Bank de-risking problems like loss of bank accounts, no access to new banking services and downright denial of service for even old account holders have all led money services businesses to look for other ways.
For an MSB or Money Transmitter, a bank account is essential for them to continue providing money transfer services to their users. Due to the shrinking number of banks that are willing to work with money transmitter companies, many businesses have either changed their business models or are searching for alternatives.
According to Andrew Spindler, chief executive of the Financial Services Volunteer Corps (FSVC), this is a huge issue and instead of simply
Read more from his interview here: In Depth: Are Authorities Doing Enough To Fight De-Risking?