The National Money Transmitters Association

The NMTA's Daily News Clippings

Tuesday, December 5, 2017

Top Stories

Denial of [Correspondent] Banking Services

Nigeria's Access Bank's next frontier
[Opinion, Includes Video] - Dec 5, 2017 - CNBC Africa.Com -  Nigeria's Access Bank plans to grow its trade payment and settlement service over the next five years as foreign lenders faced with increased regulation at home cut their ...

FinCEN

FinCEN Launches "FinCEN Exchange"...
[Press Release] - Dec 4, 2017 - Fincen.Gov -  The United States Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) launched the FinCEN Exchange program today to enhance  information sharing with financial institutions ...

Fintech

Fintech Sandbox: FCA Provides Update on Participants
[United Kingdom] - Dec 5, 2017 - Crowd Fund Insider.Com - The UK Financial Conduct Authority (FCA) has just released an update on their regulatory Sandbox created to help aspiring Fintech firms to navigate the labyrinth of financial services ...

Fintech a double-edged sword
[Opinion] - Dec 5, 2017 - Bangkok Post.Com - Jesus Alcocer - While no aspect of the traditional banking sector will be safe from financial technology (fintech) firms over the next 5-10 years, there is a lot of room for collaboration between the two sides, ...

Fintech already transforming banking world, experts say at World Internet ...
[Opinion] - Dec 5, 2017 - Straits Times.Com - Lim Yan Liang - From meeting the credit needs of a farmer in Jiangsu to those of a start-up being run out of a San Francisco garage, leaders of fintech companies shared on Tuesday (05/12) how technology ...

Kenya

Kenyans in the US Contribute Lion's Share of Diaspora Inflows 
Dec 4, 2017 - Mwakilishi.Com - John Wanjohi - Official statistics from the Central Bank of Kenya (CBK) indicate that Kenyans living and working in the United States (US) are behind the increased diaspora inflows in the country ...

-----------------------------

Anti-Corruption Around the World

Why Xi's anti-corruption drive in China's military needs a long-term solution
[Opinion, China] - Dec 5, 2017 - SCMP.Com - Cary Huang - Cary Huang says the number of PLA generals and officers caught in China's anti-graft net is staggering but, given the lack of institutional reforms, the campaign may be more about ...

Unwrapping the new FCPA Corporate Enforcement Policy
[Opinion, Subscription Required] - Dec 4, 2017 - Compliance Week.Com - Jaclyn Jaeger - After months of waiting, the compliance community finally has the answer it has been waiting for: The incentives of the FCPA Pilot Program are now permanent ...

Asset Forfeiture

Another Ugly Civil Asset Forfeiture Tactic -- Highway Stop 'Waivers'
[Opinion] - Dec 4, 2017 - Forbes.Com -  George Leef - The national revulsion against abusive civil asset forfeiture has not kept police from trying to pocket as much as they can from people who are innocent of any wrongdoing. A recent case ...

Bermuda

Criteria For Assessing Risk Profiles Of Charities
Dec 4, 2017 - Ber News.Com - The Registrar General, in consultation with the National Anti-Money Laundering Committee [NAMLC], is tasked with monitoring the charities sector to ensure they "are not being used for money laundering or ...

CFPB

CFPB Chief Puts Brakes On Personal Data Collection
Dec 5, 2017 - Pymnts.Com - Interim CFPB head Mick Mulvaney has announced that the agency has frozen its collection of person information due to concerns about cybersecurity. The choice to hit the pause button on data collection is part of the ...

Liz Weston: Would a bank payday loan be any safer?
[Opinion] - Dec 4, 2017 - QC Times.Com - Payday loans are advertised as a way for people to meet a short-term cash crunch in a hurry. People borrow relatively small amounts, typically $300 to $400, and pay a fee of $45 to $60 for a loan that's ...

Also See:
[Opinion] - Dec 5, 2017 - Pymnts.Com

Democrats not backing down against Trump's CFPB pick
Dec 4, 2017 - Mpa Mag.Com - Paolo Taruc - Despite a recent major setback in court, Democrats are not backing down against the Trump administration's move to install Mick Mulvaney as acting director of the Consumer Financial Protection Bureau ...

Financial firms pin CFPB hopes on Mulvaney
[Opinion] - Dec 5, 2017 - The Hill.Com - Sylvan Lane - Major players in the financial industry hope for sweeping change at the Consumer Financial Protection Bureau (CFPB) now that a staunch conservative is in charge ...

Company Announcements

Apple Pay Cash is now available for all iPhone users in the US
Dec 5, 2017 - Ciol.Com - Apple's money transfer service- Apple Pay Cash is now rolling out to all the iPhone users in the US. The update will be arriving gradually to those who've downloaded iOS 11.2, which launched two days back. ...

Cybersecurity

Cyber security not being taken seriously enough
[Opinion, New Zealand] - Dec 5, 2017 - Geek Zone.Co.Nz - Business leaders are not taking cyber security seriously enough, said cyber security expert Dr Ryan Ko, and that poses a significant risk to their companies' reputations. "Communications is ...

Fines, Crimes & Cases

Indian tycoon calls money-laundering accusations 'baseless'
Dec 4, 2017 - Fox 30 Jax.Com - Gregory Katz - Indian tycoon Vijay Mallya insisted he was innocent of money-laundering accusations Monday after the evacuation of a London court building forced him to face a swarm of journalists he had ...

Wells Fargo could face additional sanctions due to auto insurance practices
Dec 5, 2017 - Live Insurance News.Com - Marc - The bank may be facing even more penalties from a federal regulator due to mortgage and insurance scandals. Wells Fargo & Co. may already have faced penalties for its mortgage and auto ...

Germany
 
New German Money Laundering Act Establishes Additional Transparency..
Dec 5, 2017 - Mondaq.Com - On 25 June 2017, the new German Money Laundering Act came into force, which primarily implements the 4th European Anti-Money-Laundering Directive (EU 2015/849) into German law. Among others, the Act ...

Hong Kong

Hong Kong's low taxes should not make it vulnerable to money launderers
[Opinion] - Dec 5, 2017 - SCMP.Com - Kalina Tsang & Eryn Schornick - More than a year after the Panama Papers revelation, Hong Kong is again in the spotlight for being a money laundering haven. A recent in-depth study by economist ...

New Zealand

How to keep criminals at bay
[Opinion] - Dec 5, 2017 - Nz Herald.Co.Nz - The Justice Department estimates about $1.35 billion derived from drugs and fraud is laundered through legitimate New Zealand businesses every year - though few believe that is the full extent of ...

Nigeria

Bahamas 'Done Everything Possible' To Avoid Blacklist
Dec 4, 2017 - Tribune 242.Com - Neil Hartnell - THE Deputy Prime Minister believes the Bahamas has "done everything we could possibly do" to escape the European Union (EU) 'tax haven' blacklist that will be issued tomorrow ...

South Africa

Beware the dangerous ambitions of the anti-business propaganda campaign
[Opinion] - Dec 5, 2017 - Daily Maverick.Co.Za - Stuart Theobald & Colin Anthony - The formal business sector in South Africa has been subjected to a propaganda onslaught that has damaged it. It has painted business as universally corrupt ...

South Korea

Korea to use AI to better combat money laundering
[Opinion] - Dec 5, 2017 - Korea Herald.Com - Yonhap - South Korea's top financial regulator said Tuesday it will use artificial intelligence technology to automate some of the nation's probe systems against money laundering. ...

Virtual Currencies

Digital currencies help U.S. foes defy financial sanctions
[Opinion] - Dec 4, 2017 - Local 10.Com - Andrea Torres -  North Korea's efforts to form an axis of resistance and their suspected use of digital currency, or cryptocurrency, to defy U.S. economic sanctions comes amid an escalating feud ...

Western Union Blocks Cryptocurrency-Related Transactions
Dec 5, 2017 - Coin Telegraph.Com - Joshua Althauser - International money transfer services provider Western Union (WU) has launched a campaign against wire transfer transactions involving digital currency exchanges. The company's decision ...

UK Expands Anti-Money Laundering Rules To Cover Crypto
[Ongoing Story] - Dec 5, 2017 - pymnts.com - The U.K. is aiming to boost regulation of bitcoin and other cryptocurrencies by giving the European Union (EU) expanded anti-money laundering rules that would require traders to say who they are and report any ...

Virtual currency will be regulated
[South Korea] - Dec 4, 2017 - Korea Times.Co.Kr - Nam Hyun-woo - The Moon Jae-in administration established a task force Monday to discuss ways of regulating Bitcoin and other cryptocurrency trading, which has been causing controversies ...

ICO issuers must mind the gap in regulations, or pay later
[Opinion] - Dec 4, 2017 - Payments Source.Com - Gordon Harrison - Like new cryptocurrencies, ICOs are undergoing the growing pains of early adoption, including a host of security, perception and compliance issues. As the latest fundraising ...

Government-Run Digital Currencies Could Disrupt U.S. Dominance
Dec 4, 2017 - bloomberg.com - Leonid Bershidsky - Venezuelan President Nicolas Maduro's announcement that the Latin American country will issue a cryptocurrency called the petro to overcome a "financial blockade" by the U.S. probably mirrors the ...

Also See:
[Opinion] - Dec 4, 2017 - Miami Herald.Com - Jim Wyss

The Promise and Regulatory Challenge of "Physical" Bitcoins
[Opinion] - Dec 4, 2017 - Bitcoin Magazine.Com - Giulio Prisco - Physical bitcoins that can be exchanged like cash have been discussed for years. In 2010, Gavin Andresen himself started a Bitcoin Forum discussion on possible ways to "print out ...

Winklevoss Twins Become First Official Bitcoin Billionaires
Dec 5, 2017 - Coin Telegraph.Com - Gareth Jenkinson - According to The Telegraph the twins invested $11 mln of the payout in Bitcoin in 2013. Fortune points out that the twins paid about $120 each for their approximately 91,666 Bitcoins giving ...

Zambia

Financial crimes threaten social-economic security - Nyasulu
[Opinion] - Dec 5, 2017 - Times.Co.Zm - Davis Mulenga - Law Enforcement agencies must swiftly investigate revelations of more than US$1 billion suspicious transactions revealed by the Financial Intelligence Centre (FIC), said Victor Nyasulu ...

-----------------------------

Quote of the Day

"As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them."

- John F. Kennedy

Word of the Day

Accolade: /ac·co·lade/
  1. A mark of acknowledgment : award
  2. An expression of praise
  3. A ceremonial embrace
  4. An award or privilege granted as a special honour or as an acknowledgement of merit.
  5. A touch on a person's shoulders with a sword at the bestowing of a knighthood.
-----------------------------

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.

Bounced Emails

The bounce problem is unpredictable. If one day you do not receive the DNC, it may have bounced. Try white-listing all emails from the domain "@nmta.us," or SIGN UP again, using an alternate email address.

Did you know?

The DNC is opened in over 500 mailboxes, every business day, but it does cost money to produce. If you find the DNC useful, please support the work. Click HERE to make a Sustaining ($145), or Supporting ($45) donation, and thank you!