Increased pressure from regulators on international banks for information on transactions in the effort to combat financial crime and terrorism has been having adverse effects on small communities, such as the Pacific.
Chairman Robert Bell from KlickEx Pacific spoke at the Financial Action Task Force (FAFT) in Vienna, Austria in late March, attended by the UN and International Banks in an effort to solve the adverse effects.
"The problem with small communities is that if you are sending $200 it might be a cash transaction, there might be no invoice for it and it might be going to someone who doesn't have a bank account. Consequently under the new regulations, all those things look like crime," says Robert Bell, KlickEx Chairman.
"KlickEx has successfully overcome these issues in the Pacific and has been able to both meet the complex regulatory requirements and ensure that communities still benefit.
This conference was about sitting with the banks and coming up with a solution that protected the small financial institutions that are serving the small communities."