Welcome to episode 13 of Sending Money, EFTs and the Development of Compliance, Part 1 where I will discuss how compliance was developed in the Money Transfer Industry, how it changed client relationships, and how compliance in the payments industry as a whole came about. Risk management, a term used only after 9-11, implied facing the fact that money laundering had become an increasing problem. It was disconcerting for most team members in paying countries and employees of MTOs to learn to distrust some clients, hear their stories skeptically, and gauge their intentions. On the payment side of remittances, "Know Your Client" (KYC) was already part of remittance management from the beginning, not for compliance reasons, but to clearly identify the remittance beneficiary and ensure correct payment. Over time, the regulatory landscape evolved, requiring more comprehensive compliance measures. In this episode, we also delve into the early years of compliance challenges, including anecdotes from Hugo's experiences that illustrate the gradual process of developing robust compliance systems in the face of evolving market pressures and regulatory demands. Join us in episode 14 as we continue exploring the development of compliance in cross-border payments and share more insights and anecdotes.