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Money transfers conference in London on November 17-18: New innovations in money transfers amidst crisis

Sanket Mohapatra's picture

I recently made a presentation on our outlook for remittances at the Money Transfers London conference. The discussions were lively and interesting and the topics included the impact of the EU payment services directive (PSD) and other regulatory changes for the money transfer industry, innovations in smart cards and mobile money transfers, and the impact of the current economic crisis, among others (see full conference agenda).

One development I found interesting was efforts to standardize training for Money Laundering Reporting Officers (MLROs) in the money transfer firms. To remain relevant in times of changing rules and regulations, these officials will need to be tuned to the messages coming from regulators not only through directives and websites, but also from speeches and interviews in the media.  

This conference and others organized by industry bodies such as the IAMTN are very useful because they provide a space for private sector participants to interact with regulators and development agencies, clarify new regulations and laws, and let us hear from practitioners on new developments and emerging technologies.

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The MTL conference was also my first day as Managing Director of the organisation. Sanket's presentation and participation in the conference was particularly well received because it is not often that industry participants have the opportunity to hear from experts from the public sector and truly understand the space that we work in and the broader impact that remittances have. It is clear that there is a lot of discussion around new technologies and that finding new international solutions is not currently as easy or as available as domestic based and focused money transfer solutions. At the coming IAMTN conferences in Dubai, Moscow and Singapore these areas will be investigated more deeply. As part of my new tenure at IAMTN I hope that we will be able to continue to build on the excellent relationships that there are with all the key stakeholders in the remittance industry and to become a centre for private sector thought leadership.

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