In all the developed-to-developing countries route. So all your Top 25–30 countries that receive remittances, also have very well established hawala/hundi routes. This is a natural by-product. It exists because invariably, there will be a grey channel demand. But they also exist for a reason most people tend to forget. Capital outflow restrictions in the […]
Before banks per se, there weren’t any large transfers. Wealth or value was transferred either through property title deeds or goods being bartered. There wasn’t much of a need to do transfers of money (in those days money was gold, silver, and other precious metals, plus prized commodities). Unless of course one was looting everything […]
Does a remittance service/app that help people to find hawaladars or others to exchange their money with, but does not take part in money transactions (exchange will be outside the service/app) need to be registered with the FCA or HMRC in the UK?
If you include a fee for registration and/or take a fee for enabling this transaction, then you would be required to register with the FCA / HMRC (IMHO) as you’ve just executed a function of an intermediary. There is a false sense that an intermediary has to have/channel the funds (i.e. touch the money) in […]