Global Problems in a Global Business: Are the Decreasing Remittance Costs Sustainable?

Westpac is the latest bank in Australia to have quit the remittance business. And we can tell you that its not the last one and you would see more banks exiting this business globally. The bank would be officially ending support to its remittance partners in March 2015. Rising regulatory compliance costs made it difficult for the bank to support the remittance firms. In the past two months, Australia's anti money laundering and counter-terrorism financing regulator has cancelled the license of three remitters, underlining the risk that banks were facing in dealing with such companies.

The global remittance business is $500+ billion strong. Numerous stakeholders are involved in this business including banks ...

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