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

Today's Daily News Clippings!

Friday - June 23, 2017 - Full Edition

Compliance Officer Bends to Broken Corporate Culture
[Opinion] - June 22, 2017 - Compliance And Ethics.Org - Steve Treagus - "Compliance professionals occupy unique positions of trust in our financial system," wrote Jamal El-Hindi, Acting Director of the US Department of the Treasury's ... Read More . . .

Also See:
Key D&O Insurance Considerations for Companies and Compliance Officers in Light of the U.S. Government's Settlement with MoneyGram's Chief Compliance Officer
June 21, 2017 by SCCE

Banks 'de-risking': a threat to national security?
[Opinion, Australia] - June 23, 2017 - Aspi Strategist.Org.Au - Susan Mason - De-risking practices initiated by Australia's financial institutions are inadvertently threatening our national security because they perpetuate high risk ... Read More . . .

New U.S. bill would revamp AML laws with 'wish list' of transparency ...
June 15, 2017 - ACFCS.Org - Brian Monroe -  A new bill currently working its way through Congress would modernize and strengthen U.S. money laundering laws, bolster corporate transparency by criminalizing concealment of ... Read More . . .

Relationship Between Regulation and Economic Growth
[Opinion, Banks] - June 22, 2017 - Federal Reserve.Gov - Governor Jerome H. Powell - There is little doubt that the U.S. financial system is stronger today than it was a decade ago. As I will discuss, loss-absorbing capacity among banks is ... Read More . . .

Coin Center: US Senate's Digital Currency Bill Is 'Counterproductive'
[Ongoing Opinion] - June 23, 2017 - Coin Desk.Com - Stan Higgins - An anti-money laundering bill before the US Senate and focused in part on digital currencies "could upset years of policy and compliance work", according to Washington ... Read More . . .

IMF's Lagarde Touts Distributed Ledger as Defense Against Terror
[Ongoing Story, Opinion] - June 22, 2017 - Coin Desk.Com - Christine Lagarde, Managing Director Of IMF - Fintech is a double-edged sword. It can be used to promote and fund terrorism, including through the anonymity of virtual currencies. ... Read More . . .

Also See:
Corruption, Tax Evasion Main Challenges to World Economy
[Opinion - Christine Lagarde, Managing Director of IMF] - June 2017 - Laht.Com

Illinois Finalizes Digital Currency Regulatory Guidance
June 21, 2017 - Buckley Sandler.Com - On June 13, the Illinois Department of Financial and Professional Regulation (IDFPR) issued final guidance on the regulatory treatment of digital currencies with an emphasis on decentralized ... Read More . . .

Also See:
Digital Currency Regulatory Guidance
[Final Guidance - Illinois] - IDFPR.Com


Advanced, One-On-One NMTA Compliance Training


Calibrate Your BSA/AML Knowledge

These questions were originally developed for the One-On-One Training, but it occurred to me, if one knows the answers already, why sit through the training?
So, if you would like to sit for the test, just become an Individual NMTA Member [annual dues: $295]. NMTA Corporate Members may sit for the test at no additional charge.
You will receive all the answers in writing, to study in advance, and I will give you one hour of one-on-one test preparation over Skype, included. The tests contain the questions I think every compliance professional should know the answers to.
The test will be given orally, over Skype. Afterwards, I will also ask you to look up certain reference documents on the web, under observation. If you pass, you will receive an Achievement Certificate.
If you think you would like some tutoring before taking the test, please check out the One-On-One NMTA Training, and call me with any questions you may have.

Now here is that pop quiz for all you BSA/AML geeks:
   BSA/AML Literacy Test
These are the core questions. For extra credit, have a look at these:
   Additional Questions


Agent 3-In-1 Supervision Package

NMTA White Paper Released 12/15/2015
"How to Bank MSBs and Payments Companies"
   En Español:
   Recomendaciones Para Bancarizar MSBs

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