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Fiji

Urgency and unity central at Fiji-led climate conference

Max Thabiso Edkins's picture

The inspiring slogan of the UN Climate Change conference COP23 “Uniting for Climate Action – Further Faster Together” still reverberates in my daily thoughts. The World Bank Group partnered with the Fijian Presidency, the German hosts and numerous partners to spread the message of unity, and the urgent need to increase ambition and action.

Closing of bank accounts of money transfer operators (MTOs) is raising remittance costs

Sonia Plaza's picture

As I mentioned in my previous blog, a renewed focus on Anti Money Laundering and Combatting the Financing of Terrorism (AML-CFT) regulations in Australia, the UK, and in the USA are impacting banks and MTOs.

Three effects on the remittance markets are observed. First, Banks stopped offering low cost remittance services. Second, banks closed accounts of MTOs. Two major banks, the Commonwealth Bank and the National Australia Bank, have closed already the accounts of MTOs in Australia. Recently, Westpac announced that it will close the bank accounts of MTOs serving Somalia by the end of this month. And third, small MTOs also closed since they could not any longer operate without bank accounts.