The National Money Transmitters Association
 
The NMTA's Daily News Clippings

Tuesday, October 17, 2017

Top Stories

Asset Forfeiture

Leaked Handbook Reveals How ICE Uses Civil Forfeiture To Seize Millions
Oct 16, 2017 - Forbes.Com - Nick Sibilla - In a bombshell report, The Intercept on Friday published excerpts from the U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) "Asset Forfeiture Handbook ...

Also See: 
Oct 13, 2017 - The Intercept.Com - Ryan Devereaux & Spencer Woodman

NMTA Member - Company News

BBVA Launches Tuyyo -- A Global Mobile Money Transfer Service 
Oct 16, 2017 - Pr News Wire.Com - Sending money to friends and family in Mexico just got faster, more convenient, and a lot more personal. A new online app-based service called Tuyyo, launching today and powered by BBVA, will upend ...

-----------------------------
 
AML Compliance Trends

New GTO covers Wire Transfers
[Overview Of Past Story] - Oct 16, 2017 - Jd Supra.Com - Stanley Foodman -  Previous GTO's issued by FinCEN included cashier's checks, certified checks, traveler checks, personal checks, business checks or money orders; as reportable methods ...

New technology brings opportunities, and headaches, for CCOS
[Opinion, Free Registration Required] - Oct 17, 2017 - Complianceweek.com - Joe Mont - But not everybody fully understands these technologies, so how is a non-techie compliance officer going to embrace technology in a way that actually makes their job more effective...

Anti-Corruption

Absolution under the FCPA: Keys to getting a declination
[Opinion, Asia] - Oct 17, 2017 - Vantage Asia.Com - Kunal Gupta - Under the FCPA, in certain cases where an investigation does not necessitate a trial, the enforcement agencies may decide to resolve the matter through a negotiated ...

An Independent Anti-Corruption Body Is Needed: HOOAC
[Opinion, Afghanistan] - Oct 16, 2017 - Tolo News.Com - Following the announcement of the National Anti-Corruption Strategy, the High Office of Oversight and Anti-Corruption (HOOAC) said an independent department should be established ...

South Africa needs a better anti-corruption system, bishops say
[Opinion, SA] - Oct 16, 2017 - Catholic News Agency.Com - South Africa's Conference of Catholic Bishops has pushed for the development of an anti-corruption court, citing the damage to the country's morale after a long standing corruption ...

President Buhari and the anti-corruption war
[Opinion, Nigeria] - Oct 17, 2017 - Vanguard Ngr.Com - Obadiah Mailafia - CORRUPTION is a major challenge for our country as it is for many parts of the world. It thrives best where controls are lax; in an eco-system in which institutional state ...

Also See:
[Opinion] - Oct 17, 2017 - 360 Nobs.Com - Datboy Jerry

Canada strengthens anti-corruption laws with Magnitsky Law
Oct 16, 2017 - National Magazine.CA - Noah Arshinoff -  Though not first out of the gate, Canada is about to implement a law that would sanction human-rights abusers, modeled on Magnitsky-style legislation adopted in the U.S. and Britain ...

Australia

AUSTRAC annual report 2016-17
[Report] - Oct 16, 2017 - The past 12 months have been a period of significant change and delivery for AUSTRAC. We have harnessed the collective knowledge and experience of industry and government to deliver new insights into risks ...

Bahamas

IMF's 'Well-Managed' Financial Contraction Findings Premature
Oct 16, 2017 - Tribune 242.Com - Neil Hartnell - The Lennox Paton attorney and partner said both still had "a long way to go", pointing out that the Bahamas had yet to see the impact from implementing the Common Reporting Standard (CRS) ...

Barbados

Barbados to revoke international business licences over allegations of money...
Oct 16, 2017 - Caribbean News Now.Com - Julie Carrington - Barbados minister of industry and international business, Donville Inniss has revealed that his ministry is in the process of revoking the licences of four international business companies ...

Canada

Audit: BC casinos allow Chinese VIPs to 'refine' dirty money
Oct 16, 2017 - Calvin Ayre.Com - Steven Stradbrooke - Last month, BC's attorney general released a 2016 report that was buried by the province's former Liberal government suggesting rampant money laundering at BC casinos, particularly ...

CFPB

U.S. consumer watchdog's enforcement chief to step down: WSJ
Oct 17, 2017 - Uk.Reuters.Com - The U.S. Consumer Financial Protection Bureau's enforcement chief, Anthony Alexis, plans to leave the agency, the Wall Street Journal reported on Monday, a move that could slow the regulator's ...

Richard Cordray: Poster Child For Bureaucrats Behaving Badly
[Opinion] - Oct 10, 2017 - Daily Caller.Com - Leslie Rutledge - Americans disagree on how much government is too much. That is not surprising; we live in a diverse country. But, a common thread - that links us all - is fairness. We expect it ...

Also See:
[Opinion] - Oct 16, 2017 - Oann.Com

More Details On Finance Industry's CFPB Arbitration Rule Lawsuit
[Overview] - Oct 16, 2017 - Nat Law Review.Com - The rule is the product of  "the unconstitutional structure that Congress gave the CFPB" in the Dodd-Frank Act, which gives the Director "an extraordinary degree of authority that is ...

Company Announcements

PayPal rolls out Venmo payments to its U.S. retailers
Oct 17, 2017 - Reuters.Com - Anna Irrera - PayPal Holdings Inc said more than two million U.S. retailers will be able to accept payments through its mobile app Venmo starting this week, seeking to broaden its reach with a brand that has ...

Abaxx and ACFCS join forces to further financial crime prevention education
Oct 16, 2017 - Markets.Business Insider.Com - Abaxx Associates, LLC today announced its membership with the Association of Certified Financial Crime Specialists (ACFCS), and sponsorship of the 2017 Financial Crime Conference...

TransferWise launches its Borderless account in Australia
Oct 17, 2017 - Finder.Com.Au - Alison Banney - TransferWise has today officially launched its Borderless account in Australia, which is initially being offered to businesses, sole traders and freelancers. TransferWise is already a market ...

Fintech Startups Partner With the Gates Foundation to Reach Billions of ...
Oct 16, 2017 - Inc.Com - Zoë Henry - As mobile banking systems become increasingly popular, some fintech startups have partnered with the Bill and Melinda Gates Foundation to reach the underbanked in developing nations...

Coinfirm Provides First Ethereum and ICO Anti-Money Laundering Analysis ...
[Press Release] - Oct 17, 2017 - PR Web.Com - Coinfirm, a leading blockchain regtech company, announced today the world's first known Ethereum AML/CTF analysis capability, a breakthrough that solves a major headache ...

Swift adopts Wolfsberg DDQ for KYC Reigstry
Oct 16, 2017 - Finextra.Com - SWIFT is aligning its Know Your Customer (KYC) Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for Correspondent Banks.  First issued in 2004, the Wolfsberg DDQ has been updated in response to an ...

J.P. Morgan Deploys Blockchain with New Correspondent Banking Network
[Press Release] - Oct 16, 2017 - Business Wire.Com - J.P. Morgan (NYSE:JPM) with two global partners, Royal Bank of Canada and Australia and New Zealand Banking Group Limited, announced the launch of the Interbank Information ...

Senegal: Worldremit Partners With Wari To Offer Instant Money Transfers...
Oct 16, 2017 - All Africa.Com - Senegal's Wari Group and leading digital money transfer company WorldRemit have joined forces to launch instant money transfers to Senegal. The new service will let WorldRemit customers in over 50 ...

Apple mulls introducing e-payment services in India
[Subscription Required] - Oct 16, 2017 - Asia.Nikkei.Com - Apple's plan to introduce its Apple Pay services in India is set to heat up the race to dominate the nation's booming mobile payments market that has already lured Google, Amazon and Facebook's ...

Vodafone closes its money transfer service in Romania
Oct 16, 2017 - Romania-Insider.Com -  Vodafone Romania, the second-biggest mobile carrier on the local market, will close its money transfer and mobile payment service M-Pesa starting December 1, 2017, reports local ...

Compliance - Other

Transatlantic Policy Working Group Releases Future of RegTech Report
Oct 16, 2017 - Lexology.Com - The Transatlantic Policy Working Group ("TPWG"), an organization set up by Innovate Finance and some of its partners and which is dedicated to Fintech policy discussion between the United States and ...

Also See:
[Report] - June 23, 2017 - New.Innovate Finance.Com

Democrats Say Trump Bank Regulator May Be Holding Job Illegally
[Opinion] - Oct 16, 2017 - Bloomberg.Com - Robert Schmidt & Jesse Hamilton - Six Democratic senators want the Treasury Department's independent watchdog to investigate whether the acting head of one of Wall Street's key regulators is illegally ...

Cybersecurity

House financial services approves measure to prevent cyberattacks
[Ongoing Story] - Oct 16, 2017 - Financial Reg News.Com - Dave Kovaleski - Legislation that directs the Securities and Exchange Commission (SEC) to accelerate cybersecurity risk controls to prevent future hacker attacks was advanced by the ...

Also See:
[Bill] - Oct 12, 2017 - Congress.Gov

The Equifax aftermath: Cyber security must be a C-Suite priority
[Opinion] - Oct 17, 2017 - It Pro Portal.Com - Dan Panesar - Digital technology has fundamentally changed business practice over the past decade. Cloud based applications dominate, workers routinely access corporate information...

Banks brace for real-time payments cyber attacks
[Opinion, Australia] - Oct 17, 2017 - Afr.Com - James Eyers - The nation's largest banks are preparing to defend their customers from co-ordinated cyber attacks targeting account log-in credentials when the Reserve Bank-backed real-time ...

Events

How AI, Automation, and Regtech are Impacting Compliance Careers
[Upcoming Webinar, Oct 19, 2017] - Oct 2017 - ACFCS.Org - Artificial intelligence, automation and the rise of fintech and regtech will affect how financial crime compliance professionals are doing their jobs currently and what is likely to change ...

16th Annual Compliance and Ethics Institute
[Opinion, Past Event , Oct 15-18, 2017 - Las Vegas] - Oct 2017 - Compliance Ethics Institute.Org - I am writing this today from the Society of Corporate Compliance and Ethics (SCCE) 2017 Compliance and Ethics Institute (CEI). This is the ...

FCPA and OECD Anti-Bribery Convention Conference
[Upcoming Conference, Nov 9, 2017 - New York] - Oct 16, 2017 - Corporate Crime Reporter.Com - Top officials from the Department of Justice and the Securities and Exchange Commission will address the impact of the Foreign Corrupt Practices ...

Million-Dollar Ideas - Gabelli Digital Evolution in Financial Services Conference
[Upcoming Conference, Nov 17, 2017 - New York City] -  Oct 2017 - Business Wire.Com - Gabelli & Company is pleased to announce its preliminary line-up for the inaugural Financial Services Conference, which will center on several key ...

FATCA

This Law Makes It Harder to Live Overseas as an American. Congress Can ...
[Opinion] - Oct 16, 2017 - Heritage.Org - If you're an American living overseas, Uncle Sam is making life hard for you-and he's probably giving your bank a headache, too. Some Americans have even resorted to renouncing their ...

6,400 expat American signatures sought on petition to end citizenship-based...
Oct 16, 2017 - International Investment.Net - Helen Burggraf - As US lawmakers consider the relative merits of a package of proposed changes to the American tax code, a global network of expat Americans is calling on their fellow ...

Between white collar crime and business efficacy
[Opinion, Nigeria] - Oct 17, 2017 - Punch Ng.Com - In substance, "white collar crime" is somewhat of a catch-all phrase. Its parameters extend to: fraud, misrepresentation, customs, computer/wire fraud, securities, commodities, intellectual ...

Financial Inclusion

Narrowing the mobile gender divide will bolster emerging economies  
[Opinion, Africa and Latin America] - Oct 17, 2017 - It News Africa.Com - Being part of a provider of cable and mobile services in Africa and Latin America, we have learned that accelerating digital inclusion and closing the gender gap in ...

Fines, Crimes & Cases

The Halliburton FCPA Enforcement Action - Lessons for Chief Compliance ...
[Cases Overview] - Oct 16, 2017 - Jd Supra.Com - Thomas Fox - In late July announcement, there was an announcement by the Securities and Exchange Commission (SEC) of the resolution of its outstanding Foreign Corrupt Practices Act ...

NY's Silver Asks Justices To Decide Money Laundering Split
[Subscription Required] - Oct 16, 2017 - Law 360.Com - Former New York Assembly Speaker Sheldon Silver has asked the U.S. Supreme Court to resolve a circuit split on the legal standard to prove money laundering charges as he faces a ...

Hong Kong

Why Hong Kong is a preferred spot for North Korea's money launderers
[Opinion] - Oct 17, 2017 - Edition.CNN.Com - Joshua Berlinger - The United Nations Panel of Experts on North Korea -- the body charged with monitoring sanctions enforcement on the hermit nation -- said in two recent reports that Unaforte ...

India

Anti-Money Laundering Laws in India
[Opinion] - Oct 17, 2017 - Blog.Ip Leaders.In - Anubhav Pandey - The term "money laundering" is generally attributed to the collective of procedures involved in legitimising assets amassed by means which may not be have been legitimate. Described ...

Kenya

Diaspora inflows hit highest level in thirteen years
Oct 16, 2017 - ASOKO Insight.Com - Brian Ngugi - Dollar inflows from Kenyans in the diaspora have hit a 13-year high, which analysts attributed to the recovery of Developed World economies, raising average incomes of workers...

Mozambique

Mozambican Labour Migrations, Remittances and Development: Evidence...
[Paper] - Oct 2017 - Springer.com - One of the most tangible links between migration and development is through the impact of remittances. In this respect, there are numerous debates in the literature about the relationship between ..

North Korea

North Korea: EU adopts new sanctions
Oct 16, 2017 - Consilium.Europa.Eu - With a view to eliminating remittances to the DPRK, member states agreed not to renew work authorisations for DPRK nationals present on their territory, except for refugees and other persons ...

Also See:
Oct 16, 2017 - NK News.Org - Hamish Macdonald

United Kingdom

Regtech to the rescue
[Opinion] - Oct 17, 2017 - banking tech.com - Regulatory technology (regtech) is often cited as the answer to the rising cost of compliance, risk and reporting duties at banks. Will it help financial institutions escape IT silos and enhance control over data...

The Brexitensional Dilema: Where Is the UK Headed?
[Opinion] - Oct 16, 2017 - The Market Mogul.Com - John Theodore - As Britain falters through its 'Brexitensional' dilemma, precious little effort has been conducted in the British populist press to gauge the EU 27's reaction to the political domestic ...

Virtual Currencies

Barclays' former CEO is long bitcoin and says big banks need to start over
[Opinion] - Oct 16, 2017 - Qz.Com - John Detrixhe - Antony Jenkins knows a lot about the big banks that run global finance. During more than 30 years in the industry, he was a credit card executive at Citigroup before becoming CEO of Barclays ...

AML and KYC in Cryptocurrencies for Finance
[Opinion] - Oct 17, 2017 - All Coins News.Com Matthew Warner - A cryptocurrency focussed on Anti-Money Laundering and Know Your Customer compliance is ready to begin trials in banks to bring the benefits of a blockchain-based currency ...

Blockchain Changes Banking for the Unbanked
[Opinion] - Oct 16, 2017 - Bitcoinist.Com - MicroMoney COO and co-founder Sai Hnin Aung offers his thoughts on how blockchain technology can level the financial playing field for the 2.5 billion unbanked people in the world...

Future of Crypto Currencies - Success or Failure?
[Opinion] - Oct 16, 2017 - Silicon India.Com -  The crypto markets are based on blockchain technology which is revolutionary in nature, and it solves some key economic and transactional problems, as well as data security problems ...

"Governments will crush bitcoin"
[Opinion] - Oct 16, 2017 - Macro Business.Com.Au - Governments around the world will "crush" bitcoin before long, according to two of the most powerful men on Wall Street, who argue that the only real value in the fast-rising virtual currency ...

Russian Businesses Urge Government to Approve Only Domestic ...
Oct 17, 2017 - News.Bitcoin.Com - Kevin Helms - One of Russia's leading public associations of entrepreneurs has sent a proposal to their government asking them to approve only domestic cryptocurrencies in their upcoming cryptocurrency ...

BlackRock CEO Larry Fink calls bitcoin an 'index of money laundering'
[Opinion] - Oct 16, 2017 - Compliance X.Com - "Bitcoin just shows you how much demand for money laundering there is in the world," Fink, the head of the largest asset management firm in the world, said at an Institute of International Finance meeting ...

-----------------------------

Quote of the Day

"Teach self-denial and make its practice pleasure, and you can create for the world a destiny more sublime that ever issued from the brain of the wildest dreamer."

- Sir Walter Scott

Word of the Day

Abnegation: /ab·ne·ga·tion/
  1. The action of renouncing or rejecting something.
  2. The act of refusing to comply (as with a request)
-----------------------------

Editorial Note

We try to mark those stories that stray from factual reporting into the expression of opinions. Opinions expressed, including mine, are those of the respective authors and do not necessarily reflect those of the NMTA or its members.

Bounced Emails

The bounce problem is unpredictable. If one day you do not receive the DNC, it may have bounced. Try white-listing all emails from the domain "@nmta.us," or SIGN UP again, using an alternate email address.

Did you know?

The DNC is opened in over 500 mailboxes, every business day, but it does cost money to produce. If you find the DNC useful, please support the work. Click HERE to make a Sustaining ($145), or Supporting ($45) donation, and thank you!