More red tape for cross-border payments in 2015
Amid a host of anti-money laundering regulations, lenders are tightening the screws on cross-border payments. Treasurers in Hong Kong, for example, are being requested to supply detailed information on beneficiaries before payments are processed.
The bite of anti-money laundering (AML) regulation is finally making an impression as financial institutions clamp down on their compliance procedures for overseas payments for the new year.
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