The National Money Transmitters Association
 
NMTA's Daily News Clippings

Tuesday, July 10, 2018

Top Stories

Denial of Banking Services

Please note: we sometimes post password-protected articles, but only if they are from a major publication, and deal with one of our core topics. -Ed.

De-Risking: Banks Urged To Detail Reasons For Declining Payments

[Subscription Required] - July 10, 2018 - Payments Compliance.Com - Douglas Clarke -Williams - Experts have called for more transparency around the reasons for declined payments to reduce the compliance friction driving de-risking ...

MSBs Struggle To Bank Pot Of Gold From Cannabis Legalisation

[Opinion, Subscription Required] - July 10, 2018 - Payments Compliance.Com - Adam Perrotta - Although a crop of legal marijuana-focused MSBs and other payment service providers has emerged, most are based on alternative ...

Bankers' Hours column: Law unlikely to change marijuana banking
[Opinion] - July 8, 2018 - Post Independent.Com - Pat Dalrymple - In Colorado, the proposed bill in Congress to relieve pressure on states that have legalized marijuana is, understandably, getting a lot of attentions, especially in ...

Denmark

Small banks are told they are targets for launderers 

[Opinion] - July 9, 2018 - American Banker.Com - Denmark's financial watchdog is telling smaller lenders to brace for an assault by money launderers as big banks respond to intense regulatory scrutiny and improve their defenses ...

Money Transmitter Licensing

Are You a Money Transmitter in California?

[Opinion] - July 9, 2018 - Media 2.Mofo.Com - Sean Ruff and Adam Fleisher - Money transmission licensing laws were crafted to address companies that sell money orders or stored value products, or offer domestic and international ...

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Africa

UN urges countries to help Africa fight money laundering, tax evasion

July 9, 2018 - New Business Ethiopia.Com - The Secretary-General of the United Nations, Mr. António Guterres, who is in Addis Ababa for the joint African Union (AU) - UN joint annual meeting, appeals the international community to ...

World Bank Appoints New Vice President for Africa
July 10, 2018 - Liberian Observer.Com - Under Ghanem's leadership, WB will continue to support inclusive growth and poverty reduction by financing projects that boost human capital, support private sector development, raise agricultural ...

Health Remittances: Optimizing Resources from the African Diaspora for ...
[Opinion] - July 7, 2018 - Sam Rack.Com - Remittances are an essential source of income for families around the world. An estimated 800 million people globally rely on remittances for their essential needs. Remittances also comprise 3% ...

AML Compliance Trends

Know Your Customer (KYC) Will Be A Great Thing When It Works

[Opinion] - July 10, 2018 - Forbes.Com - John Callahan - KYC started out as one of the least controversial parts of the Patriot Act. Its anti-money laundering (AML) goal is understandable and clearly needed. Its requirements -- having ...

Anti-Corruption

U.S. Bribery Enforcement Gained Steam in Quarter

July 9, 2018 - Blogs.WSJ.Com - William Garrett - After a slow start to 2018, Foreign Corrupt Practices Act enforcement activity increased in the second quarter, raising the potential for a banner year in FCPA-related penalties collected. ...

Combating corruption in Mexico
[Opinion] - July 9, 2018 - Risk.Fresh Fields.Com - Raquel Flórez - Much of the discussion revolved around the National Anti-Corruption System (SNA), an entity created in 2016 and charged with coordinating anti-corruption ...

Will corruption end?
[Opinion, Caribbean] - July 8, 2018 - Newsday.Co.TT - Ramesh Deosaran - Corrupt. This is described as "morally depraved, wicked: influenced by bribery or fraudulent activity." Linked to public sector inefficiencies, state corruption breaks ...

Canada

If you want to cut crime, cut off the cash flow

[Opinion] - July 10, 2018 - Kelowna Daily Courier.Ca - David Bond - Laundering the proceeds of illegitimate activities is therefore not only a significant activity but of crucial importance to the continuation of all criminal activity. Unlaundered ...

Cayman Islands

Cayman gets support from Caricom on UK issues

July 9, 2018 - Cayman Compass.Com - A May 1 vote in the U.K. House of Commons that amended Britain's Sanctions and Anti-Money Laundering Bill inserted a requirement in the bill that all U.K. overseas territories - but not Crown ...

CIMA Requires AML Audits of SIBL Excluded Persons
July 9, 2018 - Maples And Calder.Com - Anti-money laundering procedures to be maintained under the AML Regulations include processes for the reporting of suspicious activity and the appointment of a money laundering ...

Suspicious finance reports skyrocket
July 8, 2018 - Cayman Compass.Com - Brent Fuller - An unusually large number of suspicious activity reports were filed with the Cayman Islands Financial Reporting Authority during the last half of 2017, according to records ...

CFPB

CFPB's Mulvaney Picks New Acting Deputy Director

July 10, 2018 - Pymnts.Com - The Consumer Financial Protection Bureau announced that Brian Johnson, who currently serves as principal policy director at the Bureau, will assume the responsibilities of acting deputy director ...

Also See:
[Press Release] - July 9, 2018 - Consumer Finance.Gov

Enhance CFPB with transparent and consistent enforcement
[Press Release] - July 9, 2018 - News.CUNA.Org - America's credit unions and the Bureau of Consumer Financial Protection share a common mission to build a strong foundation for consumer health through financial education. Credit Union ...

Company Announcements

This South African based startup allows swift, low-cost remittances for...

July 9, 2018 - Ventures Africa.Com - Hadassah Egbedi - One such innovation is Mama Money, a cross-border money transfer service allowing migrants to send money from South Africa to their home country with ease and at an affordable rate ...

Paysafe extends reach of Skrill money transfer service
July 10, 2018 - Mobile Payments Today.Com - Paysafe has extended the reach of its money transfer service, Skrill Send Direct, to nine countries, according to a press release. Skrill customers can now transfer money ...

Azimo's Mobile Payments Operations Expand Scope
July 10, 2018 - Payment Week.Com - Steven Anderson - Remittances are on a lot of minds these days, ever since President Trump called particular attention to the financial service that allows workers in one country to more readily send ...

Also See:
July 9, 2018 - The Paypers.Com

TransferWise Launches Money Transfer Services in Hong Kong
July 9, 2018 - Crowd Fund Insider.Com - Samantha Hurst - Fintech unicorn, TransferWise, launched its money transfer services in Hong Kong last week. This news comes just a few weeks after the company launched the services ...

Western Union, Post Bank partner to facilitate digital remittances
July 9, 2018 - Verdict.Co.Uk - Western Union has partnered with Russia's Post Bank to expand their digital international money transfer offerings. The collaboration will enable the bank's customers to send Western Union money transfers ...

Cybersecurity

The Global Cybersecurity Legal Ecosystem and Business Obligations for...

[Opinion] - July 10, 2018 - Law.Com - Todd Mcclelland - Practices adopted to comply with U.S. breach notification and cybersecurity obligations may not be sufficient in other international jurisdictions. Data breaches are pervasive in ...

Cyber Crimes Disrupting Technological Advancement
[Zimbabwe] - July 9, 2018 - 263 Chat.Com - Over the last years, innovation in the financial sector in Zimbabwe has seen a lot of technological changes like the introduction of plastic as well as mobile money and this helped Zimbabwe ...

Egypt

Remittances from Egyptians abroad up by 41.2% in April 2018

July 10, 2018 - egypt independent.com - Al-Masry Al-Youm - The Central Bank of Egypt (CBE) announced a rise in remittances from Egyptians working abroad by 41.2 percent in April, reaching about $2.3 billion compared to $1.7 billion ...

Europe

As anti-money laundering reform kicks in, EU seeks to close new gaps

July 9, 2018 - Euro News.Com - Francesco Guarascio - New rules to tackle money laundering in the European Union took effect on Monday but the bloc already faces calls for further reforms as new shortcomings emerged after alleged ...

Also See:
July 10, 2018 - European Interest.Eu

Events

ACAMS 17th Annual AML & Financial Crime Conference

[Upcoming Event, Oct 3-5, 2018 - Las Vegas] - July 2018 - ACAMS Conferences.Org - AML is an ever-changing profession with rapidly evolving regulations, technology and financial crime methods such as cyberattacks. Nobody can say for ...

FinCEN's New CDD Rule - The New Fifth Prong of the AML
[Upcoming Webinar, July 17, 2018 - NY] - July 2018 - Compliance World - This webinar will cover the FinCEN has issued substantial new AML requirements focused on a major expansion of Know Your Customer into what is now CDD ...

Exclusive Crypto Summit World Tour Hong Kong
[Upcoming Event, July 12, 2018 - Hong Kong] - July 2018 - Event Brite.Com - Surge of crypto currencies and how to do business on the blockchain. Come and meet the best Crypto Valley startups, connect with top speakers and network ...

Automate Your AML & FIU Processes to Increase Efficiency, Lower Risk...
[Upcoming Webinar, July 11, 2018] - July 2018 - No Money Laundering.Com - During this webinar, we will explore a new vision of a modern FIU department, which would incorporate advanced technology to address and reduce your alerts ...

Financial Inclusion

NAICOM to evolve NIIDP to boost financial inclusion

[Nigeria] - July 9, 2018 - The Eagle Online.Com.Ng -  As we may be aware, financial inclusion is premised on the principles of equity like social cohesion and bridging the gap in income equality and inclusive economic growth and ...

Fines, Crimes & Cases

Danske Bank's money laundering scandal spinning faster

July 9, 2018 - Daily Times.Com.Pk - Denmark, a Nordic kingdom not often associated with financial shenanigans, is facing a massive scandal with banking champion Danske Bank accused of helping to launder $8.3 billion through an ...

Also See:
[Subscription Required] - July 9, 2018 - Compliance Week.Com - Neil Hodge

LA Woman Sentenced to Federal Prison for Laundering Money using Bitcoin
July 10, 2018 - 247 Headline.Com - A Los Angeles woman who referred to herself as the "Bitcoin Maven" was sentenced to one year in Federal Prison as a result of laundering money using Bitcoin money. ...

Also See:
July 9, 2018 - US News.Com

Commonwealth Bank class tries to fix pleading deficiencies
[Ongoing Story] - July 9, 2018 - Lawyerly.Com.Au - The plaintiffs in a shareholder class action against Commonwealth Bank have taken another stab at their statement of claim, after a judge struck down the part of their pleading alleging ...

Fintech Around the World

FinTech And FIs, Paired And Global, Sandbox By Sandbox

[Opinion] - July 10, 2018 - Pymnts.Com - It's long been established that nimble tech startups (and not a few tech giants) are competing with traditional FIs to provide financial services. There are any number of incentives for larger traditional ...

FinTech Follows Open Banking As It Spreads Across Borders
[Opinion] - July 10, 2018 - Pymnts.Com - The U.K.'s Open Banking regulation made waves in the financial services market, and those effects have been felt far beyond the U.K.'s - and even Europe's - borders. Six months after the legislation ...

Ant Financial sees huge growth for cashless payments in South America...
July 10, 2018 - SCMP.Com - Georgina Lee - Ant Financial Services, China's largest online payment operator, sees mobile wallet applications becoming the next big technology trend in the emerging markets of South America and Africa ...

Ghana

Mobile money remittances will drive Ghana's development

July 9, 2018 - My Joy Online.Com - Alix Murphy - Mobile money has transformed the lives of millions across Sub-Saharan Africa and has emerged as a leader in global financial technology. While this digital revolution has largely been driven by ...

Guyana

Securities Council unable to fulfill anti-money laundering mandate - Chairman

July 9, 2018 - Kaieteur News Online.Com - According to the AML/CFT Act, the Council is deemed a Supervisory Authority for reporting entities which perform business activities specified under the Fourth Schedule of the Act ...

Remittances can no longer be used to send "dirty money" - AG Williams
July 7, 2018 - DPI.Gov.Gy - The work being undertaken by the State Assets Recovery Agency (SARA), the Financial Intelligence Unit (FIU), the Special Organised Crime Unit (SOCU) and other related agencies has made it difficult for money ...

Hong Kong

Securities and Futures Commission Consults on Amendments to AML/CTF ...

[Subscription Required] - July 9, 2018 - Payments Compliance.Com - PC Research - The Hong Kong Securities and Futures Commission (SFC) has launched a consultation on proposals to amend the ...

Also See:
[Guidelines] - July 2018 - SFC.HK

India

Modi govt, RBI mull setting up search engine for all non-cash transactions
July 9, 2018 - Business Today.In - The Modi government has faced a lot of flak in recent times, in the wake of the latest data from Switzerland's central banking authority, which revealed that money parked by Indians in Swiss banks rose ...

Black money: Database of all payment transactions in the works, says report
July 9, 2018 - CNBC Tv 18.Com - The government and the Reserve Bank of India (RBI) are discussing plans to put in place a 'search engine' or a database of all payment transactions in the country, reported The Times of India ...

Re fall: Gulf Indians send wads of money home
July 9, 2018 - Daily Hunt.In - The recent drop in the value of the rupee against the greenback is luring the Indian diaspora in the Gulf to remit more money to their families back home. Money exchange firms saw a 20-30 per cent surge ...

Need To Make Instant Money Transfer? NEFT, RTGS, IMPS Services Explained
[Overview] - July 9, 2018 - NDTV.Com - Today electronic or wire money transfers can be made in multiple ways. Electronic or e-transfer of funds refers to transfer of money from one bank account to another carried out online over a network of ...

Mexico

Remittance Flows from the United States

[Opinion] - July 6, 2018 - Stellas Place1.Com - Almost $25 billion flowed last year [2015] from the pockets of Mexicans living overseas, almost all of it from the U.S. That's even higher than what Mexico earns from its oil exports ...

Remittances & Immigration

Remittances and its Association with Economic capacity, ties to destination...

[Study]
- July 2018 - Diva-Portal.Org - The overall purpose of this thesis is to study the association between remittances, socioeconomic status and ties to destination and origin country among immigrants and the second-generation ...
 
South Africa

South Africa FIC Publishes Financial Crime Typologies

July 9, 2018 - Anti Corruption Blog.Com - Rebecca Worthington - South Africa's regulator, the Financial Intelligence Centre ("FIC"), oversees receipt and analysis of financial intelligence as well as its dissemination.  FIC recently released a ...

Also See:
[Booklet] - July 9, 2018 - Anti Corruption Blog.Com

State Matters - California
Alipay US, Inc.
Opened: 5/18/18

New Skrill USA Holdco LLC, to acquire control of Skrill USA Inc.
Filed: 6/11/18

SW Bidco Limited, to acquire control of Choice Money Transfer, Inc.
Filed: 6/26/18

State Matters - Washington State

Washington State Updates Money Services Rules

[Ongoing Story] - July 9, 2018 - Payment Law Advisor.Com - Claude P. Goetz & Julia Dempewolf - On June 19, 2018, the Washington State Department of Financial Institutions (the "DFI") amended the DFI's money services rules to ...

Also See:
July 9, 2018 - Live Bitcoin News.Com - JP Buntinx

UAE

Remittances from UAE set to surge as Asian currencies continue to slide

July 10, 2018 - Khaleej Times.Com - Waheed Abbas - As witnessed during the first half of this year, all Asian currencies - such as those of India, Pakistan, Bangladesh, Sri Lanka and Philippines - lost their value against the UAE dirham. ...

Fighting financial crime is costly but worth every penny
[Interview] - July 8, 2018 - Gulf News.Com - Babu Das Augustine - Fighting financial crimes is emerging as a huge concern for financial institutions and businesses as large numbers of business entities are falling victims every year ...

Vietnam

Vietnam commits to fight money laundering

July 10, 2018 - Vietnam News.Vn - Money laundering criminals often disguise illegal sources of money from their offensive activities with sophisticated means. So, we need a law enforcement force with legal knowledge support ...

Virtual Currencies Around the World

Former WB Chief Economist: Bitcoin Will Fail as Governments Increase Reg...

[Opinion] - July 10, 2018 - Cryptoyum.Com - Three major American economists have recently spoken negatively about Bitcoin's (BTC) chances for survival in an interview with Financial News today, July 9. Joseph Stiglitz, Kenneth Rogoff ...

South Korea's revamped cryptocurrency policies
July 10, 2018 - AMB Crypto.Com - Akash Anand - Reports show that South Korea is now undergoing a cryptocurrency policy transformation. The people in charge are in the process of tearing down the stone wall built around the regulations ...

Legality of bitcoin in Bangladesh
[Opinion] - July 10, 2018 - The Dailystar.Net - Saqeb Mahbub - Bitcoin is a cryptocurrency invented in 2009 by a software developer allegedly named Satoshi Nakamoto with a goal to create "a new electronic cash system" that was "...

Why Is Cryptocurrency Associated with Criminal Activity?
[Opinion] - July 8, 2018 - Coin Central.Com - Christina Comben - Despite countless examples to the contrary, many people still toss cryptocurrency and criminal activity into the same bucket. But is this born out of ignorance or fact ...

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Quote of the Day

"Progress is impossible without change, and those who cannot change their minds cannot change anything."

- George Bernard Shaw

Word of the Day

benthos: /ben·thos/ [Noun]
  • Organisms that live on or in the bottom of a body of water
  • The flora and fauna found on the bottom, or in the bottom sediments, of a sea or lake.
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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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