The National Money Transmitters Association
NMTA's Daily News Clippings

Tuesday, February 13, 2018

Dear Readers,

I was saddened recently to hear of the passing of Jesus Perez-Santalla. I knew Jesus. He was a great guy, and truly one of the founders of the modern money transfer industry. 
 
I paraphrase from the online obituary:

'On January 18, 2018, Cuban immigrant, proud American citizen, beloved father, grandfather, husband and founder of RIA Money Transfer, Jesus Perez-Santalla died at age 80 in Cuernavaca, Mexico. He left this world in peace after a long and productive life well lived. He loved his family, he loved life and, though he retired in Mexico, he loved America with all his heart.'

Rest in peace, Señor.

And now, please enjoy today's Clippings.

Regards,

-David

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Top Stories
 
FinCEN
[Ongoing Story] - Feb 12, 2018 - lexology.com - On February 9, the Financial Crimes Enforcement Network (FinCEN) issued two notices and requests for comments in the Federal Register seeking renewals without change of currently approved BSA ...

Also See: 
[First Notice] - Feb 9, 2018 - GPO.Gov - Comments due by April 10, 2018
 
NMTA Logo Free AML Outline From NMTA Member 
OnCourse Learning

February 13, 2018 - Free eBook listing the AML Essentials fromFor more info, contact Craig Johnson, Business Development Manager, at cjohnson@oncourselearning.com.

Somaliland


The Eleven Imperatives of the President Behi Administration
[Opinion] - Jan 27, 2018 - Mena Fn.Com - Impose taxes on remittances and create sales taxes. I have asked most of my friends and acquaintances if they are willing to add 2% for the government on top of the 6% charged by World Remit and ...

Also See: 
Jan 27, 21018 - Somaliland Press.Com - MGoth

Jordan Hosts Meeting to Counter Islamic State Financing
Feb 12, 2018 - All Africa.Com - Central Bank of Jordan (CBJ) Governor and Chairman of the Anti-Money Laundering and Counter-Terrorist Financing National Committee Ziad Fariz stressed in his opening remarks that depriving Daesh from ...

Virtual Currencies

IMF Chief Lagarde: Global Cryptocurrency Regulation Is 'Inevitable'

[Opinion] - Feb 12, 2018 - Coindesk.Com -  Wolfie Zhao - Christine Lagarde, head of the International Monetary Fund, has stated that international regulatory action on cryptocurrencies is "inevitable." Lagarde, who is the ...

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AML Compliance Trends

. . . Sigal Mandelker Speech 
Feb 13, 2018 - Mondo Visione.Com - As Under Secretary of Treasury's Office of Terrorism and Financial Intelligence (TFI) I have the honor of leading a group of incredibly dedicated professionals.  TFI includes approximately ...

The world's worst money launderers are the UK, Switzerland and the USA
[Opinion] - Feb 13, 2018 - Boing Boing.Net - The USA has moved up in the Tax Justice Network's Financial Secrecy Index to number two, behind Switzerland; in reality, though, the UK is the world's worst money-laundry ...

Anti-Corruption Around the World

The effects of corruption at home
[Opinion, U.S., Subscription Required] - Feb 11, 2018 - Compliance Week.Com - Tom Fox - Most folks think of FCPA violations as they apply outside the United States. But corruption is certainly universal and has direct impact here in the U.S. That ...

Has the corruption of Romania's anti-corruption fight been laid bare for the ...
[Opinion] - Feb 12, 2018 - New Europe.Eu - Kassandra - New evidence purporting to show Romanian anti-corruption prosecutors planning to falsify charges and fake evidence is a blow to very notion of Romanian justice. Last year Romania's ...

Rwanda launches anti-corruption week focusing on graft in judiciary
Feb 13, 2018 - Xinhua Net.Com - Yan - Rwanda's Chief Justice Sam Rugege Monday launched an anti-corruption week dedicated to fighting corruption in the judiciary. Addressing reporters in Rwandan capital Kigali, Rugege called on Rwandans ...

Anti-graft watchdog warns against misconduct during Chinese New Year
[China] - Feb 13, 2018 - Global Times.Cn - Yang Sheng - China's anti-corruption watchdog is showing Party members it's not without a sense of humor after posting an online quiz and a funny short video reminding officials not to get involved in ...

MACC's new anti graft campaign, Gempur
[Malaysia] - Feb 13, 2018 - The Sundaily.My - Adrian Phung - Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner (operations) Datuk Seri Azam Baki said the commission had received initial information regarding the ...

Asset Forfeiture

Jeff Sessions Props Up Civil Forfeiture Program In Address To US Sheriffs
[Federal] - Feb 12, 2018 - Daily Caller.Com - Anders Hagstrom - Attorney General Jeff Sessions propped up civil asset forfeiture Monday, claiming the program is a "key tool" that allows law enforcement officers to effectively fight the drug war...

Lawmaker aims to repair asset forfeiture law
[Opinion, Colorado] - Feb 13, 2018 - Gj Sentinel.Com - Charles Ashby - Rep. Leslie Herod had no trouble getting her bill addressing civil asset forfeitures out of a House committee Monday. The Denver Democrat got a bill through ...

Asset forfeiture laws are ripe for reform
[Opinion, Alabama] - Feb 12, 2018 - Dothan Eagle.Com - sset forfeiture has its place in law enforcement and criminal justice. In theory, those who have benefited from their criminal activity could see their assets seized as the fruits of criminal ...

Also See:
[Opinion] - Feb 12, 2018 - Al.Com - Brian McVeigh & Dave Sutton

CFPB

Trump's consumer watchdog says will limit agency's powers
Feb 12, 2018 - Reuters.Com - The CFPB was conceived to stamp out predatory lending and the agency is now led by Mick Mulvaney, President Donald Trump's budget director. Mulvaney wrote on Monday that the seven-year-old agency should ...

Constitutionality of CFPB Likely Going to Supreme Court
Feb 12, 2018 - Breitbart.Com - Ken Klukowski - Lawsuits challenging the constitutionality of parts of the Consumer Financial Protection Bureau (CFPB) are likely going to the Supreme Court late this year, as the left-leaning majority of a D.C...

Also See:
[Opinion] - Feb 13, 2018 - Buffalo News.Com - Jeffrey Freedman

China

It's becoming harder to use cash in China: Fully charged
[Opinion, Blog] - Feb 13, 2018 - Economic Times.India Times.Com - Shelly Banjo - There are more smartphone users in China than any other country in the world. Penetration stood around 52 percent in China last year, compared with 69 percent ...

Company Announcements

ACA Appoints Director of Privacy to Oversee GDPR Compliance Offering
Feb 12, 2018 - Bobs Guide.Com - ACA Compliance Group ("ACA") is pleased to announce that Alex D. Scheinman has joined the firm as a Director overseeing ACA Aponix®'s GDPR data processing reviews and data privacy...

Toyota launches financial services company
Feb 13, 2018 - Independent.Ie - Ellie Donnelly - Toyota Motor Group today launched Toyota Financial Services (Ireland) in Dublin. The company, which expects to write around €70m worth of business in its first year, is a joint venture ...

Cybersecurity

The intersection of cyber-security with the compliance professional
[Opinion, Subscription] - Feb 11, 2018 - Compliance Week.Com - Tom Fox - Cyber-security policies are the newest area to fall into the lap of the compliance professional. Fortunately, the state of New York's Department of Financial Services ...

Denial of [Marijuana] Banking Services

More banks serving cannabis sector, but Cole Memo repeal threatens to slow...
[Chart] - Feb 12, 2018 - Mj Biz Daily.Com - Eli McVey - The number of banks and credit unions actively serving the marijuana industry has jumped nearly 30% from a year ago. But U.S. Attorney General Jeff Sessions' decision to repeal the ...

Also See:
[Old Story] - Jan 4, 2018 - Mj Biz Daily.Com

Events

FinTech Industry Spotlight: Rapid Growth & Unclaimed Property Concerns
[Upcoming Free Webinar, Feb 14, 2018] - Feb 2018 - Keane Unclaimed Property.Com - The rapid growth of the FinTech industry in recent years has brought along with it a unique set of unclaimed property concerns and challenges. ...

Sanctions in the Trump Era - One Year In
[Upcoming Event, March 9, 2018 - Washington, DC] - Feb 2018 - Atlantic Council.Org - Please join the Atlantic Council's Economic Sanctions Initiative on Friday, March 9th for a conference on how the United States can best use sanctions as a policy tool. ...

FATCA

'Accidental Americans' in France looking to French gov't for help
[Opinion] - Feb 12, 2018 - International Investment.Net - Helen Burggraf - It is the existence of FATCA that has made life unexpectedly and increasingly difficult for many such individuals, beginning not long after it was quietly signed into ...

Fines, Crimes & Cases

FinCEN Names ABLV Bank of Latvia . . . .
[Press Release] - Feb 13, 2018 - Fincen.Gov - The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) today issued a finding and notice of proposed rulemaking (NPRM), pursuant to Section 311 of the USA PATRIOT Act...

Also See:
[Federal Register Notice] - Feb 13, 2018 - Fincen.Gov

Feb 13, 2018 - Eng.LSM.Lv

Oritani in N.J. agrees to improve BSA compliance
[Subscription Required] - Feb 12, 2018 - American Banker.Com - Hilary Burns - Oritani Financial in Township of Washington, N.J., is operating under an informal agreement with regulators tied to its Bank Secrecy Act and anti-money-laundering ...

$368 million penalty assessed against California branch for BSA/AML ...
[Ongoing Story] - Feb 9, 2018 - Lexology.Com - On February 7, the OCC and DOJ announced settlements with a Netherlands-based lender's California branch, in which the branch pled guilty to one count of conspiracy to defraud the U.S. Government ...

Also See:
[Press Release] - Feb 7, 2018 - Justice.Gov - Department of Justice

Fintech

Forbes Releases Third FinTech 50 List: The Future Of Your Money
Feb 13, 2018 - Forbes.Com - Forbes released today the February 28, 2018 issue of Forbes magazine, featuring the third FinTech 50 (p.85), a list of 50 innovators who are changing how people save, spend and invest....
 
Also See: 
Feb 13, 2018 - Forbes.Com -  Janet Novack

Majority of public unaware of benefits of fintech
[Opinion] - Feb 13, 2018 - P2P Finance News.Co.Uk - Marc Shoffman - Fintech may be shaking up financial services, but consumers don't seem to have noticed. A poll by MHP Communications found 87 per cent of people have no view on ...

Hong Kong

A new regime for HK trust companies
[Overview] - Feb 12, 2018 - Lexology.Com - Amendments to Hong Kong's principal AML legislation were passed by the Legislative Council on 24 January 2018. The Anti-Money Laundering and Counter-Terrorist Financing Ordinance ...

Kenya

Kenya on the spot over US crime cash
Feb 13, 2018 - Nation.Co.Ke - Neville Otuki - Kenya is on the spot alongside Egypt and Colombia over the use of Sh4.9 billion offered by the US in the fight against transnational crimes like money laundering, wildlife poaching and drugs and ...

Kuwait

Kuwait condemns Manila ban on Filipino workers
Feb 13, 2018 - Arab News.Com - Kuwait's foreign minister on Tuesday condemned what he called an "escalation" by Manila after the Philippines expanded a ban on its nationals working in Kuwait...

Malta

Gaming Authority sets up Anti-Money Laundering Supervisory Unit
[Casinos & Gambling] - Feb 13, 2018 - Times Of Malta.Com - Further to the transposition of the Fourth Anti-Money Laundering Directive into Maltese Law, the wide ranging consultations carried out between the FIAU and the MGA including the ...
 
The Money Transfer Business
 
[Opinion] - Feb ~ 2018 - Biz30.Time Doctor.Com - If you're searching for the most efficient way to wire transfer money overseas, you've probably heard of TransferWise. TransferWise is one of the many money transfer companies ...

Remittances & Immigration

Trump Urges Lawmakers to Make Deal on Immigration Reform
Feb 13, 2018 - VOA News.Com - U.S. President Donald Trump urged congressional lawmakers to find a solution to the vexing problem of immigration reform, saying the window of opportunity is closing fast to protect young immigrants ...

Also See:
Feb 13, 2018 - The Hill.Com - Alexander Bolton

What 'merit-based' immigration means in different parts of the world
[Opinion] - Feb 13, 2018 - The Conversation.Com - Kevin Johnson - The White House is seeking to create a "merit-based" immigration system rather than one based on family reunification. We turned to our global network of scholars to ...

Trump budget wants billions more for border wall, immigration agents and ...
Feb 13, 2018 - Khou.Com - Alan Gomez -  Trump wrote that the increase reflects his administration's "serious and ongoing commitment" to secure the border and use increased enforcement to "make our immigration system work for Americans."...

Also See:
Feb 12, 2018 - Immigration Reform.Com - Bob Dane

Singapore

MAS proposes guidelines to protect e-payment users  
Feb 13, 2018 - Today Online.Com - An electronics payment user could be liable for up to S$100 for an unauthorised transaction if he or she was negligent. There will be no liability if the user took proper care of the account, but if he or she is found ...

Switzerland

Swiss regulator FINMA revises rules for customer onboarding via digital ...
Feb 13, 2018 - Finance Feeds.Com - Maria Nikolova - The Swiss Financial Market Supervisory Authority (FINMA) has earlier today announced that it is proposing changes to the requirements for client onboarding via digital channels to ...

United Kingdom

Legal Risk: Using Artificial Intelligence to Fight Financial Crime
[Opinion] - Feb 13, 2018 - Law Fuel.Com - Allen & Overy - The Head of the Financial Crime Department at the UK Financial Conduct Authority (the FCA), Rob Gruppetta, gave a speech on "Using artificial intelligence to keep criminal funds ...

Property deals account for one-third of all money laundering alerts
[Opinion] - Feb 13, 2018 - Estate Agent Today.Co.Uk - Graham Norwood - Almost a third of all 'Suspicious Activity Reports' concerning possible anti-money laundering infringements and reported to the National Crime Agency have involved property ...

UK Sanctions Bill Could Herald US-Style AML Powers
[Subscription Required] - Feb 13, 2018 - payments compliance.com - Douglas Clarke-Williams - As the new UK Sanctions and Anti-Money Laundering Bill prepares to face the Commons, there are suggestions that it could result in significant ...

Virtual Currencies Around the World

Europol Worries About Billions in Bitcoin Money Laundering . . . 
[Opinion] - Feb 12, 2018 - Inside Bitcoins.Com - Jon Southurst - Criminals are laundering "billions" using bitcoin and other cryptocurrencies, according to E.U. law enforcement agency Europol. Although director Rob Wainwright used the ...

The Next Virtual Currency Fight
[Opinion] - Feb 9, 2018 - Markets Media.Com - Rob Daly - US Securities and Exchange Commission Jay Clayton called out these exchanges in his written testimony before the US Senate Committee on Banking, Housing, and Urban Affair's hearing ...

Why it's in everybody's interests to regulate cryptocurrencies
[Opinion] - Feb 12, 2018 - Forbes Africa.Com - There are growing calls for regulation of the cryptocurrency market, which is rapidly approaching a market capitalisation of $1 trillion. But there's little agreement about the forms this should take...

How can Blockchain Help with AML KYC
[Opinion] - Feb 12, 2018 - Finextra.Com - Breana Patel - Financial institutions are racing to invest in technology that allows real-time reporting to adhere to regulatory rules set out by various agencies and The Federal Reserve Bank. This process ...

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Quote of the Day

"Loyalty and devotion lead to bravery. Bravery leads to the spirit of self-sacrifice. The spirit of self-sacrifice creates trust in the power of love."

    - Morihei Ueshiba

Word of the Day

Bodacious: /bo·da·cious/ [Adj.]
  • Outright, Unmistakable
  • Remarkable, Noteworthy
  • Excellent, Admirable, or Attractive.
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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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