The National Money Transmitters Association

The NMTA's Daily News Clippings

Monday, February 6, 2017

Dear Readers,

Our Appreciation to the CSBS

Our Top Story today is about a new risk assessment tool from the Conference of State Bank Supervisors. This is very exciting stuff. I can't wait to read and learn all about it. Thanks very much to the CSBS!
Heard Around the Street

The House Financial Services Committee may soon take up the Anti-Choke Point issue. Stay tuned.

Standing With Immigrants

The NMTA supports rational immigration reform. That means you insist that everyone get ID, and then take away the fear of deportation, so honest people are not afraid to show it when asked.

Revoking a person's Green Card once it is given, on discriminatory grounds, based on religion, is not the American way, and it is unacceptable.

Here is an excerpt from the first editorial I wrote as Executive Director of the NMTA, back in August, 2004:

"I believe passionately in the importance of what we do for a living: we provide a way for hard-working immigrants to send life-sustaining support to their beloved families abroad.

Anyone who has known the pain of hunger, the constant fear that comes with poverty, and the anguish of seeing your loved ones in need, will understand the importance of what we do. 

Our customers work long hours for low wages, live in overcrowded apartments, keeping just the basics for themselves, but still somehow manage to send that money home, every week. Our customers have the courage and determination to come to a country whose language, customs and laws they do not know, suffering prolonged separation from family, friends and country. 

And that, my friends, is suffering, indeed.

Yet these saints, those same people who make our economy possible, and largely support that of their home country, are vilified and reviled by their 'host' country as a 'drain' on its resources. Their lack of documentation, for some, puts them in the same category as the lowest of criminals and terrorists. They are 'high-risk' and 'suspicious.' Not to be served."

Those of us who labor in the remittance industry are in service to the immigrant community and we would protest in the strongest terms, any measures that would tend to make us treat undocumented immigrants in any discriminatory way.

Lately, we have seen things moving in the wrong direction.

The connection between immigration reform and national security is not about strengthening our borders to keep out terrorists, nor is it about kicking people out because they may be terrorists.

For us, the connection between immigration reform and national security is about giving people real ID, then taking away the fear of deportation, so honest people are not afraid to show ID when asked.

And now, please enjoy today's Clippings!




Top Story - Toward Standardizing Risk Assessments

CSBS releases tool to assist financial institutions with BSA/AML risk
Feb 6, 2017 - Financial Reg News.Com - The Conference of State Bank Supervisors (CSBS) and state regulators have developed a self-assessment tool to help banks and financial institutions identify, monitor and communicate Bank Secrecy Act...

Also See:
[Paper] - Jan 2017 - CSBS.Org - CSBS

[Video Narration] - Jan 2017 - CSBS.Org - CSBS

Jan 2017 - CSBS.Org - CSBS

Top Story - Bangladesh

Bankers seek commission waiver for small remitters
Feb 5, 2017 - The Financial Express-Bd.Com - Siddique Islam - Top 20 remittance-recipient banks proposed to meet their commission on maximum US$200 inward remittance from their own CSR funds instead of deducting it from the remitter's...

Top Stories - Virtual Currencies

Hawaiian legislators propose establishing digital currency and blockchain...
Feb 6, 2017 - Econo Times.Com - Two Hawaiian politicians have submitted a bill that proposes setting up of a working group dedicated to digital currency and blockchain technology. According to CoinDesk, Democratic Reps Chris Lee ...

Also See:
Jan 25, 2017 - Legiscan.Com

The Truth About Bitcoin Remittances

[Opinion - A Good Read] - Feb 6, 2017 - Fintech News.Sg - We are about 7 years into Bitcoin and 'the Blockchain' now and its time we evaluated where we are in terms of remittances, what works and what doesnt. ...


AML Compliance Trends

Where Are They Now? The First-Ever Case Against a CCO over...
[Opinion] - Feb 5, 2017 - Grand Jury Target.Com - The Department of Treasury's Financial Crimes Enforcement Network (FinCEN) recently sued MoneyGram International Inc.'s former CCO, Thomas Haider. FinCEN accuses Mr. Haider ...

Make compliance a priority, experts say
[Opinion] - Feb 6, 2017 - Auto News.Com - Hannah Lutz - The future of the Dodd-Frank Act and Consumer Financial Protection Bureau has been largely questioned since President Donald Trump took office, but no matter the status of the CFPB...


EU halts release of anti-corruption report
Feb 5, 2017 - Euractiv.Com - Sandor Lederer - Corruption is rampant in Europe. In Romania, politicians were preparing to legalize political corruption, and elsewhere the misuse of EU funds makes headlines every day. Sandor Lederer ...


China promises to punish those involved in illegal financing activities
Feb 5, 2017 - Jurist.Org - Mark Casper - China said Sunday it would begin imposing harsh punishments [Reuters report] on those involved with illegal financing activities, with a particular focus on underground banking and the stock market...

How Chinese mobile payments are quietly conquering the world
[Opinion] - Feb 6, 2017 - Tech Node.Com - Jing Daily - While mobile payments have been off to a slow start in most of the Western world-even the roll-out of EMV chip payments in the United States is far behind schedule-China has become ...

Company Announcements

MTN launches 'MTN Yello Save' with Fidelity Bank
Feb 6, 2017 - My Joy Online.Com - Emmanuella Aforkpah - MTN Ghana in collaboration with Fidelity Bank has introduced another mobile money innovation that allows customers to send money directly from their MTN mobile ...

Compliance - Other

Dodd-Frank Act: What Donald Trump plans to do to banking regulation and...
[Opinion] - Feb 6, 2017 - ABC.Net.Au - Michael Janda & Thuy Ong - The Dodd-Frank Act was signed into federal law by then US president Barack Obama in 2010, in the wake of the 2008 financial crisis. The act was the most far reaching Wall ...

Also See:
[Opinion] - Feb 5, 2017 - Fidaily.Com - Ed Jones

[Opinion] - Feb 5, 2017 - Reformer.Com - Ken Sweet

U.S. Banks Expect Trump To Stay Tough On Money Laundering
[Ongoing] - Feb 2, 2017 -


SIFMA Anti-Money Laundering and Financial Crimes Conference 2017
[Upcoming event to be held on Feb 8-9, 2017 - New York City] - Feb 6, 2017 - SIFMA.Org - SIFMA's Annual Anti-Money Laundering & Financial Crimes Conference continues to be the leading forum for professionals from the securities industry...

DFSA and Thomson Reuters inaugurate MENA Regulatory Summit
[Past event Overview] - Feb 5, 2017 - CPI Financial.Net - Nabilah Annuar - The report was released at the inauguration of the Thomson Reuters MENA Regulatory Summit organised in association with the Dubai Financial Services Authority ...


Dear President Trump, Please Repeal FATCA
[Opinion] - Feb 6, 2017 - Forbes.Com - Robert W. Wood - After posting Dear President Trump: Why I'm Leaving America, I received many responses, and some similar appeals. Some have focused on one particular law, FATCA . .

Fines, Crimes & Cases

Deutsche Bank Apologized In Full-Page
[Update] - Feb 5, 2017 - Eastern Daily.Com - Rakim Reid - Deutsche Bank apologized to the German public for its legal problems in an unusual manner. The Bank apologized in newspaper ads. Deutsche's legal problems caused the bank to ...

Also See:
Feb 5, 2017 - The Globalist.Com - Frank Vogl

SEC Brings AML Charges Against New York Brokerage Firm and its Chief ...
Feb 3, 2017 - - Austin Campriello, Anne Redcross-Beehler & Mark Srere - The SEC recently charged a New York-based broker-dealer, Windsor Street Capital, L.P. (f/k/a Meyers Associates, L.P.) and John David Telfer, who acted ...


The sanctions committees of the French financial regulators: overview...
[Overview] - Feb 5, 2017 - Lexology.Com - In 2016, the Autorité de contrôle prudentiel et de résolution ('ACPR') and the Autorité des marchés financiers ( 'AMF') continued to pay particular attention to infringements in matters of anti-money ...


Tech disruptions will rule Indian financial services sector
[Opinion] - Feb 6, 2017 - CIO.In - Madhav Mohan - The Indian financial services sector has been looking for a makeover, for a long time now. This year, though, it is on a cusp of a major transformation with several new technologies set ...


Million illegal guest workers in Jordan - ministry
Feb 5, 2017 - Jordan Times.Com - There are around 1.4 million guest workers in Jordan, a million of whom are illegal, Labour Ministry Spokesperson Mohammad Khatib said on Sunday, the Jordan News Agency, Petra, reported...

Also See:
Feb 4, 2017 - Ammon News.Net

Latin America

Tax Regularizations In Latin America: What's A Financial Institution To Do?
Feb 2017 - Jones Day.Com - The increasing number of tax regularization programs in Latin America-most recently in Argentina, Brazil, Colombia, and Peru-is of keen interest to the cross-border wealth management industry ...


UL Professors Slam CBL Regulation Governing Inward Remittances
Feb 5, 2016 - Front Page Africa Online.Com - Danesius Marteh - Two University of Liberia (UL) lecturers have slammed the Central Bank of Liberia (CBL) regulation governing inward personal remittances received via money transfer ...


Macau Is Growing Up -- Here's What's New in the Chinese Gaming Mecca
[Opinion] - Feb 4, 2017 - Fox Business.Com - Macau's resort landscape has grown substantially in the last year, even though its gaming revenue has suffered so much since 2014. Fool contributor and former Macau local Seth McNew gives ...


Financial services industry in focus, not only by PANA Committee
Feb 6, 2017 - Independent.Com.Mt - Kevin Schembri Orland - The EU Parliament's PANA Committee will not be the only ones looking into the bones of contention of Malta's financial services industry and financial regulations ...


President Trump And The Mexican Border Wall - Analysis
Feb 6, 2017 - Eurasia Review.Com - Gautam Sen - The new President of the United States of America (USA), Donald Trump, seems to be intent on fulfilling his campaign pledge to erect a wall along his country's border with Mexico ...

New Zealand

Anti-money laundering costs time and effort
[Opinion] - Feb 5, 2017 - Stuff.Co.Nz - Chris Hutching - Financial advisors are tied up in red tape affecting clients, and the same rules will soon cover lawyers and real estate agents. They are designed to make financial advisors more accountable ...


Will Trump's Next Iran Sanctions Target China's Banks?
[Opinion] - Feb 5, 2017 - Forbes.Com - Gordon G. Chang - Friday, the U.S. Treasury's Office of Foreign Assets Control sanctioned individuals and companies in three networks for "procuring technology and/or materials to support Iran's ...

South Africa

Bridging inequality through a cashless economy- lessons for SA
[Opinion] - Feb 6, 2017 - It News Africa.Com - South Africa can learn from the Indian government's moves to bank its unbanked population by limiting the amount of cash that can be drawn at one time, identifying populations with high potential ...

Sri Lanka

Export earnings, workers' remittances increase marginally
Feb 6, 2017 - Daily News.Lk - Sri Lanka's external sector recorded a modest performance in October 2016 with a deterioration in the trade deficit amidst continued growth in tourist earnings,the Central Bank said...

Trade-Based Money Laundering

Geneva art trade to crack down on money laundering with new guidelines
Feb 6, 2017 - Antiques Trade Gazette.Com - The list of 10 guidelines "on combating money laundering and terrorist financing" for vetting buyers and sellers of art have been drafted with the help of art law consultant and former legal ...

Trinidad & Tobago

Gambling Bill sent to JSC
[Update] - Feb 5, 2017 - Guardian - It will be difficult to run T&T on a budgeted oil price of US$50, Finance Minister Colm Imbert said in response to a comment by Opposition MP Dr Bhoendradatt Tewarie during Friday's House of ...


Many officers 'lack confidence in AML programmes'
Feb 6, 2017 - Trade Arabia.Com - A substantial number of  compliance officers (about 44 per cent) lack confidence in the anti-money laundering (AML) programs of their organizations, according to a new report...

Also See:
[Report] - Feb 6, 2017 - Saudi Gazette.Com.Sa

Countering financial crimes remains a top priority of UAE market regulators
Feb 6, 2017 - Gulf News.Com - Siddesh Suresh Mayenkar - The capital markets regulator said on Sunday that countering financial crimes remains a top priority of regulators, at the same time providing a supportive environment for new businesses...


Develop User-Friendly Mobile Money Interface
Feb 5, 2017 - All Africa.Com - Eronie Kamukama - Experts in entrepreneurship have appealed to telecom companies to develop mobile money solutions that are tailor-made for women in rural communities. ...

Virtual Currencies

RBI Warns Against Bitcoin Use - For Now
[India] - Feb 6, 2017 - Pymnts.Com - The Reserve Bank of India has made several public shows of support for digital payments and for going cashless - even for blockchain. But the latest from the RBI warns India to be wary of bitcoin...

International Law Enforcement Gathered to Share Concerns About Bitcoin ...
[Overview] - Feb 6, 2017 - Deep Dot Web.Com - C. Aliens - Between January 16 and January 18 of 2017, more than 400 cybercrime, cybersecurity, and money laundering investigators met in Doha, Qatar to discuss digital currency. Specifically ...

Non-monetary data usage threatens Bitcoin's efficacy
[Opinion] - Feb 6, 2017 - The Stack.Com - Martin Anderson - Researchers in Italy, investigating the trend towards using Bitcoin's blockchain for non-financial purposes, have concluded that the ongoing practice is likely to impact the Bitcoin system ...

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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