The National Money Transmitters Association

The NMTA's Daily News Clippings


Thursday, February 2, 2017

Top Story - Trump Effects

Fear of Trump Move Drives Cash Transfers to Mexico to Record
[Opinion - Ongoing Story] - Feb 1, 2017 - Bloomberg.Com - Eric Martin - Money transfers to Mexico from workers living abroad climbed to a record last year as Donald Trump's election raised the prospect of the U.S. blocking the flow ...

[Opinion] - Feb 2, 2017 - Pymnts.Com - Via a new executive order, the Trump administration is calling on the government to re-examine wide-ranging visa programs to ensure they prioritize and protect jobs and wages of U.S. workers ...

[Opinion] - The Wire.In - In early 2016, Saudi Arabia threatened to impose limits on the amount of money Lebanese migrants could send back home as a way of pressuring Lebanon into clamping down on Hezbollah ...

Top Stories - CFPB

CFPB Issues Compliance Guide on Prepaid Rule
Feb 1, 2017 - Banking Journal.Aba.Com - The Consumer Financial Protection Bureau today issued a small entity compliance guide for its final rule on prepaid accounts. The final rule brings prepaid accounts under Regulation E ...

Also See:
Jan 31, 2017 - Amazon Aws.Com - CFPB

Oct 3, 2016 - Consumer Finance.Gov - CFPB

Note: The rule takes effect on Oct. 1, 2017

Top Story - I Don't Believe It, But That's What They Say . . . 

I find this study dubious on many levels but, nevertheless, the lesson that we have some image-improvement work to do, is inescapable. -Ed.

[Study] - Feb 1, 2017 - Value Walk.Com - Based on The World Bank data of remittances from 2010-2015, finder.com estimates $139.13 billion was transferred out of America last year, and 145.56 billion will be transferred ...

Also See:
 
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Africa

Africans Responding To Crisis Through Remittances
[Opinion] - Feb 1, 2017 - huffington post.com - Fatou Wurie - In late 2010, the region of East Africa experienced one of its worst natural disasters, drought. The most affected countries were Kenya, Somalia, Ethiopia, Eritrea, and ...

AML Compliance Trends

US banks warn Trump will stick with tough money laundering stance
[Ongoing Story] - Feb 1, 2017 - News On A Hand.Com - Big US banks are warning that money laundering is one space the place they anticipate Donald Trump to keep up tough regulatory requirements, regardless of the brand new ...

Anti-Corruption

World Bank urges Caribbean to rethink approach to governance
[Caribbean] - Feb 1, 2017 - Jamaica Observer.Com - The World Bank said power asymmetries help explain, for example, why model anti-corruption laws and agencies often fail to curb corruption, why decentralisation does not always...

Australia

Federal parliament complicit in property money laundering
Feb 2, 2017 - Macro Business.Com.Au - Leith van Onselen - Australian financial intelligence officials last year investigated more than $3.3 billion of suspect transfers by Chinese investors - including $1bn invested in property...

New deal to clean up money launderers
Feb 2, 2017 - PS News.Com.Au - The Australian Transaction Reports and Analysis Centre (AUSTRAC) has signed an agreement with its Indonesian counterpart, PPATK, to target terrorism financing and money laundering...

Burma

Burma and Thailand Sign 16 Business Agreements
[Announcement] - Feb 2, 2017 - Irra Waddy.Com - Kyaw Hsu Mon - In the finance sector, KBZ Bank signed an agreement with the Thai government over remittance services, according to U Nyo Myint, a senior official in the KBZ ...

Compliance - Other

OCC Fintech Charter May Be a Poor Fit for Fintechs
[Opinion] - Feb 2, 2017 - BNA.Com - Gregory Roberts - Financial technology ventures would face daunting challenges in meeting the Office of the Comptroller of the Currency's proposed requirements for a special-purpose national ...

CFPB

Senate Republicans unveil bill to replace CFPB director with committee
Feb 1, 2017 - Housing Wire.Com - Ben Lane - While the Consumer Financial Protection Bureau, with the support of top Democratic Party leaders and 17 Democratic state attorneys general, is fighting in court to defend its leadership ...

Also See:
[Opinion] - Feb 2, 2017 - The Hill.Com - Dennis Shaul

Denial of [Marijuana] Banking Services

Developing a Plan for Cannabis Industry Banking
[Opinion] - Feb 1, 2017 - Jdsupra.Com - Tracy Green - Following voter approval of recreational cannabis, the California State Treasurer's Office reported that by 2020 cannabis sales will increase by an estimated $6.64 billion. By ...

Financial Inclusion

Where We Are Now: Financial Inclusion
[Video] - Feb 2, 2017 - Market Watch.Com - Recent years have seen a boom in people getting bank accounts in the Asia-Pacific region. But statistics show that there is still a way to go in reaching the neediest. ...

AfDB and the Alliance for Financial Inclusion Sign MOU to Enhance ...
[Africa] - Feb 1, 2017 - All Africa.Com - The African Development Bank (AfDB) and the Alliance for Financial Inclusion (AFI) signed a Memorandum of Understanding (MoU) to enhance access to quality financial services on the...

FinCEN

Proposed Collection; Comment Request; Update and Revision of the ...
[SAR Fields] - Feb 2, 2017 - Federal Register.Gov - FinCEN, a bureau of the U.S. Department of the Treasury ("Treasury"), invites all interested parties to comment on its proposed update and revisions to . . . 

Note: Written comments are welcome and must be received on or before April 3, 2017.

Fines, Crimes & Cases

Swiss sanction RBS unit over lapses linked to Malaysian fund
Feb 2, 2017 - US News.Com - Jamey Keaten - Switzerland's financial markets regulator on Thursday sanctioned a private bank linked to Royal Bank of Scotland for having "seriously breached" money laundering rules in connection ...

Also See:
Feb 2, 2017 - Bloomberg.Com - Alan Katz & Hugo Miller

CFPB fines MasterCard and Russell Simmons' prepaid card business
Feb 1, 2017 - Market Watch.Com - Maria Lamagna - The Consumer Financial Protection Bureau on Wednesday announced it has fined the payment companies MasterCard MA, +0.11%  and UniRush - whose co-founder is entrepreneur ...

Also See:
Jan 31, 2017 - Consumer Finance.Gov - CFPB

IRS Could Improve Services For ID Theft Victims: GAO
Feb 2, 2017 - tax-news.com - Scott Hamilton - The US Government Accountability Office (GAO) has reported on the taxpayer services of the Internal Revenue Service (IRS) in the 2016 filing season, particularly its efforts to...

Campaigners say Rabobank should face trial for 'crimes against ...
[Opinion] - Feb 2, 2017 - Dutch News.Nl - 'Money laundering is a not a victimless crime. Drug cartels are extremely violent and money laundering is crucial to their operations. Thanks to the banks who let them get away with it they are ...

India

India Ranks 3rd with $11 Bln in Money Transfers From US: Report
[Older figures . . . ?] - Feb 2, 2017 - Micro Finance Monitor.Com - India has been ranked in the third top spot for remittances, receiving a total of $11.75 billion from friends, family and businesses in 2015, while Mexico was on top with $25.68 billion...

Iraq

Central Bank signed a memorandum of understanding with the ...
Feb 1, 2017 - search 4 dinar.word press.com - Walter - Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail Keywords signed a memorandum of understanding with the British ambassador to Iraq, Frank Baker, aims to ...

Mobile Money Transfer

2017 Trends: The Synthesis of Mobile and Digital Technologies
[Forecast] - Feb 2, 2017 - MIS-Asia.Com - Maya Barkay - According to eMarketer's latest proximity mobile payment forecast, mobile payment transactions in the US alone are expected to double to $62.49 billion in 2017 ...

In Cameroon, MTN and Orange wage a fierce commercial war on the...
[Opinion] - Feb 2, 2017 - Businessin Cameroon.Com - With a client base today estimated at 5.4 million, including 2.8 million for Orange and 2.6 million for its competitor MTN, the mobile money market in Cameroon is certainly ...

Nepal

Call for more efforts to combat money laundering
[Opinion] - Feb 2, 2017 - My Republica.Com - epal Rastra Bank (NRB) Deputy Governor Chiranjibi Shiwakoti on Thursday said that the central bank has been keeping an eye on large financial transactions as part of its ...

South Africa

Money launderers must be prosecuted quickly - Treasury
Feb 1, 2017 - Iol.Co.Za - Siyabonga Mkhwanazi - The National Treasury wants the speedy prosecution of people involved in suspicious transactions in their bank accounts. Deputy Director-General in the Treasury Ismail Momoniat ...

United Kingdom

What are the impacts of the EU 4th Anti-Money Laundering Directive...
[Opinion] - Feb 1, 2017 - PWC.Co.Uk - Gambling operators in the UK are facing significant regulatory changes and need to remain on top of the changes in order to comply with licencing conditions and regulations...

Virtual Currencies

Bitcoin Ban in Marijuana Industry Considered By Washington State ...
Feb 2, 2017 - Coin Telegraph.Com - Joseph Young - Virtual currency' does not include the software or protocols governing the transfer of the digital representation of value or other uses of virtual distributed ledger systems to ...

Also See:
[The Bill] - Jan 18, 2017 - Leg.Wa.Gov - Senators Rivers and Conway

Bitcoin and Cryptocurrencies are Exempt from UAE's Virtual ...
Feb 2, 2017 - Finance Magnates.Com - Avi Mizrahi - The Central Bank of the United Arab Emirates (UAE) has clarified its policy regarding the use of bitcoin and all other cryptocurrencies after causing a small...

UAE bank NBAD offers blockchain payments after tie-up with Ripple
[Announcement] - Feb 1, 2017 - Al Arabiya.Net - National Bank of Abu Dhabi said on Wednesday it had become the first bank in the Middle East and North Africa to introduce real time, cross-border payments on blockchain ...

Also See:
Feb 2, 2017 - Trade Arabia.Com

South Africa considering adopting digital currency
Feb 2, 2017 - PC Tech Mag.Com - Ephraim Batambuze - According to Tim Masela, head of the National Payments System at the South African Reserve Bank(SARB), the objective would be to take advantage of emerging ...

Russia Considers Allowing Use of Cryptocurrency in the Unbanked...
Feb 1, 2017 - Coin Telegraph.Com - Alicia Naumoff - Russian Internet ombudsman Dmitry Marinichev suggested allowing the use of cryptocurrencies to residents of Crimea. In his opinion, legal entities and individuals ...

Bitcoin is the Next Logical Step in the Evolution of Money
[Opinion] - Feb 1, 2017 - Live Bitcoin News.Com - JP Buntinx - Most people have forgotten how the concept of money came to be in the first place. Things have evolved quite a bit throughout our history and new innovative ...

How Bitcoin Companies can Legally Operate in Switzerland
[Opinion] - Feb 1, 2017 - Nigeria Today.Ng - Switzerland is often thought of as a Bitcoin-friendly country. The Canton of Zug, for example, is sometimes called the crypto capital of the world and many Bitcoin service startups ...

Also See:
Feb 2, 2017 - Live Bitcoin News.Com - JP Buntinx

Monero: A Fast Growing Cryptocurrency Worrying the FBI
[Opinion] - Jan 31, 2017 - eastern daily.com - Peter Ngigi - In the world of cryptocurrency, it's not easy for a new altcoin to be developed. Bitcoin, Litecoin and Ethereum have taken most of the digital currencies' market share ...

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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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