The National Money Transmitters Association
A Rich Resource for Intelligence on the Money Transfer Industry

Some of today's interesting stories from the Daily News Clippings!

August 31,

Thanks to George Brown of Merle, Brown & Nakamura, P.C. for this article. 

(Do a Google search on the title for access to full article.) -Ed.

U.S. Defends Its Curbs on Money Laundering
Aug. 30, 2016, by Emily Glazer and  Aruna Viswanatha, WSJ -  Critics say rules cut off legitimate access to financial system; regulators say enforcement is flexible and focused on the most egregious cases. U.S. banking regulators sought Tuesday . . . concerning non-face-to-face. The new identity ... Read More...

Also See:
Agencies Issue Fact Sheet on AML, Sanctions Enforcement
Aug 30, 2016 - Banking Journal.ABA.Com - The Treasury Department and the federal banking agencies issued a fact sheet today to communicate expectations about anti-money laundering and sanctions enforcement. ...
Complementary Goals
August 30, 2016, Blog - Subtitle: Protecting the Financial System from Abuse and Expanding Access to the Financial System, by Nathan Sheets, Adam Szubin, and Amias Gerety

Joint Fact Sheet on Foreign Correspondent Banking
August 30, 2016

Also See:
Too Big To Fail Banks Have Paid $251 Billion
August 29, 2016, Forbes, Robert Lenzner . . . As the Cost of Regulatory Revenge

Caribbean banks hope IMF can solve de-risking-risk
Aug 30, 2016 - CNS Business.Com - The Caribbean Association of Banks (CAB) has welcomed recent remarks by Christine Lagarde, Managing Director of the International Monetary Fund (IMF), over the problem of correspondent banks ... concerning non-face-to-face. The new identity ... Read More...

HMRC consults on tougher action on black economy
Aug 30, 2016 - CCH Daily.Co.Uk - Pat Sweet - The first consultation looks at introducing legislation to extend HMRC's data gathering powers to obtain data from money service businesses (MSBs) on customers who use their services ... concerning non-face-to-face. The new identity ... Read More...

Also See:  
MSBs face new data reporting obligations in tax crackdown
Aug 30, 2016 - Out-Law.Com

FINTRAC Update: MSBs Are Vulnerable Under New Rules
Aug 29, 2016 - black swan - The most challenging regulatory obligation was the need for Money Service Businesses (MSBs) to verify identity, especially concerning non-face-to-face. The new identity ... Read More...

European Banking Authority issues its opinion on virtual currency ...
Aug 30, 2016 - Burges-Salmon.Com - The EU Commission published its proposal for amendments to the 4th Anti-Money Laundering Directive (4AMLD) on 5 July 2016. Whilst welcoming of the Commission's intended ... Read More...

Bitcoin Volume in Venezuela Surges; Response to Financial Instability
Aug 31, 2016 -  Live Bitcoin News.Com - Joseph Young -  The authorities of Venezuela have established a set of ambiguous regulatory frameworks that significantly reduced the circulation of foreign currencies in the local black ... Read More...

How bitcoin was brought down by its own potential-and the banks
Aug 30, 2016 - Qz.Com - Luke Ryan - The best that can be said about bitcoin right now is that it still exists. Split by internal divisions while its most useful aspects are harvested by the very financial behemoths it once ... Read More...


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