The National Money Transmitters Association

The NMTA's Daily News Clippings


Wednesday, February 01, 2017

Top Story - Fintech, Remittances & Immigration

Collaboration, not Conquest: Fintech's Impact on the Global
[Interview] - Jan 31, 2017 - Investing News.Com - This exclusive interview with Sudhesh Giriyan, COO of Xpress Money, discusses the future of the global remittances market, and the ways in which fintech is poised to impact ...

Top Story - Mexico

Mexico considers plan to protect remittances from U.S.
[Ongoing Story] - Feb 01, 2017 - English.Sina.Com - The Mexican government said Tuesday it has been promoting a reform aimed at protecting billions of U.S. dollars in remittances Mexican migrants send back annually...

Also See:
[Opinion] - Jan 31, 2017 - Open Ruby.Com

Featured Publication of Interest

FXcompared Intelligence - Newsletter
Feb 1, 2017 - Fx Compared.Com  - Retrospective: Who Bought Who?

Also See, Main Site:

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AML Compliance Trends


Government's War on Money Laundering Is Causing the Wrong ...
Jan 31, 2017 - People Spundit Daily.Com - Daniel Mitchell - President Donald J. Trump says he wants to roll back the burden of regulation. Give the morass of red tape that is strangling the economy, this is a very worthy goal...

Useless anti-money laundering laws
[Opinion] - Jan 31, 2017 - Cayman Compass.Com - Governments occasionally pass laws with good intent but which backfire because they were poorly thought out and created perverse incentives, making the situation far worse...

Anti-Corruption

Put the American people first: Keep the anti-corruption rule
[Opinion] - Jan 31, 2017 - The Hill.Com - Former Sen. Richard G. Lugar & Sen. Ben Cardin - One lesson from President Trump's election is, as he said in his inaugural speech, the interests of citizens should prevail over the powerful...

Anti-Corruption Law Gets The Nod - Holness Says Gov't Couldn't ...
[Jamaica] - Feb 1, 2017 - Jamaica-Gleaner.Com - Edmond Campbell - Despite a grey area as to who will be the spokesman or the head of the new Integrity Commission, the House of Representatives yesterday passed the long...

Thousands protest as Romania scraps anti-corruption rules
[Romania] - Feb 1, 2017 - EU Observer.Com - Aleksandra Eriksson - Protests erupted in Bucharest on Tuesday (31 January) evening after Romania's left-wing government scrapped some anti-corruption rules, in a move likely to allow ...

EU to financially assist Armenia in anti-corruption fight
Feb 1, 2017 - Pan Armenian.Net - The European Union is ready to provide financial assistance to help Armenia fight corruption, Head of the EU Delegation to Armenia, Ambassador Piotr Switalski said on Wednesday, February 1...

Australia

The missing millions: Political donations likened to money laundering
Feb 1, 2017 - ABC.Net.Au - Ashlynne McGhee - Australia's political donation system has been likened to the operation of criminal money laundering with one key difference - the political donation system is entirely legal...

Banks

Why Are Banks Regulated?
[Opinion] - Jan 31, 2017 - St Louis Fed.Org - Julie Stackhouse - The topic of financial deregulation is once again generating news stories. It raises a foundational question: "Why is the U.S. banking system so heavily regulated?"...

China

How Chinese Mobile Payments Are Quietly Conquering the World
[Research] - Feb 1, 2017 - Jing Daily.Com - Daniel Meesak - While mobile payments have been off to a slow start in most of the Western world-even the rollout of EMV chip payments in the United States is far behind schedule-China ...

Company Announcements

RCBC hires former official of Anti-Money Laundering Council
Jan 31, 2017 - News.ABS-CBN.Com - Rizal Commercial Banking Corp. (RCBC) said Tuesday it hired a former official of the Anti-Money Laundering Council as chief compliance officer, as the bank continues to beef up its management...

Compliance - Other

Dodd-Frank on the chopping block
[Opinion] - Feb 1, 2017 - Public Integrity.Org - The Financial Choice Act would relax or remove many of the protections on the financial system created by Dodd-Frank. The possibility of its passage has greatly increased ...

Here's the confusion around independent agencies under Trump's...
[Opinion] - Jan 31, 2017 - Housing Wire.Com - Brena Swanson - President Donald Trump recently singed a presidential memoranda and executive order that significantly impact the future of regulations across all industries...

FATCA

'Fatca not going away'
[Trinidad & Tobago - Opinion] - Feb 1, 2017 - Guardian.Co.TT - Nadaleen Singh - The Foreign Account Tax Compliance Act (Fatca) still exists and is not going away. That's the statement from Denise Hintzke, Deloitte's global leader on ...

Also See:
Feb 1, 2017 - Guardian.Co.TT

Jan 31, 2017 - Jamaica-Gleaner.Com

Financial Inclusion

Uganda: Digital Banking Necessary for Financial Inclusiveness
[Opinion] - Jan 31, 2017 - All Africa.Com - Renita Nabisubi - Probably, we have all seen articles and blog posts about the innovation of Safaricom-Commercial Bank of Africa (CBA) product that allows mobile money users to remotely ...

Fines, Crimes & Cases

Jan 31, 2017 - Idaho States Man.Com - Audrey Dutton - Western Union received more than 2,000 complaints from Idahoans about fraud-induced wire transfers between 2004 and 2015, according to Idaho Attorney General ...

Here's why Deutsche Bank was fined $628 million over Russian trades
[Opinion - Ongoing Story] - Jan 31, 2017 - Market Watch.Com - Francine McKenna - The activity Deutsche Bank engaged in that resulted in over $600 million of fines was borne out of the bank's desire to move $10 billion out of ...

CFPB Sues Group of Law Firms and Attorneys for Illegal Debt Relief...
Jan 31, 2017 - Nat Law Review.Com - On January 30, 2017, the Consumer Financial Protection Bureau ("CFPB") filed a complaint in the Eastern District of California against a group of law firms and attorneys, alleging that the...

OFAC Fines Canadian Bank for Complying with Canadian Law
Jan 31, 2017 - Export Law Blog.Com - Clif Burns - The Office of Foreign Assets Control ("OFAC") recently whacked "Toronto-Dominion Bank ... a financial institution headquartered in Toronto, Canada," with a $516,105 fine for various ...

Haiti

Haitian Leaders Suggest How Trump Can Drain Haiti's Swamp
[Opinion, Older Story] - Jan 26, 2017 - Huffington Post.Com - At noon on January 20, 2017, Donald Trump was sworn in as the 45th President of the United States. In a relatively unpublicized move, all foreign ambassadors were told to leave their ...

Philippines

AMLC announces temporary executive director
[Update] - Jan 31, 2017 - GMA Network.Com - Following the resignation of Anti-Money Laundering Council (AMLC) executive director Julia Bacay-Abad, the Philippine financial intelligence unit on Tuesday announced a new ...

Also See:
[Opinion] - Feb 1, 2017 - Phil Star.Com

United Kingdom

High-Profile UK Bank Clients Face AML Regulatory Dragnet
[Subscription Required] - Jan 30, 2017 - Law 360.Com - Mark Taylor - British regulators are preparing rules on screening and handling potentially risky banking customers as they implement new anti-money laundering and ...

Virtual Currencies

Central Bank Governor says Digital Currencies could displace ...
Jan 31, 2017 - Brave New Coin.Com - Luke Parker - The Governor of the Bank of England (BoE) and Chair of the Financial Stability Board and Monetary Policy Committee, Mark Carney, recently gave a speech about FinTech, financial ...

NH Legislators Seek Money Transmission Exemption for Bitcoin ...
Jan 31, 2017 - The Bitcoin News.Com - HB 436, filed on 12th January, seeks to add a formal definition for "virtual currency" to the state's laws, as well as create an exception from money transmission requirements for ...

Czech Republic Introduces Law Regulating (Restricting) Bitcoin
Jan 31, 2017 - Crypto Coins News.Com - The Czech Republic has introduced a law restricting bitcoin, according to an article by Elizabeth Vejvodova, editor of Pravni radce (Legal Counselor). The article noted that more than ...

RBI says it hasn,t authorised use of Bitcoins, flags risks
Feb 1, 2017 - Live Mint.Com - The Reserve Bank of India (RBI) on Wednesday said it has not authorised dealings in or use of virtual currencies, and cautioned those investing in the instruments like Bitcoins...

Blockchain beyond Bitcoin
[Opinion] - Feb 1, 2017 - Gadget.Co.Za - Distributed ledger technology like blockchain was only associated to the financial services until recently. However, companies in other industries are starting...

The rise of global digital currencies
[Opinion] - Feb 1, 2017 - Finder.Com.Au - Tim Falk - Technological innovation and changes to the way we manage our money go hand in hand. Throughout history, technology has always been a driving factor in transforming the way we ...

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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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