The National Money Transmitters Association

The NMTA's Daily News Clippings


Monday, February 13, 2017

Dear Readers,

The DNC's Editorial Goals and Methods

In choosing articles to publish in the Clippings, it has been our approach from the beginning, to include more rather than less. Keeping up with the news these days demands it.

We clip these articles for money transmitters with a broad sensibility. We look at financial institution topics, immigration topics, AML topics, political topics, anti-corruption and FATCA topics among others.

Sadly, these topics have had to broaden, recently, to include far more politics than we otherwise would have liked.

Our main editorial concerns remain industry compliance and awareness, access to bank accounts, a tax-free remittance environment and, from government, clarity and a level-playing field.

So please know that we take pains to respect your time, and categorize these articles so you can scan them quickly.

Your comments are most welcome.

And now, please enjoy today's Clippings!

Regards,

-David

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Top Story - Denial of [Correspondent] Banking Services

Region must act to keep banking links
[Opinion] - Feb 13, 2017 - Nation News.Com - Corresponding Banking is not an issue that matters to most people in Barbados or the Caribbean. People who send money to or receive funds from abroad don't think twice about how the system works ...

Top Story - Mexico

As Trump plans wall, Pena Nieto watches the Mexico line
[Opinion] - Feb 11, 2017 - Dw.Com - Astrid Prange - US President Donald Trump is facing growing criticism for his harsh approach to migrants - but so is Mexico's Enrique Pena Nieto ...

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Africa

Agreement aims to boost access to financial services in Africa
Feb 13, 2017 - Out-Law.Com - The memorandum of understanding (MOU) signed by the two will "strengthen the technical capacity of financial regulators and policy-makers across the continent to implement substantive policy reforms to advance ...

AML Compliance Trends

The application of the Pareto Principle in risk and compliance
[Opinion] - Feb 13, 2017 - Bobs Guide.Com - Eric A. Sohn - Risk management and regulatory compliance, unfortunately, obeys the Pareto Principle. This is partly due to data quality issues in the information being screened, whether it is static ...

AI Meets AML: How Smart Analytics Fight Money Laundering
[Opinion] - Feb 13, 2017 - Fico.Com - Scott Zoldi, Andrew Jennings & Brian Kinch - There is so much noise about AI and its ilk that, in my opinion, it's important for us in the worlds of fraud and compliance to take a step back and focus on how we ...

White Collar Enforcement and the New Trump Administration . . .
[Q&A] - Feb 11, 2017 - jdsupra.com - Scott L. Fredericksen & Gregory Husisian - Enforcement activity under the Obama administration often made headlines for the eye-popping level of fines, with the FCPA,  AML regulations, and economic ...

Anti-Corruption / Tax Evasion / Off-Shoring
[Also See: The Trump Effect]

Is corruption becoming endemic in democracies?
[Opinion] - Feb 13, 2017 - NST.Com.My - Mushtak Parker - Once the exclusive preserve of banana republics, absolute monarchies and totalitarian regimes - corruption and bribery in public life and business - seems finally coming home ...

Global anti-corruption enforcement numbers going up
[Opinion] - Feb 13, 2017 - Compliance Week.Com - Tom Fox - As dramatic as the increase in Foreign Corrupt Practices Act fines and penalties were in 2016, one of the more important themes for the year was the globalization of enforcement ...

Presidential Memo: SUBJECT: Creation of an Anti-Corruption Agency To ...
[Gambia] - Feb 13, 2017 - Freedom Newspaper.Com - The United Nation Convention Against Corruption came into force in 2005 and had been ratified by more than 155 countries, more than two-third of UN member states. Gambia ratified ...

Banks Take Bigger Role in Latin American Fight Against Tax Evasion
[Opinion] - Feb 12, 2017 - Financial Tribune.Com - When Argentina launched a tax amnesty program last year to bring billions of dollars back into the country, it found support from an unlikely corner: the banks whose clients had stashed ...

Tax avoidance: Coalition starts consultation over register for shell companies
Feb 13, 2017 - The Guardian.Com - Gareth Hutchens - The Australian government is pushing ahead with plans to establish a public register revealing the identities of the beneficial owners of shell companies, in an attempt to crackdown on ...

Asset Forfeiture

Trump should work to end the abuse of civil asset forfeiture
[Opinion] - Feb 12, 2017 - The Hill.Com - Akil Alleyne - President Trump's recent remarks concerning the practice of civil asset forfeiture at a roundtable of county sheriffs (particularly his hopefully-facetious threat to "destroy [the] ...

Also See :
[Opinion] - Feb 12, 2017 - Washington Times.Com - Allison Kite

Bangladesh

Declining remittance inflow worries BB
[Opinion] - Feb 13, 2017 - The Independent Bd.Com -  Bangladesh Bank (BB) has started working to find out reasons behind the downturn in the inflow of remittances, said governor Fazle Kabir. "Two research teams of the central bank will soon visit ...

Company Announcements

World Bank appoints Noumba Um as director
[Announcement] - Feb 13, 2017 - News Day.Co.Zw - The World Bank has appointed Paul Noumba Um as the new country director for seven African countries including Zimbabwe. He replaces, Guangzhe Chen, who was appointed as senior ...

MTN Cameroon Improves Mobile Money Services
[Cameroon] - Feb 12, 2017 - Cameroon-Concord.Com - The Cameroonian subsidiary of South African telecoms operator MTN just bettered its mobile money services by now offering mini-statement on mobile transactions ...

Denial Of [Marijuana] Banking Services

California Seeks Banking Options for Budding Marijuana Industry
[Opinion] - Feb 10, 2017 - The Recorder.Com - Cheryl Miller - Most banks will continue to shy away from doing business with the marijuana industry, even as more states legalize the drug's use, until Congress provides concrete legal protection for ...

Egypt

Financial observation: remittance income growth and confidence in the ...
Feb 12, 2017 - top-news.top - Zheng Kailun Huang Zemin - Egypt's official currency, the Egyptian pound, has continued to appreciate against the dollar recently, with the major bank rates rising to about 17.87 to 11 percent in the week ...

Events

FATF Plenary week from 18-24 February 2017
[Upcoming meetings to be held on Feb 18, 22-24, 2017 - Paris] - Feb 13, 2017 - FATF-GAFI.Org - he FATF begins 7 days of meetings in Paris on 18 February, involving up to 800 delegates from the 198 jurisdictions of the FATF Global Network ...

Financial Inclusion

Financial Transparency and Inclusion
[Opinion - Free Subscription Required] - Feb 13, 2017 - Enterprise Innovation.Net - The battle against "dirty money" continues. Money laundering, terrorist financing and tax evasion remain firmly on the regulator's radar, and Know Your Customer (KYC) ...

Promoting financial inclusion with vigour
[Opinion - Pakistan] - Feb 12, 2017 - Dawn.Com - Mohiuddin Aazim - The move to launch the Pakistan Financial Inclusion and Infrastructure Project, the latest in a series to promote financial inclusion, will help spur economic growth. ...

Nabard begins survey to study effects of financial inclusion
[Survey - India] - Feb 13, 2017 - livemint.com - Remya Nair - The National Bank for Agriculture and Rural Development (Nabard) has started a survey of primarily 40,000 households to study the impact of financial inclusion on livelihoods ...

Fines, Crimes & Cases

Another Lawyer At Mossack Fonseca Detained For Questioning In Money ...
Feb 12, 2017 - Rijock.Blogspot.In - Kenneth Rijock -  Panama attorney Edison Teano, known to be a partner at the law firm of Mossack & Fonseca, was detained for questioning by the authorities, reportedly around the same time that the ...

Also See:
Feb 12, 2017 - American Lawyer.Com - Brian Baxter

Argentina pushes to prosecute HSBC bankers for money laundering
Feb 13, 2017 - Financial Hand Book.04p.In - The Argentine government's combative attitude is a stark contrast to the United States government, which decided to fine the bank a record $1.9 billion but did not pursue criminal charges even though ...

Hong Kong

HK government keen on fintech advancement in city, says minister
Feb 12, 2017 - SCMP.Com - Enoch Yiu - The Hong Kong government is keen to encourage the development of more mobile payment services so that it can reduce the use of cash in the city, according to a top government official ...

Kenya

Heed regulator's directive
[Opinion] - Feb 12, 2017 - Business Daily Africa.Com - The regulator issued the directive following numerous customer complaints about the lack of transparency associated with mobile money transactions. ...

Malta

Anti-money-laundering agency workers still clueless about new head
[Opinion] - Feb 12, 2017 - Breaking News Live.Net - Employees of Malta's anti-money-laundering agency, which investigated the country's connection to the Panama Papers, are still in the dark about who will be taking over as their new head ...

New Zealand

Chartered accountants' . . . .body wants 'pragmatic & proportional' AML ...
Feb 13, 2017 - Interest.Co.Nz - Gareth Vaughan - The industry body for chartered accountants is expressing conditional support for its members being dragged under the oversight of the Anti-Money Laundering and Countering Financing of Terrorism ...

Philippines

Philippines to Plug Money Laundering Holes in Casino Sector
[Opinion] - Feb 11, 2017 - Casino.Org - Samantha Beckett - The Philippines is pushing ahead with plans to tighten anti-money laundering (AML) controls in its casino sector. The country's casinos, which are lightly regulated by state-run operator-regulator ...

Also See:
[Important Website] - Pagcor.Ph - PAGCOR

Proposed OCC National Fintech Charter

Proposed OCC National Fintech Charter Comments & Feedback
[Older Story] - Feb 6, 2017 - Crowd Fund Insider.Com - JD Alois - Last December, the Office of the Comptroller of the Currency (OCC) - part of the Department of Treasury-  proposed a "National Bank Charter for Fintech Companies".

Also See:
[Older Story] - Feb 2, 2017 - BNA.Com - Gregory Roberts

Somalia

Somalia Says to Resume Printing Currency Soon
Feb 12, 2017 - All Africa.Com - The governor of Somalia's central bank, Bashir Issa Ali, told VOA in an exclusive interview Saturday that all technical preparations are complete, and his government is confident it can assemble a financial aid ...

Trinidad & Tobago

DPP must now address complex prosecutions
[Opinion] - Feb 12, 2017 - Guardian.Co.TT - Debra Wanser - The DPP referred to "certain new types of criminal investigations and prosecutions that we are expected to lead, such as money laundering and terrorist financing, but we need the staff to ...

The Trump Effect

Top Federal Reserve official resigns as bank deregulation looms
Feb 11, 2017 - The Star.Com.My - The Federal Reserve Board's top bank regulator said on Friday he would resign, giving a boost to President Donald Trump's plans to ease reforms put in place after the 2007-09 financial crisis ...

Also See:
[Opinion] - Feb 11, 2017 - The Week.Com

Donald Trump can shake up global banking
[Opinion] - Feb 13, 2017 - AFR.Com - John Kehoe - Daniel Tarullo's resignation as the US Federal Reserve's top regulator of Wall Street banks is a potential catalyst for Donald Trump to upend global cooperation on banking rules and to ...

Also See:
[Opinion] - Feb 13, 2017 - Hellenic Shipping News.Com

[Opinion] - Feb 13, 2017 - The Australian.Com.Au - Bridget Carter ...

Congressman's Memo Outlines Plan to Gut Dodd-Frank
Feb 13, 2017 - Builder Online.Com

IMF 'mindful' of Trump's attempt to repeal Dodd-Frank . . .
[Opinion] - Feb 11, 2017 - CNBC.Com - Arjun Kharpal - International Monetary Fund (IMF) managing director Christine Lagarde on Sunday urged financial regulators not to undo the framework put in place after the 2008 financial ...

Exposed Richard Cordray Texts Contain Worrying CFPB-Lobbyist Connections
[Exclusive] - Feb 12, 2017 - Daily Caller.Com - Justin Caruso - Text messages obtained via Freedom of Information Act (FOIA) request from the Consumer Financial Protection Bureau (CFPB) show director Richard Cordray's communications with ...

An Economic Look at Deregulation
[Opinion] - Feb 13, 2017 - Fx Street.Com - It isn't easy to apply cost-benefit analysis to some types of regulation. What price do you put on pollution, or lives saved? While compliance is a four-letter word to some, incomes earned by compliance ...

FATCA hurting Caribbean: Revoke it, Mr Trump
[Opinion] - Feb 12, 2017 - jamaica observer.com -  The United States Government passed the Foreign Account Tax Compliance Act (FATCA) in 2010 and has been implementing it vigorously. FATCA requires US persons, including those ...

Former US diplomat wants T&T to wait
Feb 12, 2017 - Trinidad Express.Com - Anna Ramdass - A former United States diplomat has dismissed comments made by a "FATCA expert" and has advised that this country's Parliament put the brakes on passing the legislation till there is word ...

Virtual Currencies

Bitcoin and it's importance as a payment processor
[Opinion - Subscription Required] - Feb 193, 2017 - Naij.Com -  Mitchelle Okuku - According to some of the top online traders, Bitcoin is considered as the best known digital currency that relies on computer networks to solve complex mathematical ...

The Philippines Officially Legitimize Bitcoin as Payment Method
Feb 12, 2017 - Coin Telegraph.Com - Joseph Young - Bankgko Sentral ng Pilipinas, hereinafter BSP, is officially regulating local Philippine Bitcoin exchanges as remittance companies and recognizing Bitcoin as a legitimate payment method ...

UK Government Grants Permission to Issue Blockchain-Based Currency
Feb 12, 2017 - Coin Telegraph.Com - Joseph Young - The Financial Conduct Authority (FCA), a regulatory body of the UK government, granted local London-based Blockchain startup Tramonex a Small Electronic Money Institution (EMI) ...

Also See:
[Opinion] - Feb 13, 2017 - News BTC.Com - JP Buntinx

Bitcoin Making Waves In China and Japan
[Opinion] - Feb 11, 2017 - Market Oracle.Co.UK - Jeff_Berwick - As we've said here many times, bitcoin is not a revolution in money and banking.  A revolution means returning to where you came from. Instead, bitcoin is an evolution in money ...

Re-engineering the Future: Why Bitcoin is Reshaping More than Money
[Opinion] - Feb 13, 2017 - Memuk.Org - Why is that important? Well, from an ideological perspective, it means the Bitcoin isn't controlled by a government like regular currencies and, therefore, users can trade it freely across borders ...

Legislators: "Bitcoin has Broad Benefits for Hawaii"
[Opinion] - Feb 11, 2017 - Nigeria Today.Ng - Democratic representatives Mark Nakashima and Chris Lee from Hawaii have sponsored a bill in hopes of creating a friendly environment for Bitcoin and blockchain technology in the island state ...

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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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