The National Money Transmitters Association
 
NMTA's Daily News Clippings

Friday, February 9, 2018

Top Stories

Denial of Banking Services

Remittance focus
[Opinion, Fiji] - Feb 9, 2018 - Fiji Times.Com - Filipe Naigulevu - Remittance flows and correspondent banking relationships (CBRs), including trade finance, are essential to facilitate trade, promote economic activity, and support incomes in the Pacific...

Legislative Matters

AML/BSA Focus by U.S. Senate Committee Testimony - From Beneficial ...
[Ongoing Story, Overview] - Feb 8, 218 - Jd Supra.Com - Brad Gershel -  This week, the U.S. Senate Committee on the Judiciary and the U.S. Senate Committee on Banking, Housing and Urban Affairs held hearings focused in part on AML...

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AML Compliance Trends

SEC Targets AML as Exam Priority
[Ongoing Story] - Feb 8, 2018 - Nat Law Review.Com - David L. Axelrod, & Priya Roy - Yesterday, the SEC Office of Compliance Inspections and Examinations (OCIE) announced its 2018 examination priorities, released in order to ...

Also See:
[Press Release] - Feb 7, 2018 - Sec.Gov

Feb 7, 2018 - Sec.Gov

Anti-Corruption Around the World

Smartphone apps pose heightened compliance risks under new US FCPA ...
[Opinion] - Feb 7, 2018 - Lexology.Com - Smartphone users in China and many other emerging economies increasingly rely on so-called super-apps, which integrate features otherwise accessible through multiple applications under a single user ...

Botswana anti-corruption crusade worth emulating
Feb 9, 2018 - Southern African.News - Magreth Nunuhe - Perhaps one of the lasting legacies Botswana President Ian Khama's will leave when he steps down in April 2018 will be his unwavering commitment to stamping out corruption in his country...

Bribery doesn't pay in the global supply chain
[Opinion] - Feb 9, 2018 - Freight Waves.Com - Brian Straight - With so many regulations to follow, fleets and shippers probably don't need another reason to fret, but bribery and corruption are on the rise. It's easy to dismiss corporate bribery ...

Australia

AUSTRAC buys into business ownership
[Opinion] - Feb 9, 2018 - PS News.Com.Au - The Australian Transaction Reports and Analysis Centre (AUSTRAC) has published a new fact sheet to help businesses understand and determine 'beneficial ownership' requirements so they know ...

Also See :
[Beneficial Ownership Fect Sheet] - Feb 2018 - Austrac.Gov.Au

Banks

Trump Administration and Bank Regulators Plan Changes to the Community...
Feb 8, 2018 - Nat Law Review.Com - The Wall Street Journal reported on January 11, 2018, that the Trump administration is planning to overhaul the Community Reinvestment Act (CRA), though the article does not provide any specific details ...

Casinos, Gambling & Gaming

Islamic State makes money with online casinos - ambassador
Feb 8, 2018 - Tass.Com - The IS criminal earnings increasingly often reach the accounts of quite respectable financial institutions . The revenues of the Islamic State terrorist grouping from the sales of crude oil have shrunk to $ 2 mln a month ...

Gambling Laws Around the World Getting Tougher?
[Opinion] - Jan 16, 2018 - Betting has become such a craze for people all over the world. Unfortunately, not all countries have made it legal to participate in this sporting activity. This could be because the governments of such countries want ...

CFPB

'It's about time that there is sane leadership at the CFPB': Comments of the ...
[Opinion] - Feb 8, 2018 - American Banker.Com - Mary Wisniewski - Readers react to the Consumer Financial Protection Bureau pulling back from investigating the Equifax breach, opine on the Federal Reserve's tough enforcement against ...

Also See:
[Opinion] - Feb 9, 2018 - Raw Story.Com

Company Announcements

FBI international corruption squad head joins Exiger
[Announcements] - Feb 7, 2018 - Compliance Week.Com - xiger, a global regulatory, financial crime, risk and compliance firm, appointed George "Ren" McEachern as managing director in the company's Global Investigations Group...

IME Digital launches B2B services in Nepal
Feb 9, 2018 - Kathmandu Post.Ekantipur.Com - IME Digital Solution Ltd has announced the launch of its B2B (Business to Business) services that aims to facilitate various payments across stores nation-wide. The B2B services builds on ...

CyberGuard Publishes Cybersecurity Guide
[Press Release] - Feb 2018 - Broadway World.Com - Today, CyberGuard Compliance, a global provider of attestation and compliance services, announced it is publishing a guide to help organizations deal with the ever-growing cybersecurity threats...

Also See:
[Guide, Subscription Required] - Feb 2018 - Info.Cg Compliance.Com

OFB, Alibaba unit partnership eyed
[Philippines] - Feb 9, 2018 - Business.Inquirer.Net - Ben O. de Vera - The Department of Finance (DOF) is eyeing a potential tie-up between the recently launched Overseas Filipino Bank (OFB) and the fintech arm of global e-commerce giant ...

Wing partners with WorldRemit to offer instant money transfers to Cambodia
Feb 6, 2018 - Finextra.Com - Leading digital money transfer service, WorldRemit, and Cambodia's largest mobile banking services provider, Wing Cambodia Limited Specialised Bank, have launched instant money transfers to Cambodia...

London Fintech Opal Transfer Announces New Money Transfer Service ...
Feb 8, 2018 - Crowdfund Insider.Com - Samantha Hurst - London-based fintech Opal Transfer announced it is launching a new money transfer service between Ukraine and Poland. Incorporated in 2003, Opal Transfer specializes in ...

WhatsApp Payments rolls out to some users, letting them transfer money...
Feb 8, 2018 - Independent.Co.Uk - Aatif Sulleyman - WhatsApp is now allowing some users to transfer money through the app, it has been reported. The messenger app has long been rumoured to be working on a peer-to-peer payments system...

Dash & Bitrefill Partner to Reach Global Underbanked and Unbanked
Feb 8, 2018 - Crowdfund Insider.Com - Erin Hobey - Dash, (DASH), a digital currency for payments, today announced its partnership with Bitrefill, reportedly the largest cryptocurrency top-up prepaid phone company, reaching ...

Cybersecurity

Overnight Cybersecurity: Trump nominates official to lead DHS cyber office...
[Overview] - Feb 8, 2018 - The Hill.Com - Morgan Chalfant - Homeland Security Lead Cyber Office Gets Nominee: President Trump has officially nominated Christopher Krebs to serve as under secretary of the National Protection and Programs ...

State of Canadian cyber awareness training 'very concerning,' survey results...
Feb 9, 2018 - It World Canada.Com - Howard Solomon - Cyber security experts agree awareness training of employees is vital for organizations to secure personal and corporate data, but a new survey suggests Canadian firms aren't doing enough...

Artificial Intelligence Improves Cybersecurity in Data Centers
[Opinion] - Feb 9, 2018 - Data Center.CIO Review.Com - Artificial Intelligence (AI), with its ability to handle large amount of data, is playing a major role in cybersecurity by controlling threats. AI can predict and accurately identify threats to ...

Denial of [Marijuana] Banking Services

Fed Bank Approves Cannabis-Associated Colorado Credit Union
Feb 7, 2018 - Truth In Media.Com - Jay Syrmopoulos - The Federal Reserve Bank of Kansas City approved Colorado's Fourth Corner Credit Union to service some cannabis-associated businesses, with a new condition requiring that Fourth Corner ...

Also See:
[Ongoing Story] - Feb 8, 2018 - Financial Regulatory Report.Com - Travis Nelson

FATCA

Overseas Assets? Know Your FBAR Filing Requirements
[Opinion] - Feb 6, 2018 - Global Atlanta.Com - Do you hold or control assets in an overseas account? If so, filing a Report of Foreign Bank and Financial Accounts (FBAR) might be in your future. FBAR filing requirements catch some taxpayers ...

Financial Inclusion

Peru to receive EU financial support for Amazon social inclusion
Feb 9, 2018 - Andina.Com.Pe -  Peru's Development and Social Inclusion Ministry (Midis) will receive S/38 million (about US$11.6 million) from the European Union to help close the poverty gap in Amazonas, Junin, Loreto, San Martin, and Ucayali ...

Fines, Crimes & Cases

Rabobank NA Pleads Guilty, Agrees to Pay Over $360 Million
[Official Press Release] - Feb 7, 2018 - Justice.Gov - As a Result of Rabobank's Bank Secrecy Act and Anti-Money Laundering Failures it Processed over $360 Million in Illicit Funds and then Conspired with its Executives in an Attempt to Conceal ...

31 Senators Want Answers From CFPB On Equifax Probe
Feb 9, 2018 - Pymnts.Com - A group of 31 Democrat and Independent U.S. senators are calling on the Consumer Financial Protection Bureau (CFPB) to provide information as to why the Bureau has halted its inquiry into the Equifax data breach ...

Also See:
Feb 8, 2018 - Up Matters.Com

Fintech

Fintech Will Change How We Bank
[Opinion, India] - Feb 9, 2018 - Business-Standard.Com - Tapas Sarkar - In the not too distant future, there may come a time, where we cease to interact with the banks as we know it. Banks which were monolithic organization who created the ...

Also See:
[Opinion] - Feb 9, 2018 - CXO Today.Com - Sohini Bagchi

Central Bank to Prepare Fintech Regulatory Roadmap
[Indonesia] - Feb 9, 2018 - Jakarta globe.id - Adinda Normala - Bank Indonesia is currently preparing a roadmap of regulations for financial technology, or fintech, products in an effort to support the rapid change of the global financial system in...

Greece

Greece: Ministry of Finance Launches Consultation on Draft Bill Transposing ...
[Subscription Required] - Feb 9, 2018 - Gambling Compliance.Com - On February 6, 2018, the Department of Financial Policy at the Ministry of Finance published a draft law on the detection and prevention of money laundering and terrorism ...

Mobile Money Transfer

Mobile-first: the way forward for financial services
[Opinion] - Feb 9, 2018 - Disrupt-Africa.Com - Tom Jackson - Rapid technological innovation and the emergence of more stringent regulations means banks are having to reinvent themselves as trusted providers of a much broader range ...

Mobile Payments Still Hugely Untapped
[Opinion, Nigeria] - Feb 9, 2018 - Pro Share Ng.Com - Data from a new report series from the NBS, produced in collaboration with the CBN, reveal that 462 million transactions valued at N29trn were recorded on electronic payment channels in ...

Mobile Banking Opens Doors for African-Americans
[Opinion] - Feb 8, 2018 - Ft Leavenworth Lamp.Com - For African-Americans, embracing mobile banking doesn't just mean greater accessibility to financial institutions, it also allows the  ability to choose  a bank that aligns ...

Remittances & Immigration

Houston Is Now Ground Zero for America's Immigration Crisis
[Opinion] - Feb 9, 2018 - Bloomberg.Com - Thomas Black - Houston has become ground zero in the nation's immigration crisis, testing just how much the hard-line deportation push espoused by President Donald Trump and his allies  ...

Trump Could Try to Deport Legal Immigrants Who Get Federal Benefits
[Opinion] - Feb 8, 2018 - NY Mag.Com - Ed Kilgore - The administration doesn't just want to restrict legal and illegal immigration - it wants to make more immigrants illegal and thus deportable. The first big move in this direction was ...

Also See:
[Opinion] - Feb 8, 2018 - Y Net News.Com - Yoaz Hendel

Feb 8, 2018 - Independent.Co.Uk - Emily Shugerman

Trade-Based Money Laundering

Navigating trade finance: how should banks monitor suspicious shipping ...
[Opinion] - Feb 8, 2018 - TXF News.Com - Byron Mckinney - A number of news stories in 2017 detailed the radical methods being employed to evade sanctions controls, for example, through the transfer of commodities from ship-to-ship ...

Virtual Currencies Around The World

SEC cracks down on fee transparency
Feb 9, 2018 - Financial Standard.Com.Au - Karren Vergara - The US Securities and Exchange Commission (SEC) announced it will crackdown on financial product providers' fee disclosures the year ahead in a bid to protect mum and dad investors...

Virtual currencies need firm global regulation: ECB's Mersch
[Opinion] - Feb 8, 2018 - Reuters.Com - Marc Jones, & Alasdair Pal - Cryptocurrencies like bitcoin and the banks and financial firms that trade them need to be more closely regulated, one of the ECB's top policymakers said on Thursday. ...

How South Korea's new cryptocurrency regulations could affect the future of ...
[Opinion] - Feb 9, 2018 - Insider.Co.Uk - Philip Gates - New, stricter anti-money laundering regulations in South Korea have led to fears that the steep rise of Bitcoin could be followed by an equally steep fall. But are the worries misplaced? ...

These Bitcoin Billionaires Think $320,000 Is a Real Possibility
[Opinion] - Feb 9, 2018 - Fool.Com - Matthew Frankel - It's been a rough start to 2018 for bitcoin (BTC-USD) and most other cryptocurrencies. Thanks to a steady stream of negative news items having to do with regulation and other matters...

Blockchain Technology May Change the World, But What Are the Risks?
[Opinion, Video] - Feb 9, 2018 - The Street.Com - Kinsey Grant -  Bitcoin's incredible price swings have gotten blockchain technology in the news. But what's at stake when everything heads to a distributed ledger? Experts weigh in...

How can blockchain technology make life easier for immigrants?
[Opinion] - Feb 9, 2018 - Silicon Republic.Com - Blockchain technology has serious potential but often the cryptocurrencies using it to function gain much more attention. Siliconrepublic.com spoke to Joshua Gordon-Blake of ...

Upbeat Dutch Blockchain and Crypto Action Agenda
[Opinion] - Feb 9, 2018 - Coin Telegraph.Com - Selva Ozelli - The Netherlands has an established tradition of being at the forefront of innovation. And it is following this same path when it comes to Blockchain development. The  ...

Japan's Financial Services Agency Vows to Increase Oversight of ...
Feb 9, 2018 - Strategic Coin.Com - Josiah Wilmoth - Japan's chief financial regulator plans to step up its enforcement of domestic cryptocurrency exchanges in response to a recent incident at Tokyo-based trading platform Coincheck ...

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Quote of the Day

"A tree is known by its fruit; a man by his deeds. A good deed is never lost; he who sows courtesy reaps friendship, and he who plants kindness gathers love."

 - Saint Basil

Word of the Day

Altruism: /al·tru·ism/ [Noun]
  • Unselfish regard for or devotion to the welfare of others.
  • Disinterested and selfless concern for the well-being of others.
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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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