Tag: money transfer

Panton talks de-risking with US lawmakers

Panton talks de-risking with US lawmakers

| 22/11/2016 | 0 Comments

(CNS Business): Financial Service Minister Wayne Panton is continuing to talk with US lawmakers about how the move by American banks to drop money service business clients is impacting the Caribbean region and is seeking a way to address the problem. The banks’ efforts to comply with more stri [...]

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Cash remittance firm returns to CI$ transactions

Cash remittance firm returns to CI$ transactions

| 18/12/2015 | 3 Comments

(CNS Business): Following what were described as constructive discussions with the Cayman Islands Monetary Authority (CIMA) and Financial Services Minister Wayne Panton last week, JN Money Services is accepting local dollars once again. Leesa Kow, the company’s MD, said a new proposal has facil [...]

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Cash transfer firm blames local banks for business woes

Cash transfer firm blames local banks for business woes

| 09/12/2015 | 3 Comments

(CNS Business): The chair of a Cayman-based Jamaican cash transfer company has made it clear that he believes the banks are to blame for the problems his firm and its affiliates are facing, as he encouraged customers of those banks who also use remittance services to raise their concerns and eve [...]

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Money transfer business creeps back to Cayman

Money transfer business creeps back to Cayman

| 27/11/2015 | 1 Comment

(CNS): The return of Western Union money transfer services, which will once again offer local currency transfers, was made possible by the Cayman-based Scotiabank, which said it was willing to offer banking services to the firm’s partner, Grace Kennedy, a money transfer company it had worked w [...]

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Western Union reopens at Fosters

Western Union reopens at Fosters

| 24/11/2015 | 0 Comments

(CNS Business): The money transfer service firm Western Union has reopened for business at Foster’s Food Fair airport branch, the financial services minister has confirmed. Wayne Panton told CNS Business that as of 9am Tuesday morning, the service was back in business as a result of a new p [...]

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Offshore banks face challenges with local banking

Offshore banks face challenges with local banking

| 08/10/2015 | 3 Comments

(CNS Business): The problem of local retail banks no longer wanting to do business with money transfer firms as a result of perceived regulatory risks is also beginning to impact offshore, or Class B, banks registered in the Cayman Islands, the premier has revealed. Following widely reported conc [...]

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Cash transfer firms stay open using US currency

Cash transfer firms stay open using US currency

| 25/08/2015 | 1 Comment

(CNS): Three of Cayman’s money transfer businesses have entered into new arrangements that will deal with US currency transactions only, which will enable them to continue providing cash remittance services after a number of local banks pulled out of partnerships with them. Increased concerns o [...]

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Money transfer businesses seek new partners

Money transfer businesses seek new partners

| 06/08/2015 | 0 Comments

(CNS Business): Almost three weeks after money transfer service Western Union was forced to close all eight locations in the Cayman Islands, company officials told CNS Business they are working diligently to restore all services as soon as possible. The leader in global payment services would not [...]

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Cash transfer services hang in balance

Cash transfer services hang in balance

| 28/07/2015 | 0 Comments

(CNS Business): The future of money transfer businesses in the Cayman Islands is up for debate. Government leaders said when it comes to these types of services, in some instances the risks out weigh the rewards. US correspondent banks have pulled out of the “bulk cash business” and Cayman Na [...]

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