The National Money Transmitters Association

The NMTA's Daily News Clippings


Thursday, April 20, 2017

Top Stories

 
[Australia] - April 2017 - Media Release - The Australian Remittance and Currency Providers Association (ARCPA) Certification program is "a step in the right direction" says Mr. Paul Jevtovic APM, CEO of AUSTRAC . . . 
 
Bravo, to the ARCPA! -Ed.

The OCC Speaks: How FinTech Applications Will Be Reviewed
April 6, 2017 - Vedder Price.Com - The Office of the Comptroller of the Currency (the "OCC") published for comment a draft supplement to the OCC's existing Comptroller's Licensing Manual providing detail on how the ...
 
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AML Compliance Trends

How machine learning could prevent money laundering
[Opinion] - April 20, 2017 - Cloud Computing-News.Net - Rick Delgado - Most current AML systems are founded on an extensive list of rules. Banks and institutions are required to comply with the Bank Secrecy act and implement ...

Fighting Financial Crime: The Power of Industry Collaboration
[Opinion - Europe] - April 20, 2017 - International Banker.Com - Andrew Davies - With the fourth EU Directive on Money Laundering coming into force in June this year and instances of financial crime becoming increasingly frequent...

New Cybersecurity Regulations Driving Financial Services Organizations to ...
[Poll] - April 20, 2017 - Market Wired.Com - Prevalent, Inc., the leader in Third-Party Risk Management and vendor threat intelligence, today announced findings of its flash poll of IT, security and compliance professionals ...

Anti-Corruption

DOJ Pledges to Speed Up FCPA Investigations
April 19, 2017 - Corp Counsel.Com - Sue Reisinger - A high-level U.S. Department of Justice official said Tuesday that prosecutors are committed to wrapping up old Foreign Corrupt Practices Act cases and investigating new ...

Also See:
[Opinion] - April 19, 2017 - jdsupra.com

Jacob Zuma warned to sign FICA bill
[South Africa] - April 20, 2017 - Business Live.Co.Za - Linda Ensor - Corruption Watch has threatened to follow suit as the Progressive Professionals Forum (PPF) ups the ante in its opposition to the bill. PPF ...

[State] Asset Forfeiture

Law enforcement agencies fight civil forfeiture in state legislature
[Texas] - April 20, 2017 - Daily Texan Online.Com - Albert Zhao - Texas law enforcement agencies are fighting bills with bipartisan support in the state Legislature that could limit law enforcement's powers to seize and withhold property ...

Australia

AML/CFT Rules Amendment Instrument 2017
April 18, 2017 - Jade.Io - These Anti-Money Laundering and Counter-Terrorism Financing Rules (Rules) are made under section 229 of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) ...

Banks

Should banks be criminally liable for not reporting fishy emails?
[Opinion - Subscription May Required] - April 19, 2017 - American Banker.Com - Matthew L. Schwartz Jaime Sneider - Since Congress passed the Bank Secrecy Act in 1970, banks and other financial institutions have had a legal obligation . . . 

Regional Bank Coalition proposes new regulatory environment to foster fiscal...
[Opinion] - April 20, 2017 - Financial Reg News.Com - The best way to grow the nation's economy is to reset federal banking regulations, according to the Regional Bank Coalition (RBC), which includes CEOs from companies ...

Bahamas

Registrar General's Department Responds to Save The Bays Filing to Block ...
April 19, 2017 - The Bahamas Weekly.Com - The Bahamas has been evaluated by various international organizations on its compliance with international Anti-Money- Laundering and Combating the Financing of Terrorism...

Casinos, Gambling & Gaming

Money Laundering Scrutiny Tightens On Tribal Casino Industry
[Opinion - Subscription Required] - April 19, 2017 - Gambling Compliance.Com - Tony Batt - So far, tribal casinos have escaped unscathed from multi-million dollar fines assessed against their commercial counterparts for failing ...

CFPB

Most Americans Favor Payday Loan Reforms
[Opinion] - April 19, 2017 - Consumerist.Com - Ashlee Kieler - Despite claims from the payday loan industry that Americans don't want reforms intended to prevent borrowers of these short-term loans from falling into a ...

Also See:
April 17, 2017 - Mayer Brown.Com

CFPB Prepaid Card Rule Again Targets a Product Popular With the Masses
[Opinion] - April 20, 2017 - Town Hall.Com - Veronique de Rugy - Whenever innovation produces a new technology or product that benefits the masses, government bureaucrats inevitably try to smother it with excessive ...

Get ready: Congress fires up Dodd-Frank, CFPB overhaul
[Opinion] - April 19, 2017 - Housing Wire.Com - Ben Lane - The Dodd-Frank doomsday clock just ticked a little closer to midnight. The Republican-crafted plan to overhaul the country's financial regulatory system and ...

Also See:
[Opinion] - April 19, 2017 - MPA Mag.Com - Ryan Smith

Company Announcements

First Global and LianLian Pay to Launch Social Messaging Payments and ...
April 19, 2017 - News Wire.Ca - First Global Data ("First Global" or the "Company") is pleased to announce that it has partnered with LianLian Pay to launch a Social Messaging Payments and Remittance service ...

Matrix-IFS partners with FICO to offer advanced anti-financial crime solutions
April 19, 2017 - DQ India.Com - Silicon Valley analytic software firm FICO announced that Matrix International Financial Services (Matrix-IFS) is now a FICO Reseller and Implementation Partner for the FICO TONBELLER Siron ...

WorldRemit Africa Revenue to Double by 2020 on Mobile Money
April 20, 2017 - Bloomberg.Com - Bella Genga - WorldRemit Ltd., a British money-transfer operator, sees revenue from transactions involving Africans doubling by 2020 as more people on the continent access mobile ...

Events

Third Party Payment Processors Association Spring Conference
[Upcoming conference to be held on  May 17-19, 2017 - Washington, D.C.] - April 20, 2017 - Cvent.Com - The TPPPA Spring Conference brings together payment processors, banks, regulators and industry experts to discuss ...

FATCA

Taxpayer ID Numbers: Difficult Road Ahead for Banks
[Opinion] - April 19, 2017 - BNA.Com - Alison Bennett - The 2010 Foreign Account Tax Compliance Act, which requires foreign banks to report U.S.-source income, is an overlay for much of the problem...

Fines, Crimes & Cases

Wells Fargo's Regulator Admits It Missed Red Flags
April 19, 2017 - NY Times.Com - Danielle Ivory - For years, as Wells Fargo secretly set up millions of fake bank and credit card accounts without customers' consent, the bank's federal regulator was learning of hundreds of whistle-blower ...

Also See:
April 19, 2017 - Money.CNN.Com - Matt Egan

SDT publishes judgment that saw Clyde & Co hit with record £50,000 fine for...
April 19, 2017 - Legal Cheek.Com - Thomas Connelly - The Solicitors Disciplinary Tribunal (SDT) has published its ruling in a case that saw Clyde & Co slapped with a record £50,000 fine for breaching money laundering and accounting rules...

India

Diaspora & development
[Opinion] - April 20, 2017 - The States Man.Com - Saumitra Mohan - Diasporas have emerged as an important component in the process of globalisation, which has created a global village connecting people of various regions, socio-economic...

Kenya

Kenya tops global cash remittances via phones
April 20, 2017 - Business Daily Africa.Com - David Herbling - Kenya now accounts for nearly a fifth of total cash sent globally via mobile money platforms, highlighting Nairobi's stature as the cradle of mobile money. ...

Kuwait

Fighting money laundering, terrorism way to overcome obstacles
[Opinion] - April 20, 2017 - Kuna.Net.Kw - Taking advantage of other countries experiences in fighting money laundering and financing of terrorism is one of the ways to overcome obstacles against development, said ...

Malaysia

Regulations shape hiring trends in banking and financial services
[Opinion] - April 20, 2017 - Staffing Industry.Com - A number of new regulations in Malaysia is driving hiring trends in in the banking and financial services sector this quarter, according to a report from Hays ...

United Kingdom

Changes to UK anti-money laundering measures
April 19, 2017 - Public Now.Com - On 26 June 2017 changes will be made to UK anti-money laundering measures to help prevent money laundering and terrorist financing. It'll increase the transparency of who owns and ...

Also See:
April 20, 2017 - CCH Daily.Co.Uk - Pat Sweet

FCA publishes its mission and annual business plan
April 19, 2017 - DLA Piper.Com - Michael McKee - The Financial Conduct Authority has this week published its mission, which will give firms and consumers greater clarity about how it prioritises its interventions in financial ...

SRA attacks "disproportionate and unnecessary" money laundering regulations
[Opinion] - April 20, 2017 - Legal Futures.Co.Uk - Nick Hilborne - New anti-money laundering (AML) regulations planned by the Treasury would impose "disproportionate and unnecessary" burdens on law firms, the Solicitors Regulation ...

Virtual Currencies

Virtual currency professional talks regulation issues with Bitcoin, other systems
April 20, 2017 - Daily Texan Online.Com - Eric Vela - While most people have heard of different kinds of virtual currencies such as Bitcoin, almost no one has an understanding of how they operate, what they ...

Virtual currency law is Zen for Yen
[Opinion] - April 20, 2017 - Policy Forum.Net - Niels Vandezande - Japan's new legislation defining and recognising virtual currencies not only offers a sound model for others - it's already paying dividends in a rapidly ...

N.H. Senate to consider bill that would deregulate some bitcoin transactions...
April 19, 2017 - Concord Monitor.Com - David Brooks - Among the geekiest of potential new state laws - one that would exempt some types of bitcoin transactions from oversight by the state banking commission...

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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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