Global banks and money transfer companies have launched a London-based not-for-profit organisation to support the remittances sector and to ...

Global banks and money transfer companies have launched a London-based not-for-profit organisation to support the remittances sector and to help combat money laundering. The International Association of Money Transfer Networks aims to increase awareness of the problems and issues facing the sector, which accounts for £250 billion ($440 billion) a year in remittances. Banks account for about a half of the membership. Olga Maitland, association chief executive, said the group aims to help reduce transfer charges and make transfer services more transparent and locally accessible worldwide. She went on to say that recent regulation on money laundering has hindered the growth of the remittances market, and that the IAMTN will work with government agencies to reduce this regulation.