The National Money Transmitters Association

The NMTA's Daily News Clippings


Monday, April 3, 2017

Top Story - Mexico

Congress Will Fund Border Wall by Taxing Remittances
[Ongoing] - April 2, 2017 - PJ Media.Com - Rick Moran - A group of House Republicans has introduced a bill that would tax the remittances of immigrants trying to send money back home. The proceeds would go to construct ...

Also See:
April 1, 2017 - Times Kuwait.Com

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AML Compliance Trends

US laws allow real estate corruption says report
April 3, 2017 - MPA Mag.Com - Steve Randall - The United States is one of four countries where loopholes in the law make it easy for corruption in the real estate markets according to a new report. ...

Tackling AML and know your customer talent concerns? You've got options.
[Opinion] - April 3, 2017 - Shout Out.Fintechna.Com - Talent development for AML/KYC is a specific concern, and one not easily solved for many financial firms. Fatigue and turnover are high, hiring is challenging in a saturated ...

AML Enforcement and Compliance Trends
[Opinion] - April 2, 2017 - Blog.Volkov Law.Com - Michael Volkov - Law enforcement focus on anti-money laundering appears to be increasing. While the last ten years has seen a marked increase in AML regulatory ...

Anti-Corruption

GIABA network lauds Ganduje's anti-corruption drive
[Nigeria] - April 2, 2017 - daily trust.com.ng - Latifat Opoola - The network is an inter-country network for tracking money laundering and financial terrorism of GIABA - an institution of ECOWAS responsible for facilitating the ...

Panama Papers one year on: Work left to be done
[Opinion] - April 3, 2017 - Euractiv.Com - Emily Wigens - The EU has a duty to ensure that its update of the Anti-Money Laundering Directive requires the details of company owners to be made public, to avoid a ...

Asset Forfeiture

Other Voices: Revamp [Federal] civil asset forfeiture
April 3, 2017 - Goup State.Com - Sen. Rand Paul of Kentucky and Rep. Tim Walberg of Michigan have introduced legislation to reform civil asset forfeiture, a practice by which law enforcement agencies seize the property and ...

Australia

Apple wins "mobile payment war" with banks in Australia
April 3, 2017 - Gadgets Now.Com - An Australian consumer watchdog has barred four banks from collectively bargaining with Apple for gaining access to the contactless payment technology used in iPhones. ...

Canada

FINTRAC removed reference to 'ethnic communities' in draft document for ...
April 2, 2017 - News 1130.Com - Alexandra Posadzki - Canada's money-laundering watchdog drafted a document warning the real estate sector to be on guard for "specific ethnic communities" dealing with ...

CFPB

Cordray to face Financial Services Committee hearing
April 3, 2017 - Housing Wire.Com - Kelsey Ramírez - Later this week, the House Financial Services Committee will hold a hearing to receive semiannual reports from the Consumer Financial Protection Bureau. The hearing ...

Who wants to kill the Consumer Financial Protection Bureau?
[Audio - Opinion] - April 3, 2017 - Beta.PRX.Org - The best wall between you and financial predators, says Jordan Goodman, America's Money Answers Man, is the CFPB, the Consumers Financial Protection Bureau. ...

Community banks hoping for regulatory relief
[Opinion] - April 1, 2017 - JS Online.Com - Paul Gores - A group of Wisconsin bankers on a recent lobbying trip to Washington, D.C., returned with heightened optimism that some of the rules now governing community banks ...

Company-Specific Announcements

MoneyGram-Ant Financial merger runs into trouble with US politics: report
April 3, 2017 - M.Blog Likes.Com - The proposed $880 million MoneyGram and Ant Financial merger has run into trouble in the United States, reports Bloomberg. The publication said that two members of US Congress ...

Also See: 
[Opinion] - April 1, 2017 - news max.com - Sandy Fitzgerald

Money transfer services play critical role for Sonoma County immigrants 
April 2, 2017 - Press Democrat.Com - Bill Swindell - Along a stretch of Sebastopol Road in west Santa Rosa, there are at least seven businesses that serve as crucial hubs for financial transactions in the neighborhood...

NBP, Xpress Money to launch promotional schemes for remittance customers
April 2, 2017 - Pak Observer.Net - Amanullah Khan - National Bank of Pakistan and Xpress Money has launched a promotional campaign where hundreds of Remittance customers sending their remittances through Xpress Money ...

Delivering Next Generation Identity Verification . . . 
April 3, 2017 - Benzinga.Com - Brett Hershman - The regulatory burden facing financial services has been steadily on the rise since the financial crash of 2008, and it doesn't show signs of slowing any time soon. But as financial services ...

Ecuador

New Executive Decree on AML in force
[Opinion] - April 1, 2017 - Global Compliance News.Com -  Martín Gangotena - On March 20, 2017, the Executive Decree that issued the Regulation for the application of the Law for the Prevention of Money Laundering and the Financing of ...

Financial Services

Financial Services Regulatory Reform Ramps Up
[Opinion] - April 3, 2017 - Lexology.Com - Senate Banking, House Financial Services Committees Set Sights on Financial Services Regulatory Reform. With the first 100 days of the Trump Administration largely behind ...

Fines, Crimes & Cases

Credit Suisse in Tax Evasion, Money Laundering Probe
April 3, 2017 - Financial Tribune.Com - Swiss bank Credit Suisse has been dragged into yet more tax evasion and money laundering investigations, after a tip-off to Dutch prosecutors about tens of thousands of suspect accounts ...

HSBC's new compliance rules require clients to provide more account ...
April 3, 2017 - CNBC.Com - Enoch Yiu - HSBC Holdings is stepping up its compliance procedures this year to meet higher global standards as part of the deferred prosecution agreement with the US Department of Justice ...

Massive crackdown on ML shell companies in 100s of locations
[India] - April 2, 2017 - Op India.Com - Hemant Bijapurkar - The Enforcement Directorate in what may be a massive exercise against money laundering, raided hundreds of locations in 16 cities in order to crackdown on shell ...

Hundreds of Australians under investigation in multi-million dollar tax evasion...
April 1, 2017 - Daily Mail.Co.Uk - More than 300 Australians are under heavy investigation after an international probe into tax evasion uncovered millions of dollars hidden in overseas accounts. The investigation unveiled ...

Financial Institution Liability For White-Collar Crimes
[Overview] - April 3, 2017 - Mondaq.Com - Western Union is facing a $586m settlement after admitting to aiding criminals in money laundering and fraud. The global money services business, with headquarters in Englewood, Colorado...

Ghana

BoG to name institutions that flout anti-money laundering Acts
April 1, 2017 - Citi Fm Online.Com - The Bank of Ghana(BoG) has hinted that it will soon publish sanctions for financial institutions who do not comply with the provisions of anti-money laundering Acts. This it believes will level ...

Grenada

The Anti-money Laundering and Combating Terrorism Financing Commission
[Public Statement] - March 28, 2017 - In order to protect the International Financial System from Money Laundering and Terrorism Financing (ML/TF) risks, and to encourage greater compliance with the AML/CFT ...

Guyana

Private sector endorses commendation of gov't over AML framework
[Subscription Required] - April 3, 2017 - Stabroek News.Com - The Private Sector Commission (PSC) says it has received the Staff Statement of the International Monetary Fund (IMF) with which the Commission met on March 16, 2017 ...

Hong Kong

Disclosure rules won't slow Hong Kong's money-laundering wheels
[Opinion] - April 3, 2017 - SCMP.Com - Jake Van Der Kamp - Global banks ... have been stepping up their financial control systems to comply with US and European regulations in a bid to prevent money laundering and terrorist ...

Indonesia

Shady money changers
[Opinion] - April 3, 2017 - The Jakarta Post.Com - Wondering how the American and Singapore dollar transactions that moved millions of dollars used in bribes in the alleged Rp 2.3 trillion (US$170 million) mega e-ID card corruption ...

Nigeria

"Poor compliance bane of Nigerian banks"
[Opinion] - April 1, 2017 - The Nation Online Ng.Net - The lack of adherence to compliance, especially standard requirements, external regulatory statutes in the operations of most financial institutions in the count...

Financial inclusion: CBN takes money matters to secondary schools
April 3, 2017 - Tribune Online Ng.Com - Chima Nwokoji - Lagos - As part of efforts to increase financial inclusion and reduce unemployment in the country, the Central Bank of Nigeria (CBN) in collaboration with Junior Achievement ...

Pakistan

Biggest problem of Pakistan is corruption and money laundering
[Opinion] - April 2, 2017 - Daily Nht.Com - Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Sunday criticised the removal of AD Khawaja as the Inspector General (IG) Police Sindh, exclaiming that the move was made because ...

Philippines

House body eyeing more teeth for AMLA
April 2, 2017 - The Standard.Com.Ph - Maricel Cruz - THE House committee on banks and financial intermediaries is eyeing the approval in plenary session of the proposed law giving more teeth to the Anti-Money Laundering Act ...

Switzerland

Do Swiss banks, teachers and Geneva have an image problem?
[Opinion] - April 3, 2017 - Swiss Info.Ch -One year ago, Switzerland's financial regulator, FINMA, said Swiss banks were particularly susceptible to money laundering. At the time, the Panama Papers scandal had just come ...

Thailand

Tax evaders may face asset seizures
[Opinion] - April 2, 2017 - Bangkok Post.Com - Evading taxes worth 10 million baht or more, or fraudulently filing for tax refunds of 2 million baht or more through collusion, shall be considered a money-laundering offence, according ...

UAE

Will UAE apply VAT on expat remittances too?
[Opinion] - April 2, 2017 - Albawaba.Com - Charges and commissions levied by exchange houses on remittances from the UAE may fall under the purview of the imminent value-added tax (VAT), Khaleej Times has learnt...

Can GCC keep pace with Fed's tightening actions?
[Opinion] - April 1, 2017 - khaleej times.com - Hussein Sayed - On the other hand, there is an upside for one important sector: banking and financial services. Higher interest rates are good for the banking sector. That's why US ...

United Kingdom

Behind the Guardian's "Laundromat" money laundering exposure
[Opinion] - April 3, 2017 - WSWS.Org - Jean Shaoul - Last week, the Guardian, posturing as the champion of democracy and good governance, carried a long feature item headlined "The Laundromat. ...

Virtual Currencies

US States working on blockchain legislation in 2017
April 2, 2017 - Brave New Coin.Com - Luke Parker - At least eight US States have worked on bills accepting or promoting the use of Bitcoin and Blockchain technology this year, and a couple of them have already passed them ...

Bitcoin recognized as a payment method by new Japanese law
April 3, 2017 - News.World Casino Directory.Com - Alex Lanter - After months of debate, the legality of Bitcoins in Japan is finally taking shape, thanks to a new law that went into effect this April 1st which recognizes ...

Sweden's blockchain-powered land registry is inching towards reality
April 3, 2017 - QZ.Com - Joon Ian Wong - Keeping track of who owns what pieces of land is still a low-tech affair, involving mountains of hand-signed documents, envelopes, and couriers. That is, if a country is lucky enough to ...

Bitcoin's road to legitimacy
[Opinion] - April 3, 2017 - ASPI Strategist.Org.Au - Stuart Murnain - Bitcoin is often mentioned in the media in the same breath as the now defunct 'silk road' dark-web trading site, and usually accompanied by a nonsensical ...

Cryptocurrency Certification Consortium to Standardize Security across ...
April 2, 2017 - News BTC.Com - Gautham - The number of hacking incidents involving cryptocurrency exchanges until now shows that the security features implemented by many platforms aren't enough and are in ...

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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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