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IAMTN, supported by MAMSB and FERG, condemns the use of bKash to facilitate illegal money remittances to Bangladesh

International Association of Money Transfer Networks (IAMTN), supported by the Malaysian Association of Money Service Business (MAMSB) in Malaysia and the Foreign Exchange and Remittance Group (FERG) in Dubai, condemns the use of bKash to facilitate illegal money remittances to Bangladesh


United Kingdom – WEBWIRE

We urge the Central Bank of Bangladesh to take positive steps to curb the use of bKash to facilitate these illegal remittances.

There has been a considerable surge in unofficial remittances being sent to Bangladesh using bKash. bKash, a joint venture with BRAC Bank in Bangladesh, is a provider of mobile financial services to the underserved remote population of Bangladesh.

The transfers in the United Arab Emirates (UAE) and Malaysia are being conducted through SIM cards from Bangladesh by individuals or businesses not licensed to undertake remittances in either jurisdictions. Sending money through unofficial channels can lead to exploitation, fraud and security risks.

On the 21st January 2017, a crackdown across Dubai unearthed an illegal money transfer racket run by 25 shops. All 25 shops, which were involved in the illegal activity, were not authorised to offer remittance services. This enforcement action was led by the Department of Economic Development (DED).

IAMTN along with FERG and MAMSB strongly condemns the use of illegal channels to remit money to Bangladesh and we urge the Central Bank of Bangladesh to take positive steps to curb the use of bKash to facilitate these illegal remittances.

 

About the International Association of Money Transfer Networks (IAMTN)

The International Association of Money Transfer Networks is the only global international trade organisation that represents Money Transfer Industry/Payment Institutions providing cross border payments. Founded in 2005, provides a platform for industry partners to come together to discuss common challenges, industry initiatives, and create opportunities. IAMTN works closely with governments, regulators, regional associations and all other stakeholders to champion the creation of the most effective, safe, reliable and efficient payment system.

 

About the Malaysian Association of Money Services Business (MAMSB)

The Malaysian Association of Money Services Business or MAMSB was formed on 22 August 2013 and officially launched on 9 January 2014. It is the national association for money service business (MSB) companies in Malaysia which have been granted licences under Money Services Business Act (MSBA) as well as those enterprises that have been approved as MSB agents to principal licensees under the MSBA.  The members of MAMSB engage in three main types of money services businesses namely money-changing business, remittance business and wholesale currency business which supports the retail money-changing business.

Today, MAMSB has 354 members (licensees under the Money Services Business Act 2011 and 129 associate members (money services business agents) with over 2,500 customer touchpoints across Malaysia.  The MSB industry in Malaysia employs approximately 10,000 people and has an industry total turnover of RM100billion. MAMSB’s vision is to be a respectable driving force to modernise and enhance professionalism of MSB industry while championing the interest of Members.

 

About Foreign Exchange and Remittance Group (FERG)

Foreign Exchange and Remittance Group [FERG] is a non-profit organization formed based on the initiative of the Central Bank of UAE. The FERG comprises of companies engaged in the business of money exchange and remittances from large sized companies with over 100 branches, to single branch outlets to come on a common platform and work towards mutual benefit.

 


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 remittances
 money transfer
 Bangladesh
 regulation
 exchange houses


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