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​Money transfer services need fintech, oversight to maintain bank links, FSB says

( March 16, 2018, 20:21 GMT | Official Statement) -- MLex Summary: Money transfer providers could use financial technology such as electronic identities to reduce risks of money laundering and give banks the confidence to work with them, the Financial Stability Board recommended. The FSB called on authorities to collect data needed to oversee the remittance sector, and urged the industry itself to draft standards, to maintain links with the global banking system. Technical standards for payments and the use of Legal Entity Identifiers also could help, the international regulatory body said.The following is the text of the statement. Click the attachment at bottom for the full reports and a cover note....

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