests what can be done about it.
Fiducia assists money remitters and banks to manage and mitigate money laundering risks together. Contact firstname.lastname@example.org for a no-obligation consultation.