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 23, 2016

Banks shun CBN's directive on dollar remittances to bureau operators

Aug 23, 2016 - Guardian.Ng - Mathias Okwe & Chijioke Nelson - Three weeks after the Central Bank of Nigeria (CBN) ordered banks to sell Diaspora dollar remittances to Bureau De Change (BDC) operators, they have remained adamant. Read More . . .

Also See:
Banks defy CBN's order on dollar sales to BDCs
Aug 2016 - The Nation Online Ng.Net

Advisory issued on poor financial controls
Aug 22, 2016 - Royal Gazette.Com - Sarah Lagan - Attorney-General and Minister of Legal Affairs Trevor Moniz has issued an advisory about the risks arising from inadequate systems and controls to combat money laundering and terrorist . . . Read More . . .

FinCEN Expands Scope of "All Cash" GTOs
[Ongoing] - Aug 22, 2016 - jdsupra.com - Carolina Fornos, Mark R. Hellerer & Christine Scheuneman - Continuing its efforts to deter the use of real estate as a vehicle to launder proceeds of criminal activity, the FinCEN . . . Read More . . .

FFIEC Provides Banks with Guidance Following the SWIFT Hacks
Aug 22, 2016 - Lexology.Com - On June 7, 2016, the Federal Financial Institutions Examination Council (FFIEC) reminded banks of the cyber risks associated with interbank messaging and wholesale payment networks. FFIEC made its . . . Read More . . .

CCOs Reconsidering Their Profession
August 23, 2016 - Tiffany Robertson, Thomson Reuters blog - A recent survey shows that increased scrutiny from the U.S. Department of Justice and the Securities and Exchange Commission - both of whom have declared intent to hold individuals personally liable . . . Read More . . .

Panama Papers: New Investigations in Taiwanese Bank
Aug 23, 2016 - Finews.Asia - Taiwan's government will probe a bank that was fined for violating anti-money laundering laws by a U.S. regulator. Taiwan's Financial Supervisory Commission will investigate Mega International . . . Read More . . .

Panama Papers Hurt Latin America Corresponding Banking
[Opinion] - Aug 22, 2016 - Latin Vex.Com - The massive "Panama Papers" data leak earlier this year drew media attention and regulatory scrutiny for the ways elites around the world have hidden wealth from tax authorities. What has been . . . Read More . . .

Florida Court: Bitcoin Isn't "Money", and Selling It Isn't "Transmission"
Aug 22, 2016 - Pillsbury Law.Com - Florida statutes define "money transmitters" as entities that receive currency or monetary value for the purposes of transmitting the same by any means. The Court held that the direct sale of . . . Read More . . .

Fintech will force regulators to update
[Opinion] - Aug 23, 2016 - BD Live.Co.Za - Francisco Khoza & Derryn Visser - The provision of banking and financial services in SA is a highly regulated activity, but revolutionary financial technology (fintech) poses a significant challenge to . . . Read More . . .

How Bitcoin is Disrupting Southeast Asia's Remittance Industry
[Opinion] - Aug 23, 2016 - Inc-Asean.Com - Tanya Mariano - In 2012, Southeast Asia received almost $48 billion in remittances from migrant workers scattered throughout the globe, according to a 2013 report by the International . . . Read More . . .
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