The National Money Transmitters Association

The NMTA's Daily News Clippings

Friday, January 12, 2018

Top Stories -Legislative Matters

Upcoming Hearings

Combating Money Laundering and Other Forms of ...

[Wednesday, Jan 17, 2018] - Banking.Senate.Gov - The Committee On Banking, Housing, And Urban Affairs will meet in Open Session to conduct a hearing on "Combating Money Laundering and Other Forms of Illicit Finance: Administration Perspectives on Reforming and Strengthening BSA Enforcement."

The witnesses will be:

The Honorable Sigal Mandelker, Under Secretary for Terrorism and Financial Crimes, U.S. Department of the Treasury; and
Mr. M. Kendall Day, Acting Deputy Assistant Attorney General, Criminal Division, U.S. Department of Justice ...

Also See:
Jan 12, 2018 - Eth News.Com - Matthew De Silva - The US Senate Banking Committee plans to host a hearing on bitcoin and cryptocurrency regulation next month.

Fintech Legislation

US Representative Submits Bill To Establish FinTech Taskforce
Jan 12, 2018 - Eth News.Com - Adam Reese - On January 10, Ted Budd (R- NC) introduced a bill to the House of Representatives that calls for the formation of a FinTech taskforce, among other things. It was then referred to the  ...

Also See:
[The "Bill"] - Jan 10, 2018 - Legiscan.Com

AML Compliance trends

FBAR Filing Deadline Further Extended

Jan 11, 2018 - Nat Law Review.Com - Certain individuals who have only signature authority over foreign financial accounts now have until April 15, 2019 to file the Report of Foreign Bank and Financial Accounts...

Laundering Cash, White Washing Reputations
[Paper] - Jan 1, 2018 - JHU.Edu - Kleptocracy and grand corruption are now under scrutiny as never before. With renewed global attention on these abuses, a relatively clear picture has emerged of the domestic political economies shaped  ...

Anti-Corruption Around the World

FCPA Alert: Global Anti-Bribery Year-in-Review 2017: Developments and ...

Jan 12, 2018 - Wilmerhale.Com - This past year marked the 40th anniversary of the U.S. Foreign Corrupt Practices Act ("FCPA"). Since its enactment in 1977, the U.S. Department of Justice (the "DOJ") has brought approximately 300 FCPA  ...

Pilot Program No Longer: DOJ Makes FCPA Pilot Program Permanent Policy
[Opinion Dated Nov 30, 2017] - Jan 11, 2018 - Mondaq.Com - On Wednesday before a crowd of legal and compliance professionals attending the American Conference Institute's 34th International Conference on the Foreign Corrupt Practices Act in  ...

Also See:
[Opinion, Subscription Required] - Jan 11, 2018 - Law 360.Com - Chuck Stanley

Remove politicians implicated in serious acts of corruption, European ...
[Malta] - Jan 11, 2018 - Times Of Malta.Com - A European Parliament report on Malta has called on politicians perceived to be implicated in serious acts of corruption and money laundering linked to the Panama Papers and FIAU reports  ...

Ghana appoints anti-corruption buster as Special Prosecutor
Jan 11, 2018 - Ghana Web.Com - Ghana's President Nana Akufo-Addo has appointed former attorney general Martin Alamisi Amidu as the country's first ever special prosecutor who will focus on investigating corruption among public officials...

Saudi Arabia To Extradite Nationals Living Abroad Charged With Corruption
Jan 12, 2018 - NDTV.Com - Attorney General Shaikh Saud Al Mujab asserted that anti-corruption efforts would continue and suspects in corruption cases who fled the country would be brought back in cooperation with states they  ...

[State] Asset Forfeiture

Groups come together to lobby against civil asset forfeiture in WV

[West Virginia] - Jan 11, 2018 - WV Gazette Mail.Com - Jake Zuckerman & Lacie Pierson - State law gives police a way to claim the property of citizens who have not been convicted of any crime. Two groups have formed an unlikely fellowship to ...


CFPB leadership remains uncertain despite another Trump administration...

[Ongoing Story] - Jan 11, 2018 - LA Times.Com - Jim Puzzanghera - The leadership of the Consumer Financial Protection Bureau remains under a cloud of uncertainty despite another Trump administration victory in the legal battle over who  ...

Company Announcements

Wirecard to Offer More Money Transfer Services in India

Jan 12, 2018 - Business World.In -  By deepening its cooperation with Weizmann Forex Ltd in India, Wirecard will enable consumers to receive more international money remittances at thousands of locations nationwide...

Ripple and MoneyGram to Form a Partnership Regarding XRP Money Transfer
Jan 12, 2018 - News 4c.Com - Camilla Teston - Ripple, this blockchain organization, which is, at the same time, bitcoin's enemy, declared a tie-up with Dallas' MoneyGram on Tuesday. The move is critical when it comes to the plan that includes the  ...

Denial of [Marijuana] Banking Services

FinCEN Retaining Bank Secrecy Act Marijuana Guidance - At Least for Now

[Ongoing Story] - Jan 11, 2018 - Lexology.Com - U.S. Attorney Jeff Sessions issued a memorandum on January 4 rescinding the seminal cannabis "Cole Memo" and other DOJ guidance involving cannabis. This has raised continuing issues and  ...

"The SAR reporting expectations outlined in the February 14, 2014 guidance, FIN-2014-G001 remains in place. FinCEN will continue to work closely with law enforcement and the financial sector to combat illicit finance, and we will notify the financial sector of any changes to FinCEN's SAR reporting expectations."
- FinCEN

Also See:
Jan 11, 2018 - Ganjapreneur.Com - TG Branfalt

[Opinion] - Jan 11, 2018 - Denver Post.Com - Mark K. Matthews


New and Enhanced FBAR and FATCA Reporting Requirements

[Upcoming Webinar] - Jan 12, 2018 - Sat Pr News.Com - Radek Sekurski - Who is required to file an FBAR? Form 8938? Understand your reporting obligations and stay compliant. Much attention has been focused on offshore bank accounts and  ...


US Taxpayer Advocate publishes annual list of IRS's shortcomings

Jan 12, 2018 - International Investment.Net - Helen Burggraf - As it did last year, the National Taxpayer Advocate's report to Congress this year again calls for adoption of a so-called "Same Country Exemption" to the Foreign Account Tax Compliance Act  ...

Also See:
[Report] - Jan 2018 - Tax Payer Advocate.IRS.Gov

Financial Inclusion

Improved financial inclusion could boost global bank revenues by US$200b

[Opinion] - Jan 12, 2018 - Fin Channel.Com - Banks could generate incremental global annual revenue of US$200b - equivalent to 20% of emerging market banks' 2016 revenues - by better serving financially excluded individuals and small  ...

CBN launches Financial Inclusion policy
Jan 12, 2018 - Vanguard NGR.Com - With a drive targeted at reducing income inequality and boosting economic growth, the Central Bank of Nigeria (CBN), yesterday launched a financial inclusion policy in Delta State...

Also See:
Jan 12, 2018 - PM News Nigeria.Com
Jan 11, 2018 - Nigerian Observer News.Com

Financial Services

The impact of digitalisation on financial services

[Opinion, Uganda] - New Vision.Co.Ug - Charles Augustine Abuka - Digitisation is the process of converting, storing, transferring and processing information in a format understood by computers. Put simply; think about having a document written  ...

Shanghai commits to enhancing its financial services
Jan 12, 2018 - Shine.Cn - Shanghai will see tightened regulation on its financial sector this year and take more measures to improve its business environment for financial institutions, according to local regulators...

Fines, Crimes & Cases

Feds: UAW and FCA execs laundered money through fake hospice center

Jan 10, 2018 - Idaho.Nef2.Com - In a scheme to get rich, UAW and FCA executives not only funneled money through a children's charity, but also laundered money through a fake hospice center, according to a new court filing...

Hong Kong

Circular to Licensed Corporations and Associated Entities - AML/CFT ...

Jan 11, 2018 - SFC.Hk - Further to our circular issued on 9 December 2015 Note 1 which reminds licensed corporations ("LCs") and associated entities ("AEs") to ensure that any suspicious transaction report submitted by them contains accurate ...


Companies Regulations on Register of Beneficial Owners

[Overview] - Dec 28, 2017 - Ganado Advocates.Com - Nikolai Muscat Farrugia, Annalise Papa - Following publication of the Companies Act (Register of Beneficial Owners) Regulations, 2017 (the "Regulations") on the 20th December, 2017 ...

Key findings from the European Parliament's report on rule of law in Malta
Jan 11, 2018 - Malta Today.Com.Mt - Kurt Sansone - The report presents two conflicting positions, just after each other, on what the Police Commissioner told MEPs about investigations into reports of money laundering drawn  ...

Mobile Money Transfer

The rise in mobile technology and the quest for verifiable identities

[Opinion] - Jan 12, 2018 - The Paypers.Com - Zac Cohen - This is an ongoing challenge for payments companies due to rigor of know your customer (KYC) and anti-money laundering (AML) compliance regulations, which require them to verify  ...

Money Transfer Business

China criticizes US for blocking MoneyGram acquisition

[Opinion] - Jan 11, 2018 - Kansas.Com - A Commerce Ministry spokesman said Thursday e-commerce tycoon Jack Ma's proposed purchase was a "normal commercial investment." The deal was called off last week after failing to win approval  ...

Payment Services

Seven key trends in corporate payments technology

[Opinion] - Jan 12, 2018 - IBS Intelligence.Com - Banks are expected to make significant investments in corporate payment technology to remain relevant for corporate customers and ward off the threat from upstart fintechs that offer  ...

Remittances & Immigration

Leveraging Remittances to Finance Development

[Comoros] - Jan 11, 2018 - All Africa.Com - Between 2000 and 2013, remittances from Comorian nationals living in France (estimated between 150,000 and 300,000 people) have increased from 12.5 billion to 59 billion Comorian francs...

Remittances: An Overlooked But Important Economic Driver in Africa
[Opinion, Africa] - Jan 11, 2018 - African Leadership.Co.Uk - The forces of globalization and migration have become particularly potent on the global economic scene in the last two decades and they don't appear to be slowing down ...

State Matters - California License Activity

New Money Transmitter

AvidXchange, Inc.
Filed: 12/22/17

Apple Payments Inc.
Filed: 12/8/17

Opened: 12/1/17

Acquisition of Control

BRS Investment Holding (UK) Limited, to acquire control of Pangea USA, LLC
Filed: 12/21/17

Virtual Currencies

Separating Blockchain From Bitcoin
[Opinion] - Jan 11, 2018 - Seeking Alpha.Com - Much has been written about Bitcoin and its meteoric rise in valuation, including debates about whether or not it is a bubble about to burst. With Bitcoin, there has also been a lot of discussion  ...

Why unregulated cryptocurrencies could trigger another GFC
Jan 12, 2018 - Macro Business.Com.Au - The price of bitcoin hit $17,000 late last year and - although the cryptocurrency has plunged since then - there are signs that an absence of regulation can hurt investors and trigger the next  ...

MoneyGram is testing a pilot with a hot cryptocurrency
Jan 11, 2018 - Money.CNN.Com - Laura Sanicola - MoneyGram is testing a pilot program with one of the most popular cryptocurrencies. The U.S. money transfer giant announced that it will be testing out XRP, a cryptocurrency developed by  ..

China's moves against cryptocurrencies could affect blockchain growth
[Opinion] - Jan 12, 2018 - CIO.In - Lucas Mearian - As China clamps down on the use of bitcoin, other nations and businesses are also seeking to more heavily regulate cryptocurencies and, more generally, blockchain-based networks...

Australian Taxation Office Creates Task Force to Go After Bitcoin Traders
Jan 11, 2018 - News.Bitcoin.Com - Avi Mizrahi - Are you an Australian citizen and worried you might not be paying all the taxes you are due on your bitcoin investments? Well, worry no more because the government is here to help ...

Blockchain: Need for a Relevant Legal Framework
[Opinion, India] - Jan 11, 2018 - CIO.In - Saurabh Awasthi - Blockchain is now perceived, as a disruptive and utopian solution to a host of technology-related challenges. However, there is need for consensus on how different jurisdictions ...


Quote of the Day

"Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible."

- Francis of Assisi

Word of the day

Factotum: / fac·to·tum / [Noun]
  • A person having many diverse activities or responsibilities
  • An employee who does all kinds of work.

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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