The National Money Transmitters Association

NMTA's Daily News Clippings
Friday, April 13, 2018

AML Compliance Trends

Prepaid Card Industry Opposed To Rewrite Of U.S. AML Laws
[Subscription Required] - April 13, 2018 - Gambling Compliance.Com - The chairman of the U.S. Senate Judiciary Committee is targeting gift and reloadable prepaid cards, some which are used to fund online gaming accounts or pay for stays ...

Anti-Corruption Around the World

How Industrialized West Enables Corruption in Developing World
[Opinion, Pakistan] - April 13, 2018 - Daily Times.Com.Pk - Riaz Haq - Some have called London the "Money Laundering Capital of the World" where corrupt leaders from developing nations use looted wealth from their people to buy expensive ...

Has Latin America's Crusade Against Corruption Gone Too Far?
[Opinion] - April 12, 2018 - NY Times.Com - Jorge G. Castañeda - Mexico City - After two years of trials and investigations, the Lava Jato, or Car Wash, scandal continues to wreak havoc on Brazil's politics. On April 4, Brazil's Supreme ...

FCPA/Anti-Corruption Developments: 2017 Year in Review & Q1 2018 Preview
April 12, 2018 - Lexology.Com - 2017 was a year of transition for US enforcement of the Foreign Corrupt Practices Act (FCPA) and saw a significant increase in global anti-corruption enforcement. As noted in our 2017 FCPA Mid-Year Review, ...

French ambassador sees 'serious issues' to resolve
April 13, 2018 - Kyiv Post.Com - Brian Bonner - The creation of an anti-corruption court is so fundamental to the country. Without it, it means the famous point of no return is not reached. We have to reach the point of no return.  ...

Antigua-Barbuda

US report challenged by Antigua-Barbuda government
April 12, 2018 - WIC News.Com - Seb Kelly - The government of Antigua and Barbuda has challenged the findings of the United States 2018 International Narcotics Control Strategy Report (INCSR). The document publicly labelled all ...

Asset Forfeiture

Three Years After New Mexico Banned Civil Forfeiture, Albuquerque Finally ...
April 12, 2018 - Reason.Com - C.J. Ciaramella - Albuquerque announced this week that it will end the program following a federal judge's recent decision to allow Harjo's lawsuit against the city to proceed. "Given changes in state law and ...

CFPB

Elizabeth Warren, Mick Mulvaney spar in Senate testimony over CFPB
April 12, 2018 - CBS News.Com - Massachusetts Democratic Sen. Elizabeth Warren grilled Office of Budget and Management Director Mick Mulvaney on Thursday over his numerous votes to abolish the Consumer Financial Protection ...

Also See:
April 12, 2018 - New Boston Post.Com - Evan Lips

Company Announcement

Tigo gets Global Mobile Money Certification
April 13, 2018 - Busi Week.Com - Tigo Tanzania's mobile financial services business, Tigo Pesa , has received the GSMA Mobile Money Certification, recognizing Tigo's ability to deliver safe, transparent, reliable and more resilient services ...

ComplianceAsia launches a specialist Anti-Money Laundering Compliance ...
April 13, 2018 - Business.Asiaone.Com - ComplianceAsia has partnered with Suzanne Callister in forming AML Services Limited to specifically assist with compliance with the new provisions of the Anti-Money Laundering(AML) Ordinance ...

DBS launches online remittance service for non-customers
April 12, 2018 - SBR.Com.Sg - Users can send money to Australia, Hong Kong, India, Indonesia, Malaysia, Philippines, the UK, and the US. DBS launched SmartSend, its online remittance service that allows non-DBS customers to make secure...

Cybersecurity

Telcos create global alliance to fight cyber crime
April 13, 2018 - Total Tele.Com - Chris Kelly - The newly formed alliance comprises 6,000 cyber security experts from four of the global telecoms sectors biggest companies. Singtel, Etisalat, SoftBank and Telefonica have signed a strategic ...

Financial Concerns Rise Over Cybersecurity
April 13, 2018 - Accounting Web.Com - Terry Sheridan - It's tough to underestimate the impact of inadequate cybersecurity measures in today's online environment. Anthem Health Insurance, Equifax, Home Depot and Yahoo are some of ...

Cybersecurity Will Become A War Between Machines
[Opinion] - April 13, 2018 - Forbes.Com - John Giordani - Cybersecurity will become a war between machines. Artificial intelligence changes the rules of computer science and automates tasks that were previously manual for both ...

Cyber Risks Deter Fintech-Bank Collaboration: Report
April 13, 2018 - CXO Today.Com - The general lack of cybersecurity safeguards in fintech companies has raised serious concerns around data protection and compliance, especially with the implementation of EU's...

High Tech and Government: A Culture Clash
[Opinion] - April 12, 2018 - Six years ago, while describing the inexorable march of progress, President Obama casually slandered one of his predecessors, Rutherford B. Hayes. In Obama's telling, Hayes was a hapless Luddite who ...

Santander Uses Ripple, Launches 1st Banking Blockchain Retail Payments App
April 12, 2018 - CCN.Com - Spanish banking giant Banco Santander has announced the launch of its international payments app for retail customers in four countries using xCurrent, Ripple's blockchain technology...

Ethiopia

Diaspora's Economic Involvement - a Boon to Domestic Efforts
[Opinion] - April 13, 2018 - All Africa.Com - Misael Lemma - In his inaugural speech Prime Minister Dr. Abiy Ahmed boldly vowed that all doors will remain open to embolden active participation of Ethiopian diaspora across different ...

Europe

Data capitalism: How compliance provides competitive advantage for fintechs
[Opinion] - April 12, 2018 - Bobs Guide.Com - Compliance with legislation is a basic condition for all businesses. However, few industries are as regulated as the financial sector. Since the financial crisis, the volume of regulations has grown ...

Events

NCUA to hold webinar on Bank Secrecy Act
[Upcoming Webinar, April 25, 2018] - April 11, 2018 - CU Journal.Com - Nathan DiCamillo - The National Credit Union Administration is holding a webinar about credit union compliance with due diligence requirements in the Bank Secrecy Act on ...

Fintech

Fintechs, CUSOs and the Credit Union Movement
April 13, 2018 - CU Times.Com - Ben Morales - Fintech CUSOs can keep credit unions technologically competitive while remaining true to their people helping people mission. Much has been written about the concern that fintech startups ...

UK: Fintech Sector Strategy Set Out By The UK Government
April 13, 2018 - Mondaq.Com - Luke Scanlon & Yvonne Dunn - New standards will be developed to help major banks and insurers to collaborate with fledgling financial technology (fintech) companies, the UK government has announced. ...

India

Overseas money transfer: RBI to monitor remittance under LRS
April 13, 2018 - IB Times.Co.In - Nithya Nair - Individuals who are sending money abroad to face tighter scrutiny starting Thursday (April 12). The Reserve Bank of India (RBI) has tightened its regulation norms of Liberalised Remittance ...

Diaspora across the globe: Overseas Indians in 208 countries
April 12, 2018 - Connected To India.Com - Tushaar Kuthiala - Showing the widespread nature of the Indian diaspora, the Ministry of External Affairs' (MEA) latest census showed that overseas Indians live in 208 countries around the world...

Kenya

Kenya's Central Bank gives mobile money interoperability thumbs up
April 13, 2018 - It Web Africa.Com - The Central Bank of Kenya (CBK) has welcomed the implementation of interoperability of mobile phone financial services in the country beginning Tuesday this week. Mobile money interoperability ...

OCC Fintech Charter

Comptroller Tells Community Bankers Position on Fintech Charter is ...
[Ongoing Story] - April 12, 2018 - Crowd Fund Insider.Com - JD Alois - The Independent Community Bankers of America (ICBA) "stormed" Washington, DC this past week as community bankers from across the country urged much needed ...

Philippines

Anti-money laundering system up for evaluation
April 13, 2018 - Manila Times.Net - Mayvelin U. Caraballo - The Philippines will undergo a fresh evaluation this year to test its compliance with international anti-money laundering and combating the financing of terrorism (AML/CFT) ...

AMLC to review country compliance
April 12, 2018 - The Standard.Com.Ph - Julito G. Rada - The Philippines will undergo the third round of mutual evaluations this year to gauge its compliance with international anti-money laundering and combating the financing of terrorism ...

Publications - Other

How machine learning may change the industry, transparent vs flexible ...
[Newsletter] - April 2018 - FXCintel - Pricing is the number one lever to grow your business and chances are you've got it wrong. Of the many topics we cover, pricing comes up again and again. We benchmark pricing, we predict pricing...

Saint Lucia

US State Dept Cites Saint Lucia As A Money Laundering Country
April 13, 2018 - The Voices Lu.Com - THE United States government has again flagged Saint Lucia as a "major money laundering country". Local and international criminal organizations exploit trading firms, including banks, to filter and wash ...

State Matters - California DBO
New Money Transmitter - DFS GSD Corp., Approved: 3/13/18
Switzerland

Switzerland: Banking Regulation 2018
[Overview] - April 13, 2018 - Mondaq.Com - Peter Hsu and Rashid Bahar - In the aftermath of the financial crisis of 2008/2009, Switzerland launched a massive overhaul of its financial regulations. These reforms followed several objectives.  ...

United Kingdom

FCA Business Plan demonstrates commitment to Brexit
April 13, 2018 - Global Banking And Finance.Com - The FCA has emphasised the impact of Brexit on it and the firms it regulates over the next 12 months. The regulator has budgeted £30m for Brexit preparations and detailed how it ...

AML robots: UK regulator highlights use of machines to combat money ...
April 13, 2018 - Kyc 360.Com - The Financial Conduct Authority is to forge ahead with an initiative exploring the use of machines in financial crime programmes, according to its 2018/19 business plan published this week. ...

Virtual Currencies Around the World

Bermuda Wants Crypto Regulation to Fuel 'Phenomenal' Business Growth
April 13, 2018 - Coin Desk.Com - Wolfie Zhao - The Bermuda Monetary Authority (BMA) is seeking public feedback on an anti-money laundering law that would regulate domestic cryptocurrency activity. In a newly released ...

Also See:
[Consultation Paper] - April 2018 - Royal Gazette.Com

Malta Attracts Cryptocurrency and Blockchain Businesses to its Island
April 13, 2018 - Use The Bitcoin.Com - Carlos Terenzi - Malta is one of the countries of the European Union, and has taken important measures in order to attract different blockchain and crypto-related businesses. Now, the Chinese ...

Clarity on the Status of Cryptocurrencies in Ireland
April 12, 2018 - Lexology.Com - For those seeking certainty on the current and future regulatory framework for virtual currencies in Ireland, two recent publications indicate a willingness on the part of the Government and ...

The Blockchain Community is Changing the World
April 12, 2018 - Crypto Currency News.Com - Dr. Josh Cotton - We have all heard about the radical innovation of blockchain technology where organizations from the U.S. Department of Defense, to IBM, to Walmart are all actively working ...

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Quote of the Day

"Those who improve with age embrace the power of personal growth and personal achievement and begin to replace youth with wisdom, innocence with understanding, and lack of purpose with self-actualization."

- Bo Bennett

Word of the Day

espouse: /es·pouse/ [Verb]
  • Adopt or support (a cause, belief, or way of life).
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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.

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