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A bank’s sudden decision to exit the money transmission business has left an independent retailer “devastated”.
For 15 years Ravi Raveendren ran a successful cash transfer company from his two local stores in West London allowing more than 500 members of the Sri Lankan community to send money home to family and loved ones.
Colombo Exchange Company was regulated by HM Revenue and Customs, and the Financial Services Authority’s payment services regulations and traded with an unblemished record.
But in February Mr Raveendran received a letter from the bank giving him 28 days’ notice it was closing all money transfer accounts and now he is campaigning to find a way to re-open.
“I am devastated. It has already forced me to close one of my shops,” he said. “It has brought havoc to my family life and will have a bad effect on the Sri Lankan community who must now find other ways to transferring money home,” he said.
Banks, including HSBC and Barclays have closed the money transmission accounts blaming fears of money laundering and funding for terrorists.
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