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Tony Craddock, director general of the The Payments Association, says both businesses and consumers that want to make international payments are being starved of alternatives.
He says: “New entrants, often with more flexible services, better technology and competitive pricing, are struggling to compete because they cannot use a simple trading bank account.
“Citing ‘high risks’, banks are effectively hiding behind global anti-money laundering requirements to protect a high-margin business, which is being insulated from competition by the lack of a regulatory playing field.
“Ironically, these new entrants are better equipped to tackle financial crime because their technology and organisational structure can quickly combat new threats.”
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