The increasing number of regulations that shapes the financial institution mean that a modern firm will find it difficult to meet the needs of today’s customer; regulators can be seen as the negative impact on the remittances transfer among different countries. Brexit is, no doubt, going to bring many changes to the legislation systems which can impact the lives of people who work in different EU states, leaving their homes behind. The changing regulations can change the trends of less costly, secure and fast ways of money transfers between EU and UK.
How Regulations Can Impact Remittances in UK after Brexit?
One can also speculate that money transfer companies which are operating in EU states will have to apply for new licenses if Brexit is really implemented. It is not the only a threat to such financial institutions, but the UK will also thrive on skilled migrant workers. It is also possible that remittance companies hesitate to continue operating their business because of possible high costs.
One of the greatest threats to the future of remittance is de-risking which means the practice of withdrawing relationships with individuals that are considered to be at high-risk. The effect of de-risking is implemented in order to counter the problems caused by money laundering and illicit terrorist funding.
Do you know that you can send money to india, Pakistan, Bangladesh & many countries using ACE Money Transfer?