The National Money Transmitters Association

The NMTA's Daily News Clippings


Wednesday, April 19, 2017

Top Stories

How "de-risking" is changing the face of AML compliance programs
[Opinion] - April 19, 2017 - Bobs Guide.Com - The last decade has brought with it sweeping changes to the financial industry that has made it increasingly difficult and costly for banks, money services businesses (MSBs) and other .

Also See:
[Registration Required] - Webinar

Apple Pay's surprising use case in remittances 
April 18, 2017 - Payments Source.Com - Bailey Reutzel - Apple Pay still struggles to displace cash and cards in the U.S., but its recent integration with Western Union shows the mobile wallet has some untapped ...
 
Top Stories - Proposed OCC Fintech Charter

April 18, 2017 - Jdsupra.Com - US Comptroller of the Currency Thomas Curry provided remarks describing actions the OCC has taken to meet the needs of all types of consumers, businesses and communities in the US. ...

Also See:
March 29, 2017 - OCC.Gov

Not Everyone Is Happy About Latest Fintech Charter Proposal
[Opinion] - April 18, 2017 - Corp Counsel.Com - Stephanie Forshee - Public comments are now available from companies, regulators, advocacy groups and individuals weighing in on the Office of the Comptroller of the Currency's ...

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Africa

Official says diaspora plays key role in Africa's economic transformation
[Africa] - April 18, 2017 - Pulse.Ng - Africa's diaspora is playing a big role in the economic transformation of the continent, the UN said on Tuesday. UN Population Fund Regional Director Dr Julitta Onabanjo told Xinhua ...

AML Compliance Trends

Focusing On What Matters: Preventing Money Laundering Should Be the ...
[Opinion - Cannabis] - April 18, 2017 - Jdsupra.Com - The focus of effective regulation of the cannabis industry should be on money laundering, which is a federal crime under the Money Laundering Control Act ...

Anti-Corruption

Kazakhstan's anti-corruption legislation may become model for post-Soviet ...
April 19, 2017 - Astana Times.Com - Zhanna Shayakhmetova - Transparency International, the leading civil society organisation fighting corruption worldwide, released its Corruption Perceptions Index (CPI) at the end of January ...

Anti-Corruption Fight Under APC Govt Has Become Comedy - PDP
[Nigeria] - April 19, 2017 - All Africa.Com - 'The Anti-corruption fight under the APC govt has become comedy. The EFCC now discovers funds in apartments and offices that have no owners' the Peoples Democratic ...

The NABU embarrasses Ukraine at top international grain conference says ...
April 19, 2017 - Globe News Wire.Com - Fedcominvest, a world-leading export business and the principal sponsor of AS Monaco FC, are appalled by the ongoing harassment of their staff by the controversial and ...

Also See:
[Opinion] - April 18, 2017 - CS Monitor.Com

European anti-corruption body, worried about law changes in Romania
April 19, 2017 - Romania-Insider.Com - The Council of Europe's anti-corruption body GRECO expressed concern over the use of emergency ordinances in Romania to amend laws instead of the normal parliamentary ...

C4: Amend MACC Act to probe 'unusual' wealth
[Malaysia] - April 19, 2017 - Free Malaysia Today.Com - The Centre to Combat Corruption and Cronyism (C4) wants the Malaysian Anti-Corruption Commission (MACC) Act amended to strengthen the commission's ...

Asset Forfeiture

It's time to end civil asset forfeiture
[Opinion] - April 19, 2017 - The Hill.Com - Michael Haugen - By any stretch of the imagination, it hasn't been a banner couple of weeks for federal agencies that engage in the little-known practice of civil asset forfeiture...

Banks

Banking regulatory index tracks expected dips in regulatory changes, ...
April 19, 2017 - Globe News Wire.Com - On the heels of a burdensome fourth quarter in 2016, America's financial institutions encountered fewer regulatory changes in Q1 2017 than any quarter in the nearly five year history of ...

Also See:
[Useful Website] - Info.Continuity.Net

Canada

Ottawa's secret deal with Manulife has consequences
April 18, 2017 - National Observer.Com - Carl Meyer - Ever since Canada's financial intelligence agency levied an unprecedented penalty against Manulife for violating money-laundering rules, critics have wondered why the bank's ...

Casinos, Gambling & Gaming

Indictment of 'Vegas Dave' illustrates how casinos use Social Security numbers
[Opinion] - April 19, 2017 - Las Vegas Sun.Com - Thomas Moore - Under the Bank Secrecy Act, casinos are considered financial institutions and must report transactions of $10,000 or more by filing a currency transaction ...

CFPB

Dodd-Frank Needs Reform: Start With The CFPB
[Opinion] - April 18, 2017 - Forbes.Com - James Setterlund - Under Dodd-Frank, the agency's architecture was intentionally established to shield the agency and its director, Richard Cordray, from public oversight ...

How a Prepaid Card Company Emerged as a 'Major Opponent' to CFPB
[Opinion] - April 18, 2017 - National Law Journal.Com - C. Ryan Barber - On an Oct. 25 earnings call, M. Troy Woods shared the "big news" about Netspend, a leading company in the market for reloadable prepaid cards...

As Congress Preps To Scrap Prepaid Card Protections, Lawsuit Seeks Release...
April 18, 2017 - Consumerist.Com - Ashlee Kieler - The Freedom Of Information Act lawsuit [PDF] filed today by advocacy group Allied Progress asks a federal court in D.C. to compel the Consumer Financial Protection Bureau to ...

Also See:
April 2017 - Consumer Media LLC.Files

Compliance - Other

SEC Approves New Rules Enabling Financial Advisors to Defend Vulnerable ...
April 18, 2017 - Jdsupra.Com - Financial exploitation of aging and mentally diminished investors by family members and third parties is on the rise. With America's senior population growing rapidly, this problem may only get worse ...

Events

Newsweek to host Regtech and Identity event at the Royal Institution in London
[Upcoming event to be held on June 13-14, 2017 - London] - April 18, 2017 - Ib Times.Co.Uk - Ian Allison - Newsweek and International Business Times are to host a Regtech and Identity event on 13 and 14 June 2017 at ...

Financial Inclusion

FinTech's Impact for Africa - Financial Inclusion through Innovation
[Overview - Past conference] - April 18, 2017 - Africa Outlook Mag.Com - Matthew Staff - Finnovation Africa: Uganda highlights how FinTech is transforming Africa for the better, facilitating payments, boosting financial inclusion ...

FinCEN

New Due Date for "FBAR" Filings - Report of Foreign Bank and Financial ...
April 18, 2017 - Jdsupra.Com - Federal law requires U.S. citizens and resident aliens to report world-wide income, including income from foreign trusts, bank and securities accounts. In addition to attaching Schedule B to ...

Fines, Crimes & Cases

Qualcomm Says It Made Efforts To Comply With FCPA
[Subscription Required] - April 18, 2017 - Law 360.Com - Vince Sullivan - Telecommunications giant Qualcomm Inc. told a Delaware state court judge Tuesday that its Foreign Corrupt Practices Act compliance program, while ...

Tanzanian Bank Asks DC Circ. To Pause FinCEN Enforcement
[Subscription Required] - April 18, 2017 - Law 360.Com - Jack Newsham - A Tanzanian bank whose access to the U.S. financial system is threatened by regulators asked the D.C. Circuit on Monday to prevent a punitive rule ...
India

India Paves The Way For Cross-Border Mergers
April 19, 2017 - Bloomberg Quint.Com - Ravi Mehta - The FATF's public statement does not identify jurisdictions if they have Anti-Money Laundering/Combating the Financing of Terrorism deficiencies or those that have ...

Israel

Your Taxes: Why the banks are cranky
[Opinion] - April 18, 2017 - Jpost.Com - Leon Harris - In July 2014, the United States started implementing FATCA (Foreign Account Tax Compliance Act) intergovernmental agreements. These require financial institutions ...

Mozambique

Mozambique loses millions of dollars through money laundering
[Opinion] - April 18, 2017 - Macau Hub.Com.Mo - The fraudulent use of the financial system to conceal or disguise illicit financial flows caused financial losses to the Mozambican state estimated at 1.887 billion meticais ...

North Korea

Regulators to pursue reform, de-regulations for foreign financial companies
April 19, 2017 - Korea Times.Co.Kr - Park Hyong-ki - Financial regulators here will pursue regulatory reform in line with rapidly changing global markets, the Financial Supervisory Service (FSS) said Wednesday. ...

St. Kitts and Nevis

Brantley Rejects Tax Haven Label
April 18, 2017 - Winn Fm.Com - Ken Richards - Efforts by one American state to officially label St Kitts and Nevis a foreign tax haven are being strongly objected to by the federation's Foreign Affairs Minister Mark Brantley...

State Matters

State regulators harmonize quarterly reporting for MSBs 
[Opinion - Subscription Required] - April 18, 2017 - American Banker.Com - Lalita Clozel - The Conference of State Bank Supervisors announced a raft of measures Tuesday designed to simplify multistate licensing and regulatory ...

United Kingdom

Reach, Risk and Record Sharing: Money Laundering Regulations 2017
[UK-EU] - April 18, 2017 - Lexology.Com - Public consultation on the proposed new draft Money Laundering Regulations 2017 ("MLR 2017") closed on 12 April 2017. The government must now move swiftly with any ...

Costs Of AML Compliance Keep Rising, UK Parliament Finds
[Subscription Required] - April 18, 2017 -  Paige Long - A U.K. Parliament report published Tuesday summing up how the U.K.'s anti-money laundering laws have developed over time concludes that the burdens of financial crime compliance ...

Protecting UK financial services post-Brexit a priority for FCA
April 19, 2017 - HITC.Com - The City regulator has pledged to ensure that financial firms remain strong in the face of Brexit in its annual list of priorities, which also includes protecting vulnerable customers from overly ...

UK: Implementation of UN Financial Sanctions Resolution under the Policing ...
April 18, 2017 - Jdsupra.Com - Ellie Rees - The Policing and Crime Act 2017 (the "2017 Act") has introduced measures to strengthen the effectiveness of the UK's financial sanctions regime. The delay in the implementation ...

FinTech and Financial Crime: An Opportunity Not to be Wasted
[Opinion] - April 19, 2017 - Rusi.Org - Florence Keen - Technology is transforming the financial services industry. So how should national regulators and intergovernmental organisations keep pace, set robust ...

Virtual Currencies

A New Tool Might Finally Make Banks Comfortable With Bitcoin
[Opinion] - April 19, 2017 - Coin Desk.Com - Aaron Stanley - Bitcoin intelligence provider Elliptic is rolling out a program with California-based Silvergate Bank to analyze and screen possible nefarious activity on the ...

How Blockchain Can Bring Financial Services to the Poor
[Opinion] - April 18, 2017 - Technology Review.Com - Elizabeth Woyke - Could blockchain, the technology underlying the digital currency Bitcoin, give them access to financial services? The Bill & Melinda Gates Foundation ...

Central Bankers Have Their Eyes on Blockchain
[Opinion] - April 18, 2017 - Technology Review.Com - Mike Orcutt - Bitcoin's emergence has been a wake-up call for the financial industry, where executives and regulators see digital currency and blockchain technology as an ...

Can Bitcoin Be the Foundation of a Fairer Financial System?
[Opinion] - April 18, 2017 - Technology Review.Com - Will Knight - Bitcoin might be synonymous with libertarians and crypto-geeks, but it could help make the financial system more stable and more accessible for some of ...

Zimbabwe

"Trust accounts linked to money-laundering activities"
[Ongoing] - April 18, 2017 - The Zimbabwe Daily.Com - Finance minister Patrick Chinamasa has disclosed that several trust accounts were being investigated by the Reserve Bank of Zimbabwe's (RBZ) financial intelligence ...

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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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