This included the recognition of the global importance of remittances, the need for criminal and sanctions risks associated with the alternative remittance sector to be mitigated, the complexity of the drivers of account closures, (86) and that
remitter account closures may add to the risk of more money moving through less regulated or unregulated channels.
Any attempt to divert the flow of remittances from unofficial to official channels requires an analysis of each of the above three segments of the remittance market to determine why
remitters prefer one channel to the other.
In all, 42 subjects (40%) had remission at 12 weeks and were categorised as early
remitters, 41 (39%) who did not remit at 12 weeks but achieved remission at 24 weeks were categorised as late
remitters, and 22 (21%) who had not achieved remission at 24 weeks were classified as non-
remitters.
Tom Granger, assistant vice president and director of Qualified Retirement Plans at Security Benefit, says common
remitter solutions are not new -- they were designed by TPAs and have been used for years.
Pramod Manghat, the Vice President, Global Operations, UAE Exchange added "Remittance has evolved quite a bit from the earlier days when the
remitter had to wait for days together to be convinced that the designated account has been credited, which involved many ISD calls too.
To enable a system to send SMS to the
remitter and the beneficiary, after crediting the remittance amount in the beneficiary account or in the system for the cash payment at the counter.
But it is a beginning--immigrant customers have opened up a dialogue with a company that will in all likelihood soon become a member of the largest money
remitter, First Data.
Other concern regional money
remitter activity (involving companies that send money overseas for a commission) and suspicious transactions in which funds are wired to or through a U.
After Indians, expatriates from Pakistan emerged as the second top
remitter in the UAE.
It has, over the years, emerged as the undisputed leader and the most preferred money
remitter for expatriates in Kuwait.
UAE Exchange, which carries the name of the UAE, is the single largest inward
remitter responsible for ten percent of India's inward remittances.
