The National Money Transmitters Association
 
NMTA's Daily News Clippings

Wednesday, August 8, 2018

Top Stories

Money Transfer Business

[Opinion] - Aug 8, 2018 - Payments Source.Com - Rosie Faulkner - The last few years have been heralded as a golden age for fintech. Making payments has never been easier or faster, except, when it comes to international payments ...

US Federal Fintech Sandbox

[Ongoing, Key Takeaways] - Aug 7, 2018 - DLA Piper.Com - As a national bank, an SPNB will be subject to the laws, rules, regulations and federal supervision that apply to all national banks. In addition, companies seeking a charter as an SPNB ...

Arizona State Fintech Sandbox

[Ongoing Story] - Aug 8, 2018 - Market Exclusive.Com - Arizona recently launched the first FinTech sandbox of the United States. A FinTech sandbox is an alternative regulatory framework that allows the testing of new financial ...

Also See:
Aug 7, 2018 - Nat Law Review.Com  

United Kingdom Fintech Sandbox

Aug 8, 2018 - Nat Law Review.Com - Jonathan Lawrence - Twelve financial regulators and related organisations, including the UK Financial Conduct Authority (FCA), announced on 7 August the creation of the Global Financial Innovation ...

Also See:
Aug 7, 2018 - McCarthy.Ca - Robert J. Richardson, CD

[Announcement] - Aug 7, 2018 - FCA.Org.Uk

[Consultation Paper] - Aug 2018 - FCA.Org.Uk

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Anti-Corruption Around the World

[Opinion] - Aug 8, 2018 - Transparency.Org - As governments across the globe crack down on citizen groups, stifling their ability to speak out and hold governments to account, the role of civil society is more important now than ever...

Aug 8, 2018 - Engineering News.Co.Za - Anine Kilian - The Government Communication and Information System (GCIS) has, in partnership with Business Unity South Africa (Busa), launched the Anti-Corruption...

[Opinion, Iraq] - Aug 6, 2018 - The National.Ae - Mina Aldroubi - Many Iraqis believe that they live in the world's most corrupt country - Transparency International placed it the 169th worst nation of 180 - on its Corruption ...

Belgium

[Subscription Required] - Aug 8, 2018 - Payments Compliance.Com - On August 7, 2018, the Financial Services and Markets Authority (FSMA) published a circular on the adoption of a risk-based approach to anti-money laundering ...

Canada

[Opinion, Subscription Required] - Aug 8, 2018 - WSJ.Com - Alistair MacDonald, Paul Vieira and Vipal Monga - After a Vancouver-based real-estate agent wired almost $240,000 from Canada's Bank of Montreal to an account in Boston ...

Also See:
Aug 8, 2018 - Gaming Post.Ca - Ben Hamill

CFPB

Aug 7, 2018 - Housing Wire.Com - Kelsey Ramírez - The rule, while setting limits on payday lending, does provide several exceptions. The final rule exempts loans issued by credit unions in conformance with the National Credit Union ...

Company Announcements

Aug 7, 2018 - Markets.Business Insider.Com - Remiit a blockchain-based decentralized remittance and transaction platform, announced today that it is working to develop a platform that makes remittances and transactions ...

Aug 7, 2018 - Fin Extra.Com - Colombian state-run bank Banco Agrario is collaborating with IT services firm Comviva and telco Telefonica to provide mobile money and financial services to agricultural farm workers in the country...

Cybersecurity

[India] - Aug 8, 2018 - New Indian Express.Com - Markets regulator SEBI will explore new initiatives to tackle the challenge posed by cyber security breaches happening globally as it gears up to deploy data analytics and new-age technologies ...

[Opinion] - Aug 8, 2018 - Technative.Io - Over the course of the recent controversial Helsinki summit, Russian President Vladimir Putin pushed an agenda that would ostensibly see the U.S. and Russia working side by side as allies...

Aug 8, 2018 - Public Technology.Net - Talal Rajab - It seems like we say this every year, but 2018 is really shaping up to be an important year for cybersecurity in the UK. Firstly, from a regulatory angle, the landscape has changed ...

Europe

Aug 8, 2018 - Edition Truth.Com - Pragati Pathrotkar - General Data Protection Regulation (GDPR) was introduced as a part of data protection reform across the European Union (EU). The GDPR is a new regulation that is applicable ...

Events

[Upcoming Seminar, Sep 4, 2018 - Singapore] - Aug 2018 - Law Soc.Org.Sg- Part VA of the Legal Profession Act on Prevention of Money Laundering came into effect together with the Legal Profession (Prevention of Money ...

[Upcoming Seminar, Sept. 26 & 27 - Riyadh.] - Aug 7, 2018 - Thomson Reuters will host the 10th Annual Compliance and Anti-Money Laundering Seminar on Sept. 26 and 27, in Riyadh. The seminar, which celebrates its 10th round this ...

Fines, Crimes & Cases

Aug 7, 2018 - Wheaton Business Journal.Com - Former Malaysian Prime Minister has pleaded not guilty to new money laundering charges related to the alleged multibillion-dollar looting of the 1MDB state investment fund...

[Subscription Required] - Aug 6, 2018 - Global Investigations Review.Com - Kelly Swanson - A former Barbados government minister has been charged in the US for his part in a money laundering scheme. ...

Aug 8, 2018 - Fiji Times.Com - Former El Salvadoran President Antonio Saca pleaded guilty in court to embezzlement and money laundering involving more than $300 million (£231.80 million) during his government, his  ...
Aug 7, 2018 - Kyc 360.Com - The United Kingdom's banking regulator has launched a probe into HSBC's anti-money laundering systems and its compliance with British rules, the bank said in its interim results...

[Ongoing Story] - Aug 3, 2018 - A Times.Com - The People's Bank of China is stepping up monitoring of money laundering activity with increased investigation and punishment, The Paper reported...

Aug 7, 2018 - Journal Now.Com - Michael Hewlett - Ho Shin Lee, who was 31 when he was arrested, pleaded guilty to one count of money laundering on Thursday in U.S. District Court in the Western District of North Carolina. ...

Also See:
Aug 7, 2018 - M Call.Com - Steve Esack

Fintech Around the World

[Opinion] - Aug 8, 2018 - The Parliament Magazine.Eu - Hadyah M. Fathalla - FinTech is undoubtedly transforming the financial sector. The benefits of FinTech are numerous: better access to finance, a better consumer experience ...

[Opinion] - Aug 8, 2018 - ASEAN Briefing.Com - The FinTech sector - combining the spheres of finance and technology - is one of the fastest growing industries in Singapore. With a high concentration of financial institutions across ...

[Subscription Required] - Aug 8, 2018 - Computer Weekly.Com - Karl Flinders - The Nordic region created three of the top 10 global financial technology (fintech) deals in the first six months of this year as Europe proved the ...

[Opinion] - Aug 8, 2018 - Bobs Guide.Com - Innovative fintech products are fast-becoming the lifeblood of global economic prosperity. Fresh and exciting developments have the power to expand financial inclusion across developing  ...

[Philippines] - Aug 6, 2018 - Entrepreneur.Com.Ph - Lorenzo Kyle Subido - The Bangko Sentral ng Pilipinas (BSP) has created the Financial Technology Sub-Sector (FTSS), a unit in charge of overseeing the BSP's digital payments ...

Money Transfer Business

Aug 7, 2018 - Mena FN.Com - Money remittance firm Dahabshiil Kenya has scaled up efforts to counter risks posed by money laundering as it eyes a bigger share of the multi-billion shilling diaspora remittance inflows...

[Opinion, Video] - Aug 8, 2018 - CNBC Africa.Com - MTN Group produces solid results in Nigeria, Ghana and South Africa but worries linger with Iran after the US imposed fresh sanctions. CNBC Africa is joined by the group ...

[Opinion] - Aug 6, 2018 - NBC San Diego.Com - Millions of Americans are paying each other without actual paper cash ever changing hands. It's all done through peer-to-peer (P2P) payment services, like Venmo, Zelle, and Square ...

Pakistan

Aug 7, 2018 - Pakistan Today.Com.Pk - Amid the increasing scrutiny in which financial transactions within and outside the country take place, especially with Pakistan's placement in the Financial Action Task Force's ...

Philippines

PhilSys will help Pinoys who are unable to bank
August 6, 2018 - Sen. Juan Edgardo "Sonny" Angara on Monday expressed belief that the newly signed law on Philippine Identification System, or PhilSys, will greatly help Filipinos who are unable to deposit money in bank.

Privacy

Aug 7, 2018 - Pymnts.Com - U.S. technology companies, anticipating that they will face increased regulation in how they handle consumers' data, are working with policymakers to potentially shape the new legislation that's expected ...

Togo

Togo sets CONAC to intensify the fight against money laundering ...
Aug 6, 2018 - Togo First.Com -  Held on August 3, 2018, under the supervision of Faure Gnassingbé, Togo's president, the ministerial council issued a decree for the creation of a national committee coordinating ...

Uganda

[Opinion] - Aug 7, 2018 - Monitor.Co.Ug - Muniini K Mulera - According to the World Bank's Migration and Development Brief, the annual Diaspora remittances to sub-Saharan Africa in 2017 totalled $37.8 billion. This figure is ...

Ukraine

Aug 7, 2018 - Siv Post.Com - The majority of citizens receive subsidies, about 6-7 million Ukrainians went abroad and now the government wants to control them, because money goes by cash and need to ...

United Kingdom

[Opinion] - Aug 8, 2018 - Spears WMS.Com - Professionals have complied with 'anti-money laundering' regulations for three decades -laws which prevent criminals using the financial system to dissipate the proceeds of crime and ...

Virtual Currencies Around the World

Aug 2, 2018 - Allcoins News.Com - Matthew Warner - Mistertango, a crypto-friendly payment company, has revealed that, contrary to perception, the majority of crypto exchanges want industry regulation. Respondents believe  ...

Aug 7, 2018 - Coin Telegraph.Com - Ana Alexandre - The chair of the Judiciary Committee of the U.S. House of Representatives may be the first member of Congress to disclose that he owns cryptocurrency, Sludge reports Aug. 6...

Aug 8, 2018 - Japan Times.Co.Jp - The country's financial watchdog plans to impose stricter regulations on bitcoin and other cryptocurrencies in the wake of the massive theft at Coincheck Inc., a Tokyo-based virtual currency ...

[Opinion] - Aug 8, 2018 - Bits Online.Com - Paul de Havilland - A persistent criticism leveled at bitcoin and cryptocurrencies by their detractors is that they aid and abet criminality. The argument that the primary use case for ...

Aug 8, 2018 - Cryptovest.Com - Komfie Manalo - The South Africa Revenue Service (SARS) has put forward a suggestion to tax  income generated from cryptocurrency trading and operations, TechWeez reported on Wednesday...

[Opinion] - Aug 7, 2018 - LA Times.Com - Camila Russo - The ratio of legal to illegal activity in bitcoin has flipped, according to Lilita Infante at the U.S. Drug Enforcement Administration. When Infante started seeing bitcoin pop ...

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Quote of the Day

"Being happy isn't having everything in your life be perfect. Maybe it's about stringing together all the little things."

- Ann Brashares

Word of the Day

frolicsome: /frol·ic·some/ [Adj]
  • Merrily playful.
  • Full of fun.
  • Full of gaiety
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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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