The National Money Transmitters Association

The NMTA's Daily News Clippings


Friday, February 10, 2017

Africa

FinTech In Afrika Is Much More Than Just Mobile Money And Remittances
[Opinion] - Feb 10, 2017 - I Afrikan.Com - Marcello Schermer - The African continent faces challenges in the financial technology space that are diagonally opposite to the situation in the western world. With nearly 80% of adults in ...

Anti-Corruption

We're making progress in anti corruption war - EFCC
[Opinion - Nigeria] - Feb 10, 2017 - Tribune Online Ng.Com - Jacob Segun Olatunji & Kolawole Daniel - Acting Chairman of Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, on Thursday told the House of Representatives committee...

Saudi Anti-Corruption Commission asked to create database on cases
Feb 10, 2017 - Arab News.Com - A Shoura Council member called on the National Anti-Corruption Commission (Nazaha) to create a database on cases of corruption in the Kingdom. Shoura Council members on Wednesday listened to a report ...

Asset Forfeiture

White Collar Enforcement and New Trump Administration
[Q&A] - Feb 09, 2017 - Nat Law Review.Com - Enforcement activity under the Obama administration often made headlines for the eye-popping level of fines, with the Foreign Corrupt Practices Act (FCPA), Anti-Money Laundering (AML) ...

Watching Donald Trump Try to Puzzle Out What 'Asset Forfeiture' Means Is...
[Opinion] - Feb 9, 2017 - NY Mag.Com - Jesse Singal - On Tuesday, in an incident picked up by NPR and a bunch of other outlets, Donald Trump joked to a group of sheriffs about "destroying the career" of a Texas state senator one of the ...

Also See:
Feb 10, 2017 - TPR.Org - Rhonda Fanning & Michael Marks

CFPB

Consumer Bureau Foe Maps Out a Plan for Its Destruction
Feb 9, 2017 - Gov Exec.Com - Charles S. Clark - Continuing his crusade against "the most powerful, least accountable agency in U.S. history," House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Texas, took to the op-ed ...

Also See:
Feb 9, 2017 - NY Times.Com - Alan Rappeport

Company Announcements

Money Transfer Is a Boon to Euronet Worldwide
[Opinion] - Feb 09, 2017 - Fool.Com - Asit Sharma - Payment and transaction processing leader Euronet Worldwide (NASDAQ:EEFT) reported vigorous revenue growth in the fourth quarter of 2016 after the close of trading on Tuesday . . .

Walnut partners TechProcess for instant money transfer across country
Feb 10, 2017 - CIOL.Com - Personal finance management app, Walnut has teamed up with TechProcess Payment Services Ltd. (TPSL) to enable users to freely transfer money across banks and cards. "Post demonetisation, a number ...

GK MPay to spread to the Caribbean
Feb 10, 2017 - Jamaica-Gleaner.Com - Neville Graham -  GraceKennedy's new mobile money platform will allow subscribers to send and receive remittances via their smartphones. The company got the green light for the remittance ...

EcoCash, TransferTo partner to promote remittances
Feb 10, 2017 - South Africa News Today.Co.Za - Marcus Mushonga - EcoCash customers in Zimbabwe can now receive money from South Africa directly into their mobile wallets to pay for bills, goods and other services without having ...

Protiviti Promotes Sixteen Leaders to Managing Director Positions
Feb 9, 2017 - PR News Wire.Com - Protiviti - Protiviti, a global consulting firm, has promoted sixteen of its directors to the position of managing director. The new managing directors, who are based around the world, span several of Protiviti's ...

Orange Belgium and Ingenico Payment Services launch a mobile payment...
Feb 10, 2017 - Globe News Wire.Com - Today Orange and Ingenico Payment Services announce the launch of 'Orange Pro Payment', a mobile payment solution for professionals and other business customers...

Compliance - Other

Do You Know What an IRS Criminal Investigation is?
Feb 09, 2017 - Jdsupra.Com - Stanley Foodman - The US taxes its citizens and permanent residents on their worldwide income regardless of where they live or how long they've lived outside of the US.  There is only one other country in the ...

Remarks At SIFMA AML And Financial Crimes Conference, Susan F. Axelrod...
[Remarks] - Feb 9, 2017 - Mondo Visione.Com - Good morning. It's great to have this opportunity to be with you today to talk about anti-money laundering (AML), an area of significant regulatory focus both for the industry and regulators alike...

Meet Facebook, Your New Financial Regulator 
[Opinion] - Feb 10, 2017 - Bloomberg.Com - Cathy O'Neil - Maybe it's not so bad to have algorithmic overlords -- at least when they are pressured into protecting people rather than exploiting them. Earlier this week, Facebook ...

Cuba

[Opinion] - Feb 10, 2017 - Blogs.LSE.Ac.Uk - The rise in visitor numbers has also meant a surge in remittances, as established family links and new friendship ties have brought in gifts and stimulated private enterprise, particularly refurbishment ...

Europe

German, Swedish Banks Back Tougher Beneficial Owner Rules
Feb 10, 2017 - BNA.Com - Joe Kirwin - German banks support stricter beneficial ownership rules for companies and trusts, while the leading Scandinavian bank backed an offshore corporate economic substance test to help comply ...

Proposed EU beneficial ownership measures not proportionate
[Opinion] - Feb 9, 2017 - Cayman Compass.Com - Michael Klein - The European Data Protection Supervisor has concluded that proposed amendments to the EU Anti-Money Laundering Directive and efforts to widely share beneficial ownership ...

Top German regulator: London won't stay EU financial services capital
[Opinion] - Feb 10, 2017 - Politico.Eu - Esther King - London will no longer be the "gateway to Europe" after it leaves the EU's single market, a top German banking regulator warned. Even if banking rules could be made ...

Events

Midwest Anti-Money Laundering Conference
[Upcoming Conference to be held on Mar 29-30, 2017 - Kansas City] - Feb 2017 - Kansas City Fed.Org - The conference will feature speakers from private industry, law enforcement and the banking regulatory agencies. The topics to be discussed ...

Teaching your Front-line How to Ask BSA Questions?
[Upcoming webinar to be held on Feb 28, 2017] - Feb 10, 2017 - Compliance Online.Com - This Bank Secrecy Act training will explain how to train your frontline staff to ask BSA questions. It will cover Currency Transaction Report (CTR), Monetary ...

Diaspora Conference to be held in Guyana
[Upcoming conference to be held on July 23-28, 2017 - Georgetown] - Feb 10, 2017 - Demerara Waves.Com - The University of Guyana (UG) has announced that it will be hosting its inaugural Diaspora Engagement Conference from July 23 ...

FATCA

FATCA: The big question
[Opinion] - Feb 10, 2017 - J Post.Com - Sarah Hershenson - The USA and Eritrea are the only countries in the world that tax their citizens based on two things: on residence and on citizenship. Wherever their citizens live, US (and Eritrean) ...

Financial Inclusion

Suitable regulations key to financial inclusion: analysts
[Opinion - Bangladesh] - Feb 10, 2017 - The Daily Star.Net - Technology, innovation and suitable regulations are the key to deepening financial inclusion, analysts said at a seminar yesterday. "We need a grand alliance to create a new inclusive model...

Why "financial inclusion" may not be the correct terminology
[Opinion] - Feb 9, 2017 - The Zimbabwe Daily.Com - Over the past few years, financial authorities and development organisations in Africa have become fond of "financial inclusion" as a process of involving many people in banking services. ...

Financial Services

5 Trends Impacting the Financial Services Industry in 2017
[Opinion] - Feb 10, 2016 - Business 2 Community.Com - Nathan Ive - 5 Trends Impacting the Financial Services Industry in 2017 Today, nearly every financial activity is being reimagined in some way, from banking, to lending . . .

Also See:  
[White Paper - Older] - 2016 - Eurekas Olutions.Co.Uk - NetSuite Inc.

Fines, Crimes & Cases

FCA issues record fine for Anti-Money Laundering (AML) control weaknesses
[Opinion] - Feb 9, 2017 - Baringa.Com - Ben Skliar-Ward - The size of the fine; the largest the FCA has ever issued for money-laundering, was influenced by the scale of potential financial crime that occurred and the breadth of deficiencies across ...

Also See:
January 31, 2017

Latin America bribery scandal widens . . .
Feb 9, 2017 - LA Times.Com - Adriana Leon & Chris Kraul - In late December, Brazil's largest construction company pleaded guilty in U.S. federal court to having paid $788 million in bribes to government officials throughout Latin America ...

CFPB and New York Attorney General File Suit Against Settlement Company...
[Ongoing] - Feb 9, 2017 - Jdsupra.Com - James Coulter - On February 7, the Consumer Financial Protection Bureau (CFPB) and the New York Attorney General (NY AG) jointly announced they filed suit in the U.S. District Court for the Southern . .

[Announcement] - Feb 7, 2017 - Consumer Finance.Gov
[Filed Suite] - Feb 7, 2017 - Consumer Finance.Gov

Hong Kong

Enhancing Transparency Of Beneficial Ownership Of Hong Kong Companies
Feb 09, 2017 - Mondaq.Com - Patrick Hamlin & Denis Petkovic - The Financial Services and Treasury Bureau in Hong Kong has recently issued a consultation paper putting forward proposals to enhance the transparency of beneficial ownership ...

Also See:
January 17, 2017 - Public Consultation
 
Kenya

Scientists prove that mobile money dramatically boosts wealth: Here's how!
[Opinion] - Feb 10, 2017 - Biz News.Com - Sarah Logan - A recently published study on the long-run effects of mobile money on economic outcomes in Kenya provides some valuable insights that will benefit economic development and financial ...

Mexico

Mexicans In The U.S. Are Sending Home More Money Than Ever
[Opinion] - Feb 10, 2017 - Cape And Islands.Org - Migrants from Latin America and the Caribbean are sending more money to their families back home than ever before. These annual "remittances" - as they're called by analysts ...
 
Proposed OCC Fintech Charter

How Fintech Can Take Off Without Getting Hampered By Regulations
[Opinion] - Feb 09, 2017 - Fortune.Com - Aaron Klein & Brian Knight - Increasingly, financial technology firms from online payments apps to small business lending startups are competing against traditional firms, such as America's biggest banks...
        
Virtual Currencies

China Looking to Regulate Gold & Bitcoin
[Opinion] - Feb 10, 2017 - Armstrong Economics.Com - Martin Armstrong - China has called all Bitcoin exchanges to a closed door meeting looking to shut down the flight of capital from China. China is looking to deal with the expected trade ...

Recent Blockchain Regulatory Developments
Jan 31, 2017 - Orrick.Com - Nikiforos Mathews & Jonas Robison - Blockchain and distributed ledger technology ("DLT") applications outside of the bitcoin context are attracting the attention of financial entities, prompting regulators to ...

Austria gets its first bitcoin digital currency 'bank'
Feb 10, 2017 - RT.Com -  The world's first dedicated bitcoin bank has opened in the center of the Austrian capital Vienna. It is designed to make buying and selling bitcoin easier and safer than other in-person options. ...

Coinbase the Latest to Obtain New York BitLicense
[Older Story] - Feb 9, 12017 - Jdsupra.Com - Brad Gershel & Marjorie Peerce  - The New York State Department of Financial Services ("DFS") has issued its fifth BitLicense to date, continuing a marked effort to bring legitimacy and controls . . .

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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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