Tuesday, 28 March 2017
IAMTN proposes new industry wide standards to tackle de-risking
Remittances and de-risking were a key part of the agenda. It was during this event that, the International Association of Money Transfer Networks (IAMTN) presented its proposal on de-risking. There have been major changes in de-risking practices over the last few years and concern is growing across stakeholders, as this has an adverse affect on the entire remittance industry. Everyone agreed that this is a very complex issue and there is no "magic" solution to this.
IAMTN believes that an “International Industry Standard” specific to this industry is required.
As a part of this standard, firms will be required to undertake an independent annual audit in order to certify adherence with the standard.
IAMTN held discussions with a very wide array of bodies, such as, World Bank, IFAD, UNCDF, FATF, BBA, DIFID, CGAP, German Finance Ministry, FINCEN, US Treasury and UK Treasury and many more International Organisations for their feedback. Overall, it was very well received by the participants.
This is part of IAMTN’s continued effort to raise awareness of the importance of remittances within the financial sector, and to promote financial inclusion as a result of remittance mobilization through formal channels.
IAMTN is continuing the process of getting feedback from a very wide range of stakeholders, so if you have any feedback or questions, please feel free to contact us.
The International Association of Money Transfer Networks is the only global international trade organisation that represents Money Transfer Industry / Payment Institutions providing cross border payments. Founded in 2005, provides a platform for industry partners to come together to discuss common challenges, industry initiatives, and create opportunities. IAMTN works closely with governments, regulators, regional associations and all other important stakeholders such as the World Bank, IFAD, BBA, DIFD to champion the creation of the most effective, safe, reliable and efficient payment system.