The National Money Transmitters Association

The NMTA's Daily News Clippings


Friday, February 3, 2017
 
Top Stories - Regulation Rollback?

Democratic Senators Send Letter to Colleagues Arguing Against Restructuring...
[Ongoing] - Feb 02, 2017 - Nat Law Review.Com - On January 31, 2017, Senators Sherrod Brown (D-OH) and Elizabeth Warren (D-MA) sent a letter to Democratic Senators arguing that the single director structure of the Consumer Financial ...
 
Also See:
GOP seeks to repeal CFPB's consumer protection rule for prepaid cards
[Ongoing] - Feb 2, 2017 - Market Watch.Com - Yuka Hayashi

Also See Yesterday's Top Stories:
CFPB Issues Compliance Guide on Prepaid Rule
Feb 2, 2017 - Morning Consult.Com - Tara Jeffries

[Opinion] - Feb 2, 2017 - The Hill.Com - Ian Katz

Trump to order regulatory rollback Friday for finance industry...
Feb 3, 2017 - Washington Post.Com - Fred Barbash 
Feb 3, 2017 - Finance Magnates.Com - Victor Golovtchenko

Feb 3, 2017 - Fortune.Com - The Associated Press

[Video] - Feb 3, 2017 - Bloomberg.Com

Top Story - Proposed OCC Fintech Charter

NYDFS Joins Opposition to the OCC's Proposed FinTech Charter
[Ongoing] - Feb 2, 2017 - jdsupra.com - Catalina Azuero - Maria Vullo, the Superintendent of the New York State Department of Financial Services (NY DFS) sent a letter to the Office of the Comptroller Currency (OCC), opposing the OCC's ...

Top Story - Oklahoma Remittance Tax to Be Raised?

International wire fees bill
[Oklahoma State Senate proposal to double the Minimum from $5 to $10] - Feb 2, 2017 - Tulsa Beacon.Com - Sen. Paul Scott filed legislation to charge individuals a fee on international wire transactions who do not present valid personal identification.

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Anti-Corruption

U.S. Senate kills SEC anti-corruption disclosure rule for big energy companies
Feb 3, 2017 - Business-Standard.Com - Lisa Lambert & Sarah N. Lynch - The Republican-led Congress killed a controversial U.S. securities disclosure rule early on Friday aimed at curbing corruption at big oil, gas and mining companies...

EC "Silently Postpones" Anti-Corruption Report on Romania
Feb 2, 2017 - Novinite.Com - The European Commission declined on Thursday to comment on claims that it has "silently postponed" a regular anti-corruption report against the background of large-scale protests against the ...

Bawumia Outlines Anti-Corruption Plans
[Ghana] - Feb 3, 2017 - Peace Fm Online.Com - Vice President Dr. Mahamudu Bawumia has outlined plans aimed at fighting corruption in the country in the first year of the Nana Akufo-Addo administration...

Asset Forfeiture

Kansas lawmakers send asset forfeiture bills to law experts
[Ongoing Story] - Feb 2, 2017 - Lj World.Com - House Judiciary Committee members will wait for input from an advisory committee before making any new policy regarding a law that allows police officers to seize and forfeit citizens' property...

Also See:
[Opinion] - Feb 2, 2017 - Wisc News.Com - Dale Schmidt

Australia

Australia and Indonesia - new approach to cut financial lifeline to terrorists
[Press Release] - Feb 1, 2017 - Minister Justice.Gov.Au-  Today, Australia and Indonesia's financial intelligence agencies, AUSTRAC and PPATK, signed an agreement to target counter-terrorism financing and anti-money laundering...

Company Announcements

The perfect time for the Ultimate Beneficial Ownership (UBO) solution FinScan
[Press Release] - Feb 2, 2017 - PR News Wire.Com - The new version of the AML solution (for prevention of money laundering) FinScan automates the audit of beneficial owners (UBO), which helps organizations to meet regulatory deadlines ...

Corporate/Personal Liability

GC and CCO Risks and Safeguards: Ethics in Practice
[Older Think Piece From 2015] - Jan 21, 2015 - SRZ.Com -  lawyer employed or retained by an organization represents the organization acting through its duly authorized constituents. A lawyer representing only an organization does ...

Events

Remittances to Latin America and the Caribbean in 2016
[Upcoming event to be held on Feb 10, 2017 - Washington, DC] - Feb 3, 2017 - The Dialogue.Org - We are pleased to invite you to a discussion on 2016 remittance trends in Latin America and the Caribbean. This event is part of ...

Financial Inclusion

Banking the Unbanked in Southeast Asia: How can Digital Finance Help?
[Opinion - Asia] - Feb 3, 2017 - Brink News.Com - Duncan Woods & Ritwik Ghosh - Worldwide bank account ownership rocketed by 700 million between 2011 and 2014, and as of 2014, 62 percent of adults globally reported having a bank ...

Fets to bridge financial inclusion gap with enhanced agent network
[Opinion - Nigeria] - Feb 3, 2017 - Guardian.Ng - Helen Oji - One of Nigeria's major mobile payments companies, Funds & Electronic Transfer Solutions Limited (fets) has announced plans to boost its agent network across the ...

Fines, Crimes & Cases

Swiss fine Coutts unit over 1MDB money-laundering breaches
[Ongoing Story] - Feb 3, 2017 - The Edge Markets.Com.Sg - Bloomberg - Switzerland's financial regulator fined Coutts & Co. for violating money-laundering rules and illegally profiting from transactions associated with 1Malaysia ...

Lawsuits against Navient likely to bring changes in student loan servicing
[Opinion] - Feb 2, 2017 - Penn Record.Com - Lawsuits filed by the federal Consumer Financial Protection Bureau and two individual states raising allegations tied to student loan servicing will most likely result in a new set of ...

CFPB board alleges CityFinancial Servicing, CitiMortgage misled consumers
Feb 2, 2017  - Legal News Line.Com - Mark Iandolo - The Consumer Financial Protection Bureau (CFPB) announced Jan. 23 that it took separate actions against CitiFinancial Servicing and CitiMortgage Inc. for business ...

Mexico

Remittances To Mexico Up In December Ahead Of Trump Presidency
[Opinion - Ongoing Story] - Feb 1, 2017 - Viral Kick.In - Remittances to Mexico rose by 6.2 percent compared with the same month a year earlier in December, the first full month after the surprise U.S. election victory of Donald Trump...

Pakistan

Tax authorities begin probe into sources of individual remittances
Feb 3, 2017 - The News.Com.Pk - The Federal Board of Revenue (FBR) has started probe into the sources of remittances received by the individuals after the board withdrew the audit exemption for them in a bid to check black ...

Philippines

How Trump's "America First" Can Sink The Philippines
[Opinion] - Feb 2, 2017 - Barrons.Com - Shuli Ren - The 4m or so Filipinos currently living in the US send back remittances equivalent to around 3% of the GDP of the Philippines, which is the highest of any major emerging market...

Sweden

White-Collar Crime Wave Laps at Sweden's Sterling Reputation
[Opinion] - Feb 3, 2017 - bloomberg.com - Niklas Magnusson & Johan Carlstrom - One of the most honest places on the planet is in the grip of a financial crime wave. In the last month alone, Sweden has opened probes into possible ...

Trinidad & Tobago

FATCA JSC invites recommendations from public
Feb 3, 2017 - Loop TT.Com - Darlisa Ghouralal - The Bill is intended to provide for the implementation of agreements between this country and other States, to allow for the exchange of information for the purposes of ...

United Kingdom

UK Financial Services Whistleblowing Regulation Survey: Assessing ...
[Survey] - Feb 2, 2017 - jdsupra.com - Andrew Foose  - Our findings provide insight into the impact of the new whistleblowing rules issued by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). ...

Virtual Currencies

South African Reserve Bank considering a national digital currency
Feb 3, 2017 - Business Tech.Co.Za - The South African Reserve Bank (Sarb) is open to issuing a national digital currency, which would likely be based on Blockchain or Distributed Ledger Technology (DLT) according to a 2 ...

Bitstamp expands debit and credit card purchases for bitcoin beyond EU...
[Company Announcement] - Feb 3, 2017 - Econo Times.Com - Bitstamp, a European Union-based bitcoin marketplace, announced the expansion of its debit/credit card purchasing functionality in numerous countries beyond EU...

Will Bitcoin Adoption Rise Upon Completion of Mexican Border?
[Opinion] - Feb 2, 2017 - The Merkle.Com - Joseph Young - Ever since the official inauguration of President Donald Trump, the Trump administration signed a series of executive orders. One of the orders include immediate construction of ...

Dutch Tax Authority Clarifies: Bitcoin Mixing Will Not Be Banned...
Feb 2, 2017 - NASDAQ.Com - Aaron van Wirdum - As the Dutch proverb goes: "The soup is not eaten as hot as it is served." Meaning: The threat is often not carried through as thoroughly as initially presented. ...

FINRA Issues Report on Distributed Ledger Technology
Feb 2, 2017 - jdsupra.com - Kari Larsen, Michael Selig & Reed Smith - The Financial Industry Regulatory Authority ("FINRA") published a report on January 18, 2017, regarding Distributed Ledger Technology ("DLT") (also known as blockchain...

Bitcoin: Czech Republic Sets Up New Regulations
Feb 1, 2017 - Eastern Daily.Com - Peter Ngigi - With criminals - i.e. those involved in money laundering and financing of criminal networks and terrorists, using every means possible to make transactions without being detected ...

Polish Regulator Recognizes Bitcoin Businesses
Feb 3, 2017 - Coindesk.Com - Jaroslaw Adamowski - Bitcoin regulation in Poland has taken a step forward with the news that the country's Central Statistical Office (GUS) has recognized the trading and mining of virtual currencies as ...

NYDFS Grants Virtual Currency License to Coinbase, Inc.
[Ongoing Story] - Feb 2, 2017 - Jdsupra.Com - The NYSDFS approved the application of Coinbase, Inc., a wholly owned subsidiary of Coinbase Global, Inc., for a virtual currency and a money transmitter license. As part of its review of ...

Digital Bridges for Blockchain
[Opinion] - Feb 2, 2017 - Blogs.Cisco.Com - Anoop Nannra - Over the last two years the blockchain space has evolved at a fevered pitch.  We have seen new business models emerge, new approaches to old problems ...

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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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