The National Money Transmitters Association

The NMTA's Daily News Clippings


Wednesday, February 8, 2017

Dear Readers,

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Yay!

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And now, please enjoy today's Clippings!

Regards,

-David

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Top Story - Denial of [Correspondent & Nonprofit] Banking Services


Banking Regulators Try to Ease Concerns Over Aggressive AML/BSA...
[Review] - Feb 7, 2017 - Jdsupra.Com - Peter Hardy & Priya Roy  -  On August 30, 2016, the U.S. Department of the Treasury and four U.S. federal banking regulators sought to correct a problem-at least in part one of their own creation ...

Also See:
[Older Publication] - Aug 30, 2016 - OTS.Treas.Gov

[Older Publication] - Aug 30, 2016 - Treasury.Gov - Nathan Sheets ...

[Older Publication] - [IMF Staff Discussion  Note] - June 2016 - IMF.Org

[Subscription Required] - Feb 7, 2017 - American Banker.Com - Lalita Clozel - Two-thirds of U.S. nonprofit organizations with operations in foreign countries have been affected by banks' de-risking practices ...

Top Story - The Blockchain Industry Organizes in India

India Gets Its Own Blockchain and Virtual Currency Association

Feb 7, 2017 - News BTC.Com - Gautham - India now has its own blockchain association with leading Bitcoin companies as its members. The Blockchain and Virtual Currency Association of India recently had its first meeting in Mumbai last week ...

Also See: 
Feb 8, 2017 - Banking Tech.Com - Antony Peyton

Top Story - Proposed OCC Fintech Charter

OCC Fintech Charter: We Need a Government that Embraces Financial ...
[Opinion] - Feb 7, 2017 - Crowd Fund Insider.Com - Timothy Li - The Office of Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was created by the National Currency Act of ...

Top Story - Compliance - Other


Deregulation supporter named head of FTC consumer protection bureau
Feb 8, 2017 - The Hill.Com - The acting chairman of the Federal Trade Commission (FTC) on Wednesday selected a lawyer and prominent advocate of deregulation to lead the agency's Bureau of Consumer Protection ...

Top Story - Mexico, Immigration & Trump

Who will pay for Trump's 'big, beautiful' wall?
[Opinion] - Feb 8, 2017 - The Conversation.Com - Wayne Cornelius - President Donald Trump's scheme to build a "big, beautiful, impenetrable" wall on the southwestern border - and force Mexico to pay for it - is wildly unrealistic and won't ...

Also See:
[Old Speech] Aug 31, 2016 - Politico.Com

Feb 7, 2017 - Globe Gazette.Com - Todd Blodgett

[Video] - Feb 7, 2017 - The Hill.Com - Katie Bo Williams & Rafael Bernal - Department of Homeland Security (DHS) Secretary John Kelly is expected to be grilled on Tuesday over President Trump's order freezing ...

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Anti-Corruption

U.S targets lawyers, financial experts in anti-money laundering war

[Opinion] - Feb 8, 2017 - The Guildng.Com - The Money Laundry Units of Federal Bureau of Investigation (FBI), United State (U.S), has disclosed plans to intensify efforts towards investigating lawyers, accountants, bankers and brokers allegedly ...

Entry of corrupt money . . . is a serious challenge 

[Nepal, Opinion] - Feb 8, 2017 - My Republica.Com - The cost of setting up infrastructure and fighting money laundering is costly as such white-collar crimes are getting sophisticated and complex. Can countries like Nepal afford ...
 
Dear Mzwanele Manyi, The FIC Bill Stops Theft Of African Money - Why Are...
[Africa, Opinion] - Feb 8, 2017 - Huffington Post.Co.Za - Ferial Haffajee - It makes transparent money flows which before were opaque. By making the flow of money difficult to track, money laundering was common, as a global mafia ...
 
Asset Forfeiture

2016 Year in Review: Forfeiture

[Review] - Feb 7, 2017 - jdsupra.com - Peter Hardy & Priya Roy - The field of forfeiture saw significant action in 2016. The IRS offered to return forfeited funds used in structuring, but Congress still may clip its ability to forfeit such ...

China

Alibaba acquisition of MoneyGram would spotlight lackluster Chinese AML...
[Opinion] - Feb 7, 2017 - Reuters.Com - Brett Wolf - A deal for the payment affiliate of Chinese e-commerce giant Alibaba Group Holding Ltd to buy U.S. money-transfer company MoneyGram International Inc has the potential not only to ...

Company Announcements

Encompass Corporation launches automated Anti-Money Laundering system
Feb 8, 2017 - Bobs Guide.Com - A fully automated Know Your Customer (KYC) solution for achieving superior Anti-Money Laundering (AML) and Counter Terrorism Finance (CTF) compliance has been launched by Encompass Corporation ...

Dodd-Frank, CFPB

Dodd-Frank Rollback Gets Rolling With Financial Choice Act Reintroduction
Feb 7, 2017 - Think Advisor.Com - Melanie Waddell - The House Financial Services Committee will zero in this Congress on Dodd-Frank Act implementation, with a likely rollback of the law with the reintroduction this week of Rep. Jeb Hensarling's ...

Trump Should Fire CFPB's Cordray, Hensarling Says
[Opinion] - Feb 8, 2017 - BNA.Com - Gregory Roberts - President Donald Trump should immediately dismiss Richard Cordray as director of the Consumer Financial Protection Bureau, the top-ranking House Republican on financial services issues said Feb. 7, ...

CFPB Sues Firm for Allegedly Scamming 9/11 First Responders
Feb 7, 2017 - Blog.Credit.Com - Bob Sullivan - A firm accused of scamming 9/11 first responders and former NFL players into giving them large chunks of their compensation funds via costly advance payment deals has ...

Denial of [Marijuana] Banking Services

Federal Marijuana Law Enforcement Trends
[Opinion] - Feb 7, 2017 - Katherine Guarino & Allison O'Neil & David Szabo - The election of Donald Trump as President of the United States may lead to a significant change in the enforcement of the Controlled Substance Act (CSA) with respect ...

Events

AML Compliance and FinCEN updates and its implications 2017
[Upcoming webinar to be held on Mar 15, 2017] - Feb 2017 - Clocate.Com - Compliance Global Inc - AML Compliance and FinCEN updates and its implications 2017 is a webinar that covers topics such as ...

Standard Chartered hosts Corr. Bnkg. Academy in the Middle East
[Past Event overview held in Dubai Last week] - Feb 8, 2017 - CPI Financial.Net - Following the successful launch of its Correspondent Banking Academy last year, Standard Chartered hosted its financial institution and correspondent banking ...

FSDC holds forum on digital banking and anti-money laundering
[Hong Kong - Ongoing Forum started on Feb 8, 2017] - Feb 8, 2017 - 7th Space.Com - The Financial Services Development Council (FSDC) and the City University of Hong Kong jointly hosted a forum today (February 8) on career opportunities in digital ...

Fines, Crimes & Cases

Lawsuit for Investors in Shares of the Western Union Company in Effort ...
Feb 7, 2017 - 4-Traders.Com - A lawsuit was filed on behalf of investors in The Western Union Company (NYSE:WU) shares over alleged securities laws violations and NYSE:WU investors should contact the Shareholders Foundation ...

The ban follows allegations of securities fraud, misusing customer funds...
[Opinion] - Feb 8, 2017 - FTF News.Com - The Financial Industry Regulatory Authority (FINRA) reports that it has expelled Phoenix-based Lawson Financial Corporation, Inc. (LFC), and has barred Robert Lawson, LFC's CEO and president, from the ...

Malaysia

1MDB saga: the call for anti-money laundering regulations
[Review] - Feb 6, 2017 - Two Birds.Com - 1Malaysia Development Berhad ("1MDB") is an investment fund set up by the Prime Minister of Malaysia, Najib Razak, in 2009, with the intention of bringing foreign investments into Malaysia. Some examples of ...

Also See:
[Opinion] - Feb 8, 2017 - Art Market Monitor.Com - Marion Maneker

New Zealand

FMA warns on AML, won't name and shame
[Press Releases] - Feb 8, 2017 - Good Returns.Co.Nz - Twelve reporting entities, including advisers and advice firms, have been handed formal warnings for breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) laws ...

Also See:
Feb 8, 2017 - Stuff.Co.Nz - Chris Hutching

[Press Releases] - Feb 8, 2017 - The Asian Banker.Com

Pakistan

SBP rejects allegations of its involvement in money laundering
Feb 7, 2017 - dawn.com - The State Bank of Pakistan (SBP) Tuesday categorically rejected allegations of its involvement in money laundering. The SBP in a statement said, "Apropos the statements made by Member National Assembly ...

Philippines

House panel moves to include casinos in AMLA coverage
Feb 8, 2017 - Phil Star.Com - Jess Diaz - The House of Representatives has moved closer to including casinos in the coverage of the Anti-Money Laundering Act (AMLA). Eastern Samar Rep. Ben Evardone, who chairs the committee on ...

Also See:
Feb 8, 2017 - Calvin Ayre.Com - Jasmine Solana

Virtual Currencies

CB of Philippines issues regulatory framework for digital currency...
Feb 8, 2017 - Econo Times.Com - Bangko Sentral ng Pilipinas (BSP), the central bank of Philippines, has issued pioneer regulatory framework for digital currency exchanges and similar entities that are operating in the country ...

Virtual Currency: DOJ and IRS Broadly Seek Virtual Currency Account User...
[2016 Year End Review] - Feb 7, 2017 - jdsupra.com - Brad Gershel, Peter Hardy & Marjorie Peerce - Under Internal Revenue Code section 7609(f), the IRS may issue a "John Doe" administrative summons to discover the identities ...

Will the SEC Approve a Bitcoin ETF?
[Opinion] - Feb 7, 2017 - Crypto Coins News.Com - Rulings on the approval of Bitcoin Exchange traded funds (ETFs) are set to be disclosed in the coming months. Investors brace themselves for what could be a historic reveal in the world of ...

BSP regulates use of virtual currencies
Feb 8, 2017 - Canadian Inquirer.Net -  Joann Santiago - The Bangko Sentral ng Pilipinas (BSP) has put in place a pioneering move in Asia of regulating virtual currency (VC) transactions by requiring businesses using VCs to register with the ...

Bitcoin Mixers: Dutch Considers It Money Laundering

[Analysis] - Feb 6, 2017 - Fxinter.Net - Almost everything in this world has its pros and cons - cryptourrency is not an exception to this statement. Cryptocurrency pros include no transaction fees, decentralization i.e. non-involvement ...

The Latest Trend - Bitcoin Casinos
[Opinion] - Feb 7, 2017 - News BTC.Com - The powerful banking method of Bitcoin has made a huge impression on the way consumers make transactions for purchasing and depositing. It first glance it may appear intimidating but like riding ...

China Central Bank Said to Call Bitcoin Exchanges for Talks
Feb 8, 2017 - Bloomberg.Com - China's central bank is holding a closed-door meeting with several domestic bitcoin exchanges on Wednesday, people familiar with the matter said, heightening concerns that regulators will tighten their ...

Also See:
      Bitcoin in China: Summary of the latest developments
      Feb 7, 2017 - Deep Dot Web.Com

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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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Did you know?


The DNC is opened in over 500 mailboxes, every business day, but it does cost money to produce. If you find the DNC useful, please support the work. Click HERE to make a Sustaining ($145), or Supporting ($45) donation, and thank you!