The National Money Transmitters Association

The NMTA's Daily News Clippings


Tuesday, February 14, 2017

Top Story - Denial of [Correspondent] Banking Services

Correspondent banking and the global vs local fight
[Opinion] - Feb 14, 2017 - Blue Notes.Anz.Com - John Campbell - In a post-Trump, post-Brexit world, societies must ultimately decide how open, international and interconnected they want to be. It is the age-old global-versus-local debate ...

Here is the nexus between the Correspondent banking problem and the MSB banking problem: standards for MSB regulation and the banking of MSBs need to be harmonized across borders. -Ed.
 
"Thirdly, more can be done to ensure domestic providers are doing know-your-customer and anti-money-laundering checks to the same standards as cross-border players, in particular to provide the much needed comfort that funds are originating from a trusted source."

Top Story - Europe

[Ongoing Story] - Feb 13, 2017 - Jdsupra.Com - Peter Hardy & Kevin Leitão - The Joint Committee of the European Supervisory Authorities (ESA) issued on February 10, 2017 draft rules regarding certain anti-money laundering (AML) and counter-terrorism ...  

Also See:  
[Draft Rule] - Feb 10, 2017 - EBA.Europa.EU

Top Story - Mexico 

Where will U.S.-Mexican Relations Go in the Age of Trump?
[Opinion] - Feb 13, 2017 - Mexi Data.Info - Allan Wall - Where will U.S.-Mexican relations go in the age of Donald Trump, the newly-inaugurated President of the United States? Judging from his campaign statements and early actions as president...

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AML Compliance

Increasing Adoption By Enterprises In Numerous Business Operations To ...
[Paid Report] - Feb 14, 2017 - Sat PR News.Com - MarketResearchReports.biz has added a new report, titled 'Global Anti-Money Laundering Software Consumption Industry 2016 Market Research Report,' to its offering. This report on the AML ...

The evolution of "Know your transaction": Why KYC alone is not enough
[Opinion] - Feb 14, 2017 - Bobs Guide.Com - Antonio DeLorenzo - Terms used to describe compliance processes are painful, tedious, complicated, challenging, and cumbersome. Difficulties retrieving data and weak accountability around ...

Anti-Corruption

Romanian parliament approves anti-corruption referendum
Feb 13, 2017 - The Guardian.Com - Katie French - Romania's parliament has agreed to hold a referendum on fighting official corruption following pressure from public protests. An estimated 70,000 people took to the streets on Sunday for ...

New auditor-general says integrity is crucial to anti-corruption crusade
[Nigeria] - Feb 14, 2017 - Guardian.Ng - The newly appointed Auditor-General for the Federation, Anthony Mkpe Ayine, has charged management and staff to uphold integrity at all times, saying this is key in the Federal Government's anti-corruption ...

Also See:
Feb 13, 2017 - Daily Post.Ng - Chijioke Jannah

Asset Forfeiture

Sen. Rand Paul: 'Civil Asset Forfeiture Is a Terrible Idea Until You've ...
Feb 13, 2017 - CNS News.Com - Melanie Arter - Sen. Rand Paul (R-Ky.) told C-SPAN's "Newsmakers" on Sunday that he thinks civil asset forfeiture - where police can seize, then keep or sell any property they ...

[Opinion] - Feb 13, 2017 - York Dispatch.Com

Banks

Bank Mergers: Managing Regulatory Issues and Termination Risks
Feb 13, 2017 - Jones Day.Com - During the Federal Reserve's processing of the application, bank examiners found "significant weaknesses" in M&T's risk management, specifically issues in its AML/BSA compliance programs . . .

Canada

Canada's role in 'snow washing' money to evade taxes
[Opinion] - Feb 14, 2017 - The Star.Com - Martin Kenney - Canadians should be concerned that our good name is being used to add credibility to companies and individuals potentially seeking to commit tax crimes and to wash the proceeds of ...

CFPB

It's confirmed: CFPB doesn't need to follow Trump's executive order on ...
[Opinion] - Feb 13, 2017 - Housing Wire.Com - Brena Swanson - The Office of Information and Regulatory Affairs finally put to rest questions around the requirements of independent agencies under President Donald Trump's recent . . .

Also See:
Jan 20, 2017 - White House.Gov - The White House

Jan 30, 2017 - White House.Gov - The White House

[Opinion] - Feb 13, 2017 - American Banker.Com - Joseph Rubin

China

Bank focuses more on compliance risk control
[Opinion] - Feb 14, 2017 - China Daily.Com.Cn - Jiang Xueqing - Bank of China said on Monday it is placing greater focus on and devoting more resources to manage compliance risks and meet anti-money laundering rules in other countries, as it ...

Company Announcements

International Compliance Association expands into US
Feb 14, 2017 - Finextra.Com - International Compliance Association - The International Compliance Association (ICA today announces its expansion into the US, with its primary training partner, International Compliance Training (ICT). ...

Could SingX be a global payments disruptor?
[Advert] - Feb 14, 2017 - Siow Li Sen - The start-up, which began its remittance service last month, is starting modestly. It has raised US$2.5 million and is looking for another US$5 million to US$10 million. ...

Denial of [Marijuana] Banking Services

Banking regulations mean Oregon flush with marijuana cash
[Opinion] - Feb 13, 2017 - Idaho States Man.Com - As legalized marijuana brings more business to Oregon, some communities are seeing a large amount of cash in the economy thanks to strict regulations keeping banks away from the businesses...

Events

ACA International to Host a Comprehensive 3-Day Professional Training...
[Upcoming online Training Program dated Feb. 22-24] - Feb 13, 2017 - ACA International.Org - ACA International certified instructors Leslie Bender, Esq., IFCCE, CCCO, vice president, Government Affairs and General Counsel at BCA Financial ...

FATCA

Ukraine and USA signs treaty on FATCA
Feb 13, 2017 - Jdsupra.Com - Artem Lukyanov & Myron Rabij - the Minister of Finance of Ukraine and the US Ambassador to Ukraine signed a treaty on Ukraine's performance of the US Foreign Account Tax Compliance Act (FATCA) (the Treaty). ...

Imbert: No FATCA repeal
[Trinidad & Tobago] - Feb 14, 2017 - News Day.Co.TT - Clint Chan Tack - The United States Government is not repealing the Foreign Account Tax Compliance Act (FATCA), Finance Minister Colm Imbert said as he opened debate yesterday ...

Also See:
Feb 13, 2017 - Trinidad Express.Com - Ria Taitt

Iran

Banking System Employs AML, CFT Measures
Feb 14, 2017 - Financial Tribune.Com - Iranian banks are now able to employ all anti-money laundering (AML) measures and the framework for combating the financing of terrorism (CFT), according to the deputy governor for foreign exchange ...

Kyrgyzstan

Kyrgyzstan's National Bank reports on last year's results
Feb 14, 2014 - Times CA.Com - Remittances from Kyrgyz citizens working abroad to their home country grew 21 percent in 2016, Tolkunbek Abdygulov, the head of the National Bank of Kyrgyzstan, told a news conference on February 14 ...

Malta

FIAU gets a new director at last
[Update] - Feb 13, 2017 - times of malta.com - Kenneth Farrugia has been appointed director of the Financial Intelligence Analysis Unit, eight months after the controversial resignation of the last incumbent. The appointment followed a public call for ...

Mobile Money Transfer

Why Digitization is the Future of Consumer Financial Services
[Opinion] - Feb 13, 2017 - Entrepreneur.Com - Ayodeji Onibalusi - The Federal Reserve recently studied 50,000 US residents and their Consumer and Mobile Financial Report found, somewhat unsurprisingly, that mobile banking is on the...

Wi-Pay gets approval for remittance services in UK
[Nigeria] - Feb 14, 2017 - Punch Ng.Com - Ozioma Ubabukoh - Wi-Pay Global, a firm owned and managed by a Nigerian, has been granted registration approval to carry out international money remittance by the Financial Conduct Authority ...

Also See:
[Old Report] - March 2015 - Federal Reserve.Gov - Federal Reserve Board

[Old Report] - Oct 2015 - GSMA Intelligence.Com - GSMA Intelligence

New Zealand

Lawyers continue to balk at the Government's plans to drag them into...
Feb 14, 2017 - Interest.Co.Nz - Gareth Vaughan - The New Zealand Law Society continues to balk at the Government's plans to extend the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act to its members...

Nigeria

CBK sees cyber risks as banks move to own mobile money platform
Feb 13, 2017 - Business Daily Africa.Com - James Ngunjiri - Central Bank of Kenya (CBK) chairman Mohammed Nyaoga has cautioned banks to be wary of cyber risks in mobile money as the lenders move towards establishing their own transfer ...

Panama

Panama seeks $210 mln trade sanctions against Colombia at WTO
Feb 13, 2017 - CNBC.Com - Tom Miles - Panama wants to impose $210 million of annual trade sanctions on Colombia, according to a filing published by the World Trade Organization on Monday, after winning a legal challenge against a ...

Payment Services

Cross-Border Shoppers Worldwide Favor PayPal
[Research] - Feb 14, 2017 - E Marketer.Com - When it comes to shopping online, consumers have a variety of different payment methods they can choose from. Most prefer PayPal-or something equivalent to it, like Stripe, Google Wallet ...

Switzerland

Defending the interests of tax dodgers
[Opinion] - Feb 14, 2017 - Expatica.Com - A Swiss lawyer has posted Youtube adverts, giving tips on how to "save your black money in Switzerland" with "bonanza tax loopholes". It raises the question of how far intermediaries, like lawyers . . .

Trump Effect

The value of Dodd-Frank
[Opinion] - Feb 13, 2017 - Yakima Herald.Com - John Thayer - Get ready for the Great Recession of 2018. President Trump and his Wall Street henchmen are coming for what little bit remains in your savings account and pension plan...

Hensarling's Offensive on Dodd-Frank Seen as Negotiating Move
Feb 13, 2017 - Roll Call.Com - Doug Sword - House Financial Services Chairman Jeb Hensarling appears to be doubling down on his Dodd-Frank repeal legislation, adding more features objectionable to Democrats in the wake of ...

Global Banks Weigh Adding Trump-Related Risk Disclosures
[Opinion] - Feb 14, 2017 - Bloomberg.Com - Richard Partington, Stephen Morris, and Dakin Campbell - The world's biggest banks are poised to warn investors President Donald Trump has the potential to roil global markets and impact their ...

Virtual Currencies

The growing need to regulate virtual currencies in esports
[Opinion] - Feb 13, 2017 - Venture Beat.Com - Just a few years ago, no one would have ever thought to associate gambling with esports, yet it's fast becoming commonplace to make a bet on matches and major tournaments...

Engage in Digital Currencies At Your Own Risk - BoU Warns Public
[Uganda] - Feb 14, 2017 - All Africa.Com - Mark Keith Muhumuza - The Bank of Uganda (BoU) has today warned the public that has an interest or participating in the emergence of several digital currencies, to do so at their own risk. This comes ...

The Regain of Bitcoin, Will It Be Strong Enough?
[Opinion] - Feb 14, 2017 - Weuse Coins.Com - Melvin Draupnir - We're at the start of a new week with the price back at $1,000 after suffering another drop due to concerns of tighter trading policies introduced by China's largest Bitcoin ...

The State Bank of India Initiates National Blockchain Bank Consortium
Feb 14, 2017 - The-Blockchain.Com - Richard Kastelein - The State Bank of India (SBI) has taken the initiative to push a new initiative called Bank-Chain, India's first Blockchain exploration consortium for banks. The new group was announced in ...

BudCoin: Can Cryptocurrency Solve Marijuana's Banking Crisis?
[Opinion] - Feb 13, 2017 - Above The Law.Com - Hilary Bricken - Bitcoin is viewed as the world's first completely decentralized currency. Unlike the Dollar, the Euro, the Yuan, etc., no central government manages or backs Bitcoin. ...

National Bank of Abu Dhabi Announces Live Cross-Border Payments on...
[UAE - Announcement] - Feb 13, 2017 - DCE Brief.Com - National Bank of Abu Dhabi (NBAD) recently announced that it has successfully employed the Ripple blockchain for its cross-border payment systems. The bank's integration of the Ripple ...

Are Cryptocurrency Micropayments The Future Of Content Marketing?
[Opinion] - Feb 13, 2017 - Huffington Post.Com - Ameer Rosic - Micropayments offer an alternative option that has the potential to support high-quality content without locking users into a single, long-term subscription. The concept behind ...

Canadian Think Tank Proposes 3 Priorities for Blockchain Policy
[Opinion] - Feb 13, 2017 - Coin Desk.Com - Pete Rizzo  - Non-profit think tank CD Howe has published new research in which it offers a possible roadmap for Canada's policymakers as they consider ways to regulate blockchain...

China's Confusing Relationship With Bitcoin
[Opinion] - Feb 14, 2014 - Investopedia.Com - Nathan Reiff - Earlier this week, a series of meetings between the People's Bank of China and Chinese Bitcoin exchanges led analysts to speculate about the future of the digital currency in the Asian nation...

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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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