The National Money Transmitters Association
NMTA's Daily News Clippings

Monday, February 12, 2018

Top Story

FinCEN

Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies
[Issuance] - Feb 9, 2018 - Fincen.Gov - As part of the FATF's listing and monitoring process to ensure compliance with its international AML/CFT standards, the FATF identifies certain jurisdictions as having strategic deficiencies in their ...

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AML Compliance Trends

SEC's 2018 Exam Priorities - Worth the Wait
[Opinion] - Feb 9, 2018 - Lexology.Com - The SEC's Office of Compliance Inspections and Examinations (OCIE) released its 2018 National Exam Program Examination Priorities on February 7, 2018 ("2018 Priorities Letter"). While issued later than ...

The future of transfer agents
[Opinion] - Feb 7, 2018 - Asset Servicing Times.Com - In terms of regulatory developments, there is the strengthening of anti-money laundering (AML) and know-your-customer (KYC) requirements for investors, recent fiscal identification ...

Everyday Technology Posing New Compliance Risks?
[Opinion] - Feb 10, 2018 - Global Radar.Com - Dominic Suszek - The growth and reliance on technology in the financial realm in recent years has opened new doors for financial service enterprises across the globe to promote better, more ...

Is Being A Compliance Officer Worth the Risk?
[Old Opinion] - Jan 7, 2018 - Global Radar.Com - Dominic Suszek - The importance of compliance officers cannot be overstated. This sentiment is shared throughout the financial services sector, and is made evident when considering that  ...

Anti-Corruption Around the World

New allegations shake Romania's top anticorruption institution
Feb 12, 2018 - Romania-Insider.Com - A former anticorruption prosecutor and a former member of the Parliament launched new accusations against the National Anticorruption Directorate (DNA) and its chief prosecutor Laura Codruta ...

'Concentration of Anti-graft Agencies Activities at Federal Level Not Helping ...
[Opinion, Africa] - Feb 11, 2018 - This Day Live.Com - Adedayo Akinwale - The African Centre for Leadership, Strategy and Development (Centre LSD) has said the concentration of activities of the anti-corruption agencies at the federal level ...

FCPA Enforcement and Anti-Corruption Year in Review
[Overview] - Feb 11, 2018 - Corp Gov.Law.Harvard.Edu - Despite significant FCPA enforcement activity in 2017, the Trump administration's approach to enforcement remains elusive and not readily characterized. Looking at 2017 as a whole, the ...

Chief Justice urges courts to step up anti-corruption efforts
[China] - Feb 10, 2018 - ECNS.Cn - Mo Hong'e - China's Chief Justice Zhou Qiang has asked the country's courts to strengthen the anti-corruption campaign and conduct strict self-supervision in 2018. Zhou, president of the Supreme ...

Asset Forfeiture

Taxes Are Better Than This
[Opinion] - Feb 11, 2018 - Heartland.Org - Daniel Sutter - Civil asset forfeiture involves the government taking assets allegedly used in or the proceeds of criminal activity. The practice has long angered libertarians and produced many injustices ...

State lawmakers eye forfeiture reform
[Opinion, Michigan] - Feb 11, 2018 - Record-Eagle.Com - Kyle Kaminski - A bill aimed at protecting property rights of the accused is amassing support from local officials as it gains steam among state lawmakers. House Bill 4158 - introduced this month by ...

UK Asset forfeiture: Nigerian property owners seek extended tax amnesty ...
Feb 12, 2018 - New Telegraph Online.Com - Dayo Ayeyemi & Abdulwahab Isah - Nigerians who own property in the United Kingdom, have inundated the Federal Ministry of Finance's Voluntary Assets and Income Declaration Scheme (VAIDS) ...

Australia

Australia royal commission inquiry into banking begins
Feb 12, 2018 - Saudi Gazette.Com.Sa - Australia opened a long-awaited inquiry into its massively-profitable finance industry on Monday after a string of scandals rocked confidence in the sector. The country's "big four" banks - among the ...

CFPB

Weston: Would a bank payday loan be any safer?
[Opinion] - Feb 12, 2018 - Detroit News.Com - Liz Weston - A "safer" payday loan sounds like an oxymoron. Critics have branded these notoriously high-cost loans as debt traps that cause borrowers to go ever deeper in the hole...

Mulvaney Says CFPB Under His Direction Is ‘Not Being Aggressive’
[Opinion] - Feb 11, 2018 - Bloomberg.Com - Ben Brody - Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, said the agency under his leadership is enforcing the law but "not being aggressive" about its mission...

Company Announcements

WhatsApp has reportedly introduced P2P payments in India
Feb 12, 2018 - Mobile Marketing Magazine.Com - It has been reported for almost a year that the Facebook-owned instant messaging app would launch a person-to-person (P2P) payments feature. At the time, Facebook had begun ...

Airtel and Standard Chartered Bank launch mobile money platform
[Zambia] - Feb 12, 2018 - It News Africa.Com - Airtel Zambia has revealed that it has partnered with Standard Chartered Bank Zambia to launch a new mobile money wallet platform dubbed "Straight2Bank." This newly launched mobile money wallet ...

8 banks join JETCO to provide merchant payment service
Feb 12, 2018 - Enterprise Innovation.Net - Dylan Bushell-Embling & Nancy Ho - JETCO has launched its JETCO Pay Merchant Payment QR code and online payment service in collaboration with eight Hong Kong banks...

Cybersecurity

State Government of South Australia released Cyber Security Strategic Plan ...
Feb 121, 2018 - Open Gov Asia.Com - Priyankar Bhunia - The state government of South Australia (SA) recently released a Cyber Security Strategic Plan 2018-2021. The Department of the Premier and Cabinet (DPC) is tasked with the responsibility ...

Also See:
Feb 2018 - Digital.Sa.Gov.Au

AI Is The Weapon Organizations Need To Win The Cyber War
[Opinion] - Feb 12, 2018 - Forbes.Com - Chris Petersen - Data breaches continue to come fast and furious. The latest major incident, Equifax, was one for the record books. Hackers obtained highly sensitive personal data on 145 million Equifax ...

Events

"Immigration Misinformation": Penn State Law to host information session...
[Upcoming Event, Feb 14, 2018 - Pennsylvania] - Feb 12, 2018 - Psu Under Ground.Com - Penn State Law will host an informational session on immigration this Wednesday, Feb. 14 from 6 p.m. - 7:30 p.m. This session will take place in the...

MEC organises seminar on anti-money laundering
[Past Seminar, Feb 11, 2018] - Feb 12, 2018 - Gulf-Times.Com - The Ministry of Economy and Commerce (MEC) yesterday held a seminar, titled 'Anti-Money Laundering and Terrorism Financing Regulations', which brought together legal...

FATCA

America's Punishing Worldwide Tax Scheme: New at Reason
[Opinion] - Feb 12, 2018 - Reason.Com - The Foreign Account Tax Compliance Act (FATCA), which was enacted under Obama, deputizes overseas financial institutions to snoop on and collect taxes from Americans, making banks reluctant to take ...

Fiji

Talk Tax - Offshore Remittances
[Old Story, Opinion] - Jan 13, 2018 - Fiji Sun.Com.Fj - Maraia Vula - The rapid increase in offshore transactions made by individuals and businesses are directly linked to the growth in economic activities both domestically and internationally. ...

Financial Inclusion

China's Impressive Trajectory Toward Universal Financial Inclusion
[Opinion] - Feb 10, 2018 - Modern Diplomacy.Eu - China has achieved remarkable success in financial inclusion over the last 15 years. Traditional financial service providers have dramatically increased the reach of the formal financial sector ...

Also See:
Feb 12, 2018 - Ecns.Cn - Li Yahui

OECD chief talks about inclusive growth
[UAE] - Greater collaboration can help us to look collectively at the financial system, universities, labour market, etc., which will in turn help societies evolve. Ultimately it is important to implement better policies for better lives. If it is not ...

African women in global banking: a daunting journey?
[Opinion] - Feb 12, 2018 - New Times.Co.Rw - Soraya Hakuziyaremye - Internal factors related to the low level of financial inclusion overall in Africa, and the lack of access to financial services for women in particular, are visibly an impediment ...

Fintech

What's Driving India's Fintech Boom?
[Opinion] - Feb 11, 2018 - Fair Observer.Com - The fintech space in India is heating up. WhatsApp, the most widely used messaging app in the country, has recently started rolling out a Unified Payments Interface (UPI)-based payments ...

Bank and Fintech collaboration - three drivers for growth in 2018
[Opinion] - Feb 12, 2018 - IB Times.Co.Uk - Simon Paris - To meet such needs, we can expect to see greater levels of cooperation between banks and Fintechs than ever before. Indeed, PwC's Global Fintech Report 2017 states that some 82% ...

Also See:
[Old Report] - PWC.Com

Driving prosperity for Scottish financial services
[Opinion] - Feb 12, 2018 - Scots Man.Com - Lord Duncan & John Glen - Scotland has a world-renowned reputation for business success and innovation, particularly in financial services, which employs more than 150,000 people across the country ...

Royal commission into financial services
[Opinion] - Feb 12, 32018 - AFR.Com - "The commission is not adversarial litigation, it is an inquiry. The counsel assisting this commission, together with our instructing solicitors, are committed to supporting and assisting the commission to ...

Holland

Mobile banking and mobile payments in the Netherlands
[Opinion] - Feb 12, 2018 - Expatica.Com - Companies have noticed that people spend a lot of time on their mobile phones and are taking advantage of the advances in technology. Over the past three to four years, there has been a rapid increase in ...

Money Transfer Business

CSBS Announces Multi-State Compact to Standardize Money Transmitter ...
[Ongoing Story] - Feb 11, 2018 - Nat Law Review.Com - Luis Urbina - On February 6, 2018, the Conference of State Bank Supervisors ("CSBS") - the nationwide organization representing banking regulators from all 50 states, the District of ...

Also See:
[Press Release] - Feb 6, 2018 - CSBS.Org

OCC

OCC Risk Report: New Risks for U.S. Banks?
[Opinion] - Jan 27, 2018 - Global Radar.Com - The Office of the Comptroller of the Currency (OCC) has just released its semiannual risk report, highlighting a series of strategic, credit, operational and compliance risks facing the United States' ...

Pakistan

FIA Anti-Corruption Wing sends notices to 100 Pakistani investors in Dubai
Feb 12, 2018 - Pakistan Today.Com.Pk - Arshad Hussain - Federal Investigation Agency's (FIA) Anti-Corruption Wing sent notices to 100 rich Pakistanis, who own properties in Dubai to investigate money laundering from Pakistan to Dubai...

Remittance & Immigration

Ex-Mexican Foreign Minister Sees Some Good In Trump's Immigration Plan
[Opinion, Audio] - Feb 12, 2018 - NPR.Org - Steve Inskeep talks to former Mexican Foreign Minister Jorge Castañeda about President Trump's immigration plan. He says there might be some merit to the plan...

Right Now, 'Merit-Based' Just Means Fewer Immigrants
[Opinion] - Feb 12, 2018 - Forbes.Com - Stuart Anderson  - When the Trump administration says it wants "merit-based immigration" it's not talking about admitting 1 million scientists and engineers, or even any additional immigrants with college ...

South Africa

Facial recognition in FICA processing
Feb 12, 2018 - It Web.Co.Za - Alison Job - The Financial Intelligence Centre Act (FICA) requires that all financial institutions be able to identify their customers. The aim is to combat money laundering by requiring South African banks to ensure they ...

Tanzania

Govt Ponders Harmonisation of Mobile Money Transactions
Feb 12, 2018 - All Africa.Com - Rosemary Mirondo - The government now wants all telecommunication companies to register their mobile money transactions with the National Switch as it seeks to rollout interoperability across all ...

United Kingdom

'Just 12% of agents understand Anti Money Laundering obligations'
[Opinion] - Feb 12, 2018 - Property Industry Eye.Com - Estate agents continue to be at risk of fines from HMRC for non-compliance with the Anti-Money Laundering regulations - with widespread confusion in the industry as to requirements...

Virtual Currencies

Cryptocurrencies are too big for UK banks to ignore
[Opinion] - Feb 12, 2018 - IB Times.Co.Uk - Pawel Kuskowski - What do Gibraltar and Japan have in common? They are both countries where UK cryptocurrency firms have been forced to bank. Shunned by UK institutions, companies based in London ...

EU watchdogs warn consumers of cryptocurrency "pricing bubble"
Feb 12, 2018 - Nasdaq.Com - Virtual currencies such as bitcoin have shown clear signs of a pricing bubble and consumers could lose all their money, the European Union's banking, securities and insurance watchdogs said on Monday...

The good and bad of blockchain
[Opinion] - Feb 12, 2018 - Chicago Booth.Edu - Rose Jacobs - Everything associated with Bitcoin became a little more interesting when the cryptocurrency's value skyrocketed, doubling in less than a month to more than $17,500 by  ...

Abu Dhabi financial regulator may create framework for virtual currencies
Feb 11, 2018 - Reuters.Com - The regulator of Abu Dhabi's international financial centre said it could create rules for exchanges handling virtual currencies, in a sign that authorities in the United Arab Emirates may allow trade in cryptocurrencies ...

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Quote of the Day

"Just knowing you don't have the answers is a recipe for humility, openness, acceptance, forgiveness, and an eagerness to learn - and those are all good things."

    - Dick Van Dyke

Word of the Day

Espousal: / es·pous·al / [Noun]
  • An act of adopting or supporting a cause, belief, or way of life.
  • A taking up or adopting of a cause or belief
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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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