Remitly and TransferWise are benefiting from consumers' shift to digital payments and a turn toward banking services as global remittance volumes drop.
The agency has freed companies from reporting requirements and provided flexibility on exams to help them deal with COVID-19 fallout. It has also finished other regulatory relief efforts that were in the pipeline before the pandemic hit.
The agency's director said both steps will come as part of an ongoing review of agency rules and show "my commitment under the law to be effective and evidence based” in providing clarity to stakeholders.
The leader of a new Compliance and Payments Task Force dives into how it will address emerging issues of counterterrorism financing in the digital age.
The agency announced changes meant to reduce compliance costs and allow some institutions to provide estimates rather than disclose exact prices for international money transfers.
