The National Money Transmitters Association

The NMTA's Daily News Clippings


Tuesday, February 7, 2017

Top Story - Mexico

Mexico will defend free flow of remittances
[Opinion] - Feb 6, 2017 - The Yucatan Times.Com - James Thornton - Mexico will defend the free flow of remittances, Finance Minister Jose Antonio Meade said on Monday January 30, reflecting concerns that the government of U.S. President ...

Also See:
[Opinion] - Feb 6, 2017 - Economics 21.Org

Top Story - Jamaica

New Technology Reducing Remittance Costs

[Opinion] - Feb 7, 2017 - Jamaica-Gleaner.Com - Remittance companies' use of new technology is driving a transformation which is making it less costly and more efficient for Jamaicans overseas to send funds home, says Horace Hines, general ...

Top Story - US Congress

Authorization And Oversight Plan  Of The Committee On Financial Services
Feb 2017 - Financial Services.House.Gov - Committee on Financial Services - Pursuant to clause 2(d)(1) of Rule X of the House of Representatives, the following agenda constitutes the authorization and oversight plan of the Committee on ...

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AML Compliance Trends


"What A Wonderful World?" - World of AML keeps growing, in multiple ways
[Opinion] - Feb 6, 2017 - banking exchange.com - John Byrne - With the direction that some in political office are taking regarding globalism, it is important to restate the value that the Financial Action Task Force (FATF) has had (and continues ...

2016 Year in Review: Money Laundering (Part Two)
[Review - Opinion] - Feb 6, 2017 - Ballard Spahr.Com - Financial institutions are facing an unprecedented level of scrutiny and enforcement in the area of money laundering. To keep you informed of the latest developments, we have launched a new ...

Also See:
[Review - Opinion] - Feb 1, 2017 - Ballard Spahr.Com

Doing Compliance in an Economic Downturn
[Opinion] - Feb 6, 2017 - Jdsupra.Com - Thomas Fox - Many Chief Compliance Officers (CCOs) and compliance practitioners struggle with metrics to demonstrate revenue generation. Most of the time, such functions are simply viewed as non-revenue ...
 
Anti-Corruption


Continued Regulatory Focus on US Political Contributions
[Opinion] - Feb 7, 2017 - Lexology.com - The SEC did not allege that the violations at issue involved corrupt intent or scienter and the orders contain no assertion that the political contributions were made with intent to influence a government ...

250,000 smartphones light up the night in massive anti-corruption protests...
[Romania] - Feb 6, 2017 - BGR.Com - Chris Smith - The week-long anti-corruption protests in Romania culminated on Sunday with a huge gathering of people in the country's capital and surrounding major cities. A record number of people took to ...

Thousands sign anti-corruption petition
[Dominica] - Feb 6, 2017 - Dominican Today.Com - In the hope of attracting the same high level of participation and enthusiasm as January 22nd's "Green March" against impunity, anti-corruption campaigners began collecting signatures Sunday to ...

Australia

Donald Trump's Dodd-Frank push a boost for Aussie banks
[Opinion] - Feb 7, 2017 - The Australian.Com.Au - Andrew White - Australian banks, led by Macquarie Group, have received a boost from investor hopes that a deregulatory push in the US will influence regulators around the world ...

Bermuda

OECD's Reporting Standard: Collateral Damage
[Opinion] - Feb 6, 2017 - Mondaq.Com - Ashley Fife - The elimination of tax evasion is a laudable objective. Governments miss out on revenue if assets are moved to other jurisdictions to evade taxes, and the impact is greater in poorer countries...

CFPB

State AGs Preparing for Post-CFPB World
[Opinion] - Feb 6, 2017 - Them Report.Com - Phil Banker - A former state Deputy Attorney General and now mortgage lawyer said Monday the fate of the Consumer Finance Protection Bureau hangs in the balance following a Thursday ruling by the...

GOP Moves To Kill CFPB Prepaid Card Rules
[Subscription Required] - Feb 6, 2017 - Law 360.Com - Evan Weinberger - A new regulation governing the prepaid card industry is under attack after Republicans in both houses of Congress filed legislation that could lead to its repeal...

Trump takes on CFPB, a regulatory agency set up by Elizabeth Warren ...
Feb 6, 2017 - Canada Free Press.Com - Dan Calabrese - The Consumer Financial Protection Bureau is one of those things that sounds purely like the government helping out the sainted little guy against threats from the powerful and the predatory...

Architects of Dodd-Frank say Trump order to cut back won't be enforced easily
Feb 6, 2017 - Houston Chronicle.Com - It has taken seven years to put in place the regulatory strictures imposed on Wall Street after the financial crisis. They won't be removed fast or easily. President Donald Trump's Friday directive ...

Also See:
[Opinion] - Feb 7, 2017 - Blog.Credit.Com - Bob Sullivan

Feb 6, 2017 - American Action Forum.Org

[Opinion] - Feb 7, 2017 - Market Watch.Com - Howard Gold

China

The role of commercial banks in combating money laundering
[Opinion] - Feb 6, 2017 - Financial Hand Book.04p.In -  The purpose of this paper is to assess the role of commercial banks in combating money laundering in the People's Republic of China (PRC). Money laundering facts An effective AML...

Company Announcements

TransferTo and EcoCash partner for mobile money transfer in Zimbabwe
Feb 6, 2017 - Developing Telecoms.Com - James Barton - In a deal brokered by Cassava International, the Fintech arm for the Econet Wireless Group, Zimbabweans living and working away from home can now send money directly ...

Ecobank Rwanda Mobile App to boost cashless economy
Feb 7, 2017 - New Times.Co.Rw - Peterson Tumwebaze - Ecobank Rwanda will today launch a new mobile application that will enhance their customers banking experiences. The new App also enables customers ...

WorldRemit and CONTACT launch instant money transfers to Ukraine ...
Feb 7, 2017 - Bobs Guide.Com - Digital money transfer service continues rapid expansion, adds over 4,000 new cash pick-up locations across the CIS region. Digital money transfer service WorldRemit is now available in Ukraine, Armenia...

Santander and Worldline extend their partnership for payment services
Feb 6, 2017 - Leaprate.Com - Mike Fox - Worldline (Euronext: WLN), through its equensWorldline subsidiary specialized in financial processing, and the Santander (NYSE: SOV-C) Consumer Bank S.A. in Poland, extend their partnership ...

Rakuten expands Rakuten Pay in-store payment service
Feb 7, 2017 - Telecom Paper.Com - Japanese e-commerce platform Rakuten will expand the 'Rakuten Pay' in-store payment system to support 14 electronic money brands and Android Pay from summer this year. With Rakuten Pay, ...

Compliance - Other

What are State Utilities Regulators Thinking When it Comes to Cybersecurity?
[Opinion] - Feb 6, 2017 - Nat Law Review.Com - In January 2017, the National Association of Regulatory Utility Commissioners (NARUC) released an updated Cybersecurity Primer to provide guidance to state utility regulators on cybersecurity ...

Also See:
Feb 7, 2017 - mondaq.com - Richard C. Hsu, Jeewon Kim Serrato & Marc Elzweig

Denial of Correspondent Banking Services

CBI bank accounts under scrutiny in Dominica
Feb 6, 2017 - Caribbean News Now.Com - Ken Richards - The diplomatic passports issue and the CBI funds concerns can lead to further trouble for Caribbean banks losing their corresponding banks status with international banks intent ...

Egypt

Egypt Says Remittances, Foreign Inflows Jump After Float
Feb 06, 2017 - Bloomberg.Com - Ahmed Feteha - Remittances from Egyptians working abroad are surging and foreigners bought more than $250 million in local assets on Sunday alone, further signs of growing confidence in the nation's economy ...

Europe

EU Steps Up The Pace For Cashless Society In 2017/18
[Research] - Feb 6, 2017 - Global Research.Ca - Graham Vanbergen - On the 23rd January 2017 the EU Commission issued the "Commission Initiative Roadmap" for 2018 regarding the step up fight against the financing of terrorism, also known ...

Also See:
Jan 23, 2017 - Ec.Europa.Eu

Events

What will Brexit, the Trump Presidency and the evolving regulatory agenda...
[Upcoming Conference To Be Held On Feb 23, 2017 - London] - Feb 6, 2017 - AUKPI.Org - A conference organised by the Association of UK Payment Institutions. Two FREE delegate places for companies in membership of AUKPI...

Remittances to Latin America and the Caribbean in 2016
[Upcoming event to be held on Feb 10, 2017 - Washington, DC] - Feb 2017 - Campaign-Archive 2.Com - This event is part of the Inter-American Dialogue's Remittance Industry Observatory, an initiative that seeks to share information ...

Also See:
Regulatory Update: FinCEN's New CDD Rule, The New Fifth Prong of The ...
[Upcoming Paid Webinar to beheld on Feb 21, 2017] - Feb 2017 - Event Brite.Com - This FinCEN webinar will explain FinCEN's new Fifth Prong of the AML Program requirements focused on a major expansion of Know Your Customer into what ...

Financial Inclusion

Financial inclusion
[Fiji] - Feb 7, 2017 - Fiji Times.Com - Monika Singh - Financial literacy is the ability to understand and act when faced with a financial decision and the Pacific Financial Inclusion Programme has worked with four central banks ...

Fines, Crimes & Cases

Citigroup Pays $250K Over Rate Reset, Other Reporting Violations
Feb 6, 2017 - Bond Buyer.Com - Jack Casey - Citigroup Global Markets, Inc. agreed to pay a $250,000 fine after the Financial Industry Regulatory Authority found rule violations including the failure to report accurate interest rate reset ...

CFPB Orders Mastercard and UniRush to Pay $13 Million for RushCard ...
[Announcement] - Feb 1, 2017 - Consumer Finance.Gov - The Consumer Financial Protection Bureau today took action against Mastercard and UniRush for breakdowns that left tens of thousands of economically vulnerable RushCard ...

Also See:
Feb 1, 2017 - Consumer Finance.Gov - CFPB

Iran

Iran's Banking Sector Reform
[Opinion] - Feb 2017 - The Cairo Review.Com - To increase financial transparency, Rouhani's government aims to expand the Central Bank's independence and adhere to the Financial Action Task Force (FATF) standards against money laundering ...

Ireland

Irish FinMin Guides On New Beneficial Ownership Rule
Feb 6, 2017 - Tax-News.Com - Jason Gorringe - The Irish Finance Ministry has issued guidance on a new EU anti-money laundering regulation on the reporting of beneficial ownership information. Under Article 30(1) of the 4th Anti-Money Laundering ...

Kenya

KBA hires team to run fintech subsidiary
[Announcement] - Feb 7, 2017 - Citizen Tv.Co.Ke - The Kenya Bankers Association (KBA) has appointed a senior management team to run its mobile banking and financial technology subsidiary. The move comes as banks move ...

Kuwait - Remittance Taxes

OMG! Value-Added Tax For OFW Remittances! Government Plans To Implement.
[Opinion] - Feb 6, 2017 - Kwentong OFW.Com - Once the Tax Reform Package is passed, the government will get benefitted from the money sent by Overseas Filipino Workers to their families in the Philippines. Remittances of OFWs will soon ...

OFAC

OFAC Eases Certain Sanctions Involving Russia's FSB; BIS Licensing Still ...
[Overview] - Feb 6, 2017 - Akin Gump.Com - On February 2, 2017, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Cyber-related General License (GL) 1, a general license that authorizes certain ...

Also See:
Feb 2, 2017 - Treasury.Gov - OFAC

Pakistan

NA passes bill to discourage money laundering, terror financing
Feb 7, 2017 - Nation.Com.Pk - Javaid-Ur-Rahman - The National Assembly Monday unanimously passed 'The Companies Bill, 2017' aimed at discouraging fraud, money laundering and terror financing. The 857-page bill, moved by treasury ...

Payment Services

Modern payments and banking APIs
[Opinion] - Feb 7, 2017 - Banking Tech.Com - One of the examples of modern payments is an instant transfer. When you can't wait for the next clearing session and need to transfer money within seconds, in most cases you have to use a ...

Rwanda

Why banks are racing to embrace digital financial facilities
[Opinion] - New Times.Co.Rw - Just over a quarter of the population have bank accounts, a situation largely attributable to low reach of most commercial banks as focus is mainly on major towns and provincial cities. Less than 30 per ...

Saudi Arabia - Remittance Taxes

The pros and cons of expat remittance taxes in Saudi Arabia
[Opinion] - Feb 7, 2017 - Alarabiya.Net - Dr. Mohamed A. Ramady - A collective sigh of relief was felt by Saudi-based expatriates following yet another announcement that there were no plans to impose a new tax on foreign workers' remittances...

Also See :
Feb 7, 2017 - Arab News.Com

Virtual Currencies

The Fintech Files: Understanding Blockchain
[Q&A] - Feb 7, 2017 - CFA Institute.Org - Larry Cao - Blockchain is an often discussed, rarely understood topic. To get some perspective about the current thinking on blockchain, I had a discussion with Jennifer Qin, Deloitte's lead partner...

Dutch Authorities Look to Deem 'Bitcoin Mixers' as Money Laundering
Feb 6, 2017 - The Bitcoin News.Com - The Dutch government is trying to make it easier to launch a criminal investigation against persons who use bitcoin to launder money from illegal activities, according to Financieele Dagblad, a Dutch ...

Blockchain Technology Explored for Homeland Security
Feb 6, 2017 - News Wise.Com - Homeland Security's Science & Technology Directorate - Blockchain technology represents an innovative leap forward that has many uses and applications across multiple sectors of the economy. Many people...

Blockchain: The Invisible Technology That's Changing the World
[Opinion] - Feb 6, 2017 - PC Mag.Com - Rob Marvin - Blockchain isn't a household buzzword, like the cloud or the Internet of Things. It's not an in-your-face innovation you can see and touch as easily as a smartphone or a package from ...

Blockchain and derivatives: reimagining the industry
[Opinion] - Feb 6, 2017 - Finextra.Com - Carlo R.W. De Meijer - Since the first meetings organised by the Technology Advisory Committee of the US Commodity Futures Trading Commission (CFTC) on January 26 and February 23, 2016, on ...

North Dakota Legislators Advance Plan for Bitcoin Regulation
Feb 6, 2017 - Coin Desk.Com - Stan Higgins - Legislators in North Dakota are quietly - but quickly - advancing a measure to study how the state should approach regulating digital currencies like bitcoin ...

With Deadline Looming, Will The SEC Approve A Bitcoin ETF?
[Opinion] - Feb 7, 2017 - Forbes.Com - Laura Shin - Tyler and Cameron Winklevoss, the twins known for their dispute with Mark Zuckerberg of Facebook and for their careers as Olympian rowers, are now proponents of bitcoin...

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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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