Several people and companies that I know are being driven out of business. They are losing their businesses because the Banks are refusing to allow them bank accounts. The banks argue that in view of the increasingly stringent regulations applied to them, they feel it prudent to avoid business that is considered high risk. Recently,Continue reading “PEP. I despair…”
In October 2015, HM Treasury and the home Office published the UK’s first money laundering and terrorist financing national risk assessment (NRA). This is an obligation under the obligations of the Financial Action Task Force (FATF), to which the UK is committed. The report is a fairly long read, running to a hundred plus pages,Continue reading “National Risk Assessment”
I came across this article the other day. It is by Scott Paul who works for Oxfam. Oxfam on Derisking It is well worth a read. In case you are pressed for time – I have copied one paragraph below. Though banks should make individualized assessments of the risks their clients present, governments are primarilyContinue reading “Sorry, we are closing your account.”
LIME works with a number of MSBs. As the UK banks have adjusted their appetite for risk, they have made it impossible for many MSBs to continue trading in the regulated sector. Whether one believes that phenomenon is driven by law enforcement, regulators or the banks themselves, the closure of many legitimate businesses is badContinue reading “Derisking”
This article originally appeared in the National Pawnbroker Association magazine in September 2015. Derisking “Derisking” in the Money Service Business Sector. “What is it? What does it mean for my business?” If you are running a business in, or touching on, the MSB sector, then the chances are that you have heard the term derisking.Continue reading “Banks and the MSB Sector”
LIME Training and Consultancy are pleased to announce the launch of their new website by Creative Wisdom – a design agancy based in Hampshire.