The National Money Transmitters Association
 
NMTA's Daily News Clippings

Thursday, August 9, 2018

Top Story

NMTA Logo FXCintel - Featured Publication

FCA Changes Rules on FX Marketing / 2nd Story: Western Union and PayPal
[Newsletter] - Aug 2018 - FXC Intelligence Ltd -  This past week, the UK's Financial Conduct Authority (FCA) announced they are planning to change the way payment companies can market their currency and "bank-like" services. ...

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AML Compliance Trends

RegTech to the Rescue

[Opinion] - Aug 9, 2018 - CFI.Co - RegTech is short for 'regulatory technology', a catch-all phrase for the use of new technologies for compliance with regulation. For example, RegTechs are trying to tackle pain points such as ...

The graph is the future of the money laundering fight
[Opinion] - Aug 9, 2018 - Payments Source.Com - Gaurav Deshpande - In today's era of data explosion, it's more important for organizations to make the most of analyzing their colossal amounts of data in real time for anti-money-laundering ...

Anti-Corruption Around the World

Will The G20 Deliver On Anti-Corruption In 2018?

[Opinion] - Aug 8, 2018 - Transparency.Org - This week, activists from more than 600 civil society organisations and more than 45 countries worldwide gathered in Buenos Aires, Argentina for the sixth annual Civil 20 (C20) summit...

DOJ Extends FCPA Corporate Enforcement Policy to Mergers and Acquisitions
[Overview] - Aug 9, 2018 - JD Supra.Com - In a July 25, 2018 speech, Deputy Assistant Attorney General Matthew Miner of the Justice Department's Criminal Division announced the extension of the department's Foreign Corrupt Practices ...

Guatemala: Anti-Corruption Group Urges Revamp of Justice System
Aug 9, 2018 - Telesurtv.Net - Members of the Guatemalan Citizen's Front Against Corruption, which includes civil society, indigenous leaders, lawmakers and others, have called on the country's authorities to re-order the justice ...

India amends anti-corruption legislation to cover bribe-givers
Aug 8, 2018 - Global Legal Post.Com - India has passed an amendment to its anti-corruption laws to allow authorities to pursue businesses and individuals paying bribes to Indian government officials. India's lower house passed ...

Also See:
[Opinion] - Aug 9, 2018 - The Hindu Business Line.Com

Corruption Watch report shows disturbing amount of bribery and ...
[Opinion, South Africa] - Aug 8, 2018 - Business Live.Co.Za - Nico Gous - Bribery, procurement irregularities, embezzlement and stolen resources were the most common forms of corruption in SA for the first half of 2018...

Also See:
[Report] - Aug 8, 2018 - Business Live.Co.Za

Jordanians sceptical of corruption crackdown
Aug 8, 2018 - The National.Ae - Taylor Luck - "Combating corruption remains, as we have said before, the main priority for this government, for me, for all our institutions in the country," King Abdullah told the Cabinet in an address on Sunday...

Religious leaders have the mandate to stop corruption - Danish Ambassador
[Opinion, Ghana] - Aug 9, 2018 - Ghana Web.Com - Danish Ambassador to Ghana, Her Excellency Tove Degnbol, has asserted that religious leaders in the country have the power to ensure that the public abstain from indulging in corrupt ...

Bermuda

Senate: Money laundering bill passes

Aug 8, 2018 - Royal Gazette.Com - Lisa Simpson - The final piece of legislation in a raft of new safeguards to protect Bermuda from money laundering and terrorist funding was passed in the Senate today. ...

Canada

Canada Emerges as Money-Laundering Hub

[Opinion] - Aug 9, 2018 - Create Send.Com - Samuel Rubenfeld - Two-thirds of Canadian banks examined by regulators had "significant levels" of noncompliance with anti-money laundering rules, according to report to lawmakers ...

Also See:
Aug 9, 2018 - Pymnts.Com

CFPB

New National Poll Finds Consumers Still Want Financial Regulation

Aug 9, 2018 - Lasentinel.Net - Charlene Crowell - A decade ago, the entire nation suffered through a financial crisis that led to the brink of a global financial collapse.  While Wall Street reckoned with its risky practices, America's families ...

CFPB, Payday Groups Again Denied Stay Of Payday Rule
[Subscription Required] - Aug 8, 2018 - Law 360.Com - Jon Hill - A Texas federal judge has again turned down a request from the Consumer Financial Protection Bureau and two payday lender trade groups to stay the August 2019 ...

Company Announcement

TransferGo and Onfido partner on money transfers

Aug 9, 2018 - Planet Biometrics.Com - UK identity verification provider Onfido has partnered with global remittance company TransferGo. Onfido says its machine learning-based identity verification technology will allow TransferGo ...

Events

TPPPA Fall Executive Summit

[Upcoming Summit, Nov 14-16, 2018 - Scottsdale, Arizona] - Aug 2018 - Cvent.Com - The TPPPA Executive Summit is a 3-day event in beautiful Scottsdale, Arizona where top industry and company leaders will meet with TPPPA ...

C20 summit
[Upcoming Summit, August 6 & 7, 2018 - Buenos Aires City - Argentina] - Aug 2018 - The C20 2018 Summit will take place on August 6th and 7th in Buenos Aires City. During the event, the C20 final communiqué and the Working Group ...

Also See:
Aug 2018 - Civil-20.Org

Financial Inclusion

Closing gender gaps in financial inclusion

[Opinion, Video, Nigeria] - Aug 9, 2018 - CNBC Africa.Com - The World Bank notes that about 60 million Nigerians are unbanked, while men own 40 percent more accounts than women in Nigeria. So what strategies are banks putting in place ...

Addressing Security Concerns Will Enhance Financial Inclusion
[Opinion] - Aug 9, 2018 - This Day Live.Com - Emma Okonji - Nigeria has the opportunity to further grow the financial inclusion strategy of the Central Bank of Nigeria (CBN), provided it addresses all security concerns limiting its growth ...

FinCEN

FIN-2018-R003 - FinCEN Exceptive Relief

[For depositories, only] - Aug 8, 2018 - Fincen.Gov - Extension of Limited Exception from Beneficial Ownership Requirements for Legal Entity Customers of Certain Financial Products and Services with Rollovers and Renewals...

Fines, Crimes & Cases

Anti-graft officials busted for corruption

[China] - Aug 9, 2018 - global times.cn - Liu Xin - Several corruption cases involving senior officials from discipline inspection departments have attracted public attention, with experts saying that a cleaner and more loyal group ...

Fintech

Regulators Accelerate Efforts to Streamline Global Fintech Guidelines

[Ongoing Story - Global] - Aug 9, 2018 - ABL Advisor.Com - The Bureau of Consumer Financial Protection (BCFP), working in collaboration with 11 financial regulators and related organizations, announced an initiative to create the ...

Also See:
[Report] - July 2018 - Home.Treasury.Gov

Aug 9, 2018 - Zd Net.Com - Asha McLean

[Bahrain] - Aug 9, 2018 - BNA.Bh

Cutting the Banks Off at the Knees with Fintech
[Opinion] - Aug 9, 2018 - Money Morning.Com.Au - Fintech is rapidly emerging as an industry to be reckoned with. And it's not just influencing the way we bank or pay for things. It's revolutionising the way you do business, send ...

This is the impact of FinTech software on financial services
[Opinion] - Aug 9, 2018 - Tech Aeris.Com - Digital currencies, robo-advisors, and contactless payments are now commonplace. This is due to innovations within the FinTech software development industry. Thus, companies and banks ...

India

Paytm bank curbs tied to outsourcing of decision making

Aug 9, 2018 - The Hindu.Com - Paytm Payments Bank has admitted that the banking regulator's decision to place a restriction on opening new accounts is due to violation of 'licencing conditions'...

Mobile Money Transfer

Mobile money providers urged to grasp integration tech

[Opinion, Africa] - Aug 9, 2018 - Mobile World Live.Com - Chris Donkin - Mobile money operators eyeing the next phase of growth need to "get modern" and embrace integration technologies, GSMA mobile money head ...

New Zealand

NZ banks' conduct is 'patchy' - regulator

Aug 9, 2018 - Radio Nz.Co.Nz - Madison Reidy - The FMA and the Reserve Bank are currently reviewing New Zealand banks' behaviour against the backdrop of the inquiry into the Australian banking sector which revealed unethical and ...

Pakistan

British government puts Pakistan among top three money laundering sourc...
Aug 8, 2018 - Times Of Islamabad.Com - The volume of hidden assets stashed by Pakistani nationals in different tax havens abroad stood at $350 billion (Rs43 trillion), a new report has revealed. ...

Uganda

Regulations driving up banks' costs

[Opinion] - Aug 9, 2018 - Monitor.Co.Ug - Christine Kasemiire - Regulations make banking very expensive and inaccessible for many of our people who are poor," he said, citing the many layers of duplicity that have been created as a requirement ...

Virtual Currencies Around the World

Banking for crypto business a global issue

Aug 9, 2018 - Mobile.Royal Gazette.Com - Scott Neil - With a number of countries and jurisdictions grappling with the same challenge and looking to lead the way with a solution likely to bring more fintech business their way...

AUSTRAC...details on obligations of digit'l currency exchange providers
Aug 9, 2018 - Finance Feeds.Com - Maria Nikolova - Digital currency exchange providers need to identify every customer, even if a customer is exchanging a very small amount, AUSTRAC explains...

A Rejection of Globalization: Blockchain and Cryptocurrency Regulations EU...
[Opinion] - Aug 8, 2018 - JD Supra.Com - Johanna Collins-Wood - The European Union is at a disadvantage when regulating because it must allow its member states the freedom to enact their own laws on the technology. ...

The Blockchain Has Inaugurated A Golden Age Of Criminality
[Opinion] - Aug 7, 2018 - Deal Breaker.Com - Christopher Matthews - Boosters of blockchain tell us that it will be an invention more significant than the Internet itself, but thus far its benefits remain largely theoretical. The utility ...

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Quote of the Day

"Success is not measured by what you accomplish, but by the opposition you have encountered, and the courage with which you have maintained the struggle against overwhelming odds."

- Orison Swett Marden

Word of the Day

prognosticate: /prog·nos·ti·cate/ - [verb]
  • To foretell from signs or symptoms
  • To give an indication of in advance
  • Foretell or prophesy
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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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