The National Money Transmitters Association

The NMTA's Daily News Clippings


Thursday, February 9, 2017

Top Story - Fines, Crimes & Cases

PayPal says receives subpoena from U.S. DOJ related to AML program
[Brief] - Feb 8, 2017 - Reuters.Com - Paypal Holdings-received subpoenas from U.S. Department of Justice seeking production of certain information related to historical anti-money laundering program...

Also See:
Feb 9, 2017 - Rappler.com - Agence-France Presse

Feb 8, 2017 - Market Watch.Com - Wallace Witkowski

Top Story - CSBS / 
State Matters
Feb 8, 2017 - Financial Reg News.Com - Albert Forkner, commissioner of the Wyoming Division of Banking, was named chairman-elect of the Conference of State Bank Supervisors (CSBS) board of directors. Forkner replaces former ...

Top Story - Possible Mexico Remittance Tax
 
Mexican remittance tax could lead to Bitcoin boom - Axios
[Opinion] - Feb 8, 2017 - Open Ruby.Com - What Rogers said: "It's my understanding that we have over $30 billion a year that are sent in remittances out of this country to South American countries, mostly to Mexico. I intend to introduce legislation ...

Top Story - Philippines - Possible Remittance Tax

[Opinion] - Feb 8, 2017 - Philippines.Times Of News.Com - Fewer people will send money if government pushes through with its plan to tax remittances, one of the country's largest cargo and money forwarding services said Wednesday ...
 
Top Story - Bangladesh Action Needed

Feb 9, 2017 - The Daily Star.Net - The country's mobile financial service market has run into a monopolistic situation, with Brac Bank's bKash capturing the lion's share in both transaction numbers and value, a Bangladesh Bank official ...

Top Story - Possible Prepaid Access De-Regulation
Feb 8, 2017 - Prospect.Org - Manuel Madrid - Republican legislators have moved to repeal a rule constraining prepaid-debit card companies before the rule can take effect, marking the latest effort in their recent campaign of widespread ...

Also See:
Feb 8, 2017 - The Week.Com - Using a fast-track process enabled by the 1996 Congressional Review Act, congressional Republicans are working to get rid of rules that keep prepaid debit card companies from charging tens of . . .

Top Story - Proposed OCC Fintech Charter

[Opinion] - Feb 9, 2017 - Nrei Online.Com - Gary Bechtel - Should Fintech companies that offer banking-related products be granted special purpose national bank charters? The answer, from the U.S. Office of the Comptroller of the Currency (OCC) ...

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Africa - The Good That Money Transmitters Do


Western Union Africa Diaspora Marketplace boosts entrepeneurs
Feb 9, 2017 - African Business Review.Co.Za - Wedaeli Chibelushi - In partnership with the United States Agency for International Development (USAID), Western Union runs the African Diaspora Marketplace (ADM). The program takes place biannually...

AML Compliance Trends - Transaction Laundering

Pharma Transaction Laundering Deemed Money Laundering By Courts
Feb 8, 2017 - Finextra.Com - Ron Teicher - A new form of online fraud called transaction laundering (TL) is infecting the medical, pharmaceutical, and financial payment infrastructures. TL is a new way to launder money on the internet ...

Also See:
[Subscription Required] -  Feb 8, 2017 - Payments Compliance.Com

Casinos, Gambling and Gaming

DOJ schools Saipan regulators on anti-money laundering rules
[Casinos] - Feb 9, 2017 - Calvin Ayre.Com - Steven Stradbrooke - US Department of Justice officials are educating Saipan's gaming regulators on anti-money laundering compliance just as the island's lone casino is posting record VIP ...

Company Announcements

Singapore Fintech Plans to Disrupt
Feb 9, 2017 - Finews.Asia - Established by seasoned industry professionals and led by Atul Garg, Principal Founder and CEO, SingX is promising a cheaper, faster and more transparent experience. Pricing is where the firm sees their biggest differential ...

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...

CFPB

Consumer protections threatened under Trump
[Opinion] - Feb 9, 2017 - M Call.Com - Paul Muschick - His recent stand on immigration got massive attention but other moves last week by President Donald Trump have the potential to affect a lot more people, including anyone . . .

Also See:
[Opinion] - Feb 9, 2017 - Pymnts.Com

Richard Cordray on the RD Legal Funding Enforcement Action Press Call
[Prepared Remarks] - Feb 7, 2017 - Consumer Finance.Gov - Richard Cordray - oday the Consumer Financial Protection Bureau is joining forces with New York to sue RD Legal Funding, two related entities, and their owner. We allege that they ...

CFPB: Mortgage Payment Issues a Top Complaint
Feb 8, 2017 - Ds News.Com - Mortgage servicing-particularly as it relates to payments-remains one of the Consumer Financial Protection Bureau's (CFPB) most complained-about issues, according to the CFPB's January Monthly Complaint Report...

Also See:
[Report] - Jan 2017 - Consumer Finance.Gov - CFPB

What Is the CFPB and What Does It Offer Consumers?
[Opinion] - Feb 9, 2017 - Life Hacker.Com - Kristin Wong - The new Presidential administration will soon dissect the Dodd-Frank Act, a group of regulations the Obama administration developed in response to the 2008 financial crisis. . . 

Events

NICE Actimize Launches AML Webinar Series to Address Risk-based ...
[Press Release - Upcoming Webinars by NICE Actimize] - Feb 9, 2017 - Business Wire.Com - NICE Actimize, a NICE (Nasdaq:NICE) business and the largest and broadest provider of a single financial crime, risk and compliance software . . .

Financial Inclusion

New banks must take opportunity of the unbanked population . . .
[Ghana] - Feb 8, 2017 - Pulse.Com.Gh - A former Finance Minister Prof Kwesi Botchwey said that the unbanked who are mainly in the informal sector must be targeted by designing tailored products to help them enter the financial system ...

Also See:
Feb 8, 2017 - Ghana Web.Com

Fines, Crimes & Cases

Russian branch of Credit Suisse reportedly investigates mirror trades
Feb 9, 2017 - Finance Feeds.Com - Maria Nikolova - Swiss bank Credit Suisse is allegedly conducting an internal probe into its Moscow office, with the investigation concerning mirror trades. According to a report in the Russian edition of ...

Tussle over jurisdiction in Lebanese Canadian Bank suit in DIFC courts
Feb 9, 2017 - The National.Ae - Sean Cronin - A jurisdiction row has broken out between a top regional partner of Deloitte & Touche and an investor group that is suing him following the collapse of Lebanese Canadian Bank...

Guyana

Corruption, Money Laundering are cancer plaguing Guyana
[Opinion] - Feb 9, 2017 - Press Reader.Com - Corruption, Money Laundering are cancer plaguing Guyana, British High Commissioner Greg Quinn said yesterday, stating that his government remains committed to helping ...

Kenya

Kenyan Central Bank lets banks run own mobile money platform
Feb 9, 2017 - Tele Compaper.Com - The Central Bank of Kenya (CBK) has given six banks the green light to launch a mobile money transfer platform, Business Daily reported.  The Kenya Interbank Transaction Switch, which has been developed ...

Nigeria

Sterling Bank deepens drive for diaspora remittances
Feb 8, 2017 - The Citizen Ng.Com - Sterling Bank Plc is leading a drive by Nigerian lenders to persuade the country's citizens residing overseas to send money (remittances) home. According to Bloomberg, the head of Sterling Bank's year...

Self-Regulatory Organizations

Self-Regulatory Organizations; FinRA Inc.; ...
[A Notice by the SEC] - Feb 9, 2017 - Federal Register.Gov - Securities and Exchange Commission - ursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder,[2] notice is hereby given that on January ...

Somalia

Somaliland: The Inflation Vs Mobile Money Banking Fiasco
[Opinion] - Feb 9, 2017 - Somaliland Press.Com - Liban - When it comes to an African leader, I adulate Mr. John Magufuli of Tanzania, and when it comes to an African nation, I adore to that of Rwanda "a country that was synonymous with ...

Tanzania

Forex Shops Under Scrutiny to Check Money Laundering
Feb 8, 2017 - All Africa.Com - Sylivester Domasa - The government has put local bureaux de change under tight surveillance in an attempt to ensure the shops are not turned into dens for money laundering...

Tanzania: Mobile Money Subscription Up
[Opinion] - Feb 9, 2017 - All Africa.Com - Money transfer services by mobile network operators continued to expand in the last quarter of last year with Vodacom's M-Pesa maintaining its position as the largest mobile money system...

United Kingdom

UKGC Promises More Punishment for Virtual Item Betting Operators and...
Feb 8, 2017 - Casino.Org - Kevin Horridge - The UK Gambling Commission has promised to crack down hard on websites that facilitate gambling with virtual in-game items and to use "all the powers available" to "punish and deter" such ...

UK Lawmakers Miffed At Being Caught By Bank Client Rules
[Subscription Required] - Feb 8, 2017 - Law 360.Com - Richard Crump - Banks must step up their background checks on high-risk customers ahead of new anti-money laundering and corruption laws that extend current due diligence measures ...

Will spread betters survive increasing regulation?
[Opinion] - Feb 9, 2017 - Investors Chronicle.Co.Uk - Emma Powell - The UK's spread betters are in purgatory at the moment. The Financial Conduct Authority (FCA) has proposed a range of restrictions on companies selling contracts for difference ...

Virtual Currencies

Why the CBN does not want you to use virtual currencies
[Opinion] - Feb 8, 2017 - Pulse.Ng - Despite being touted as the future of currency, the CBN has banned banks and discouraged people from trading in digital currencies for a number of reasons. In the last few months, the government has been ...

The Philippines Central Bank approves new bitcoin exchange regulation
Feb 9, 2017 - Brave New Coin.Com - Luke Parker - The Philippine Central Bank recently approved new rules and regulations governing the operation of virtual currency exchanges. Bangko Sentral ng Pilipinas (BSP) defines virtual currency ...

China central bank says warned bitcoin exchanges of closure risk on rule...
Feb 9, 2017 - CNBC.Com - China's central bank said on Thursday it met with nine smaller local bitcoin exchanges to discuss risks and problems in the bitcoin market, and warned them that they risk closure should they seriously violate the ...

Japan's New Bitcoin Law Imposes Strict Compliance Requirements
Feb 8, 2017 - Live Bitcoin News.Com - JP Buntinx - Over the past few months, a lot of people in Japan have gotten excited about bitcoin and other cryptocurrencies. That came as somewhat of a surprise, considering Japan was not often ...

Accenture beefs up blockchain security
Feb 9, 2017 - The Star.Com.My - Accenture Plc has developed new technology that it says can help make blockchain applications more secure and could speed up their deployment in sectors such as finance. ...

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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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