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.