The National Money Transmitters Association
NMTA's Daily News Clippings

Wednesday, July 11, 2018

AML Compliance Trends

Money Laundering Compliance and Investigations Across EMEA

[Global] - May 24, 2018 - Global Investigations Review.Com - Matthew Getz, Neil Pigott & David Bufton - Money laundering has remained at the front of people's minds in the past year, with the leak of the Paradise Papers following ...

Compliance Can Make Or Break Your Company's Reputation
[Opinion] - July 10, 2018 - Forbes.Com - Thomas Sehested - For many in the C-suite, compliance is something they know is important but don't deeply understand. Compliance is often viewed as a necessary evil that hinders business ...

Anti-Corruption Around the World

Anti-money laundering reform in EU

July 10, 2018 - The News.Com.Pk - 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 wrongdoing at ...

How To Win The Fight Against Corruption In Africa
[Opinion] - July 11, 2018 - Transparency.Org - Today marks African Anti-Corruption Day - an important opportunity to recognise both the progress made in the fight against corruption in Africa and the significant work still left to do. To highlight ...

Malaysia enhances anti-corruption campaign
July 11, 2018 - Vietnam Plus.Vn - Malaysian Prime Minister Mahathir Mohamad on July 10 required that his Cabinet members declare their wealth and refuse gifts of more value than perishable food and flowers. This requirement applies ...

Belarus, Latvia interested in anti-corruption cooperation
July 11, 2018 - Belta.By - The law enforcement agencies of Belarus and Latvia are interested in cooperation in combating corruption, reads a statement posted on the website of the Belarusian Prosecutor General's Office following the ...

NHRC, EFCC Partner on Corruption Fight

[Nigeria] - July 11, 2018 - NTA.Ng - The root of Nigeria's underdevelopment is corruption, as the cost of development in Nigeria is about ten times due to the negative effects of corruption. But if the resources are managed well ...

Ukraine agrees with EU to continue, boost anti-graft reform
July 10, 2018 - Unian.Info - The parties look forward to the swift adoption of necessary amendments ensuring the anti-corruption court's jurisdiction on appeals of relevant first instance court decisions. ...

Bermuda

Bermuda Enhances Its Beneficial Ownership Regime

July 11, 2018 - Mondaq.Com - Bermuda has extended the scope of its existing legal requirements relating to disclosure of beneficial owners of corporate and legal entities in order to meet international transparency standards ...

Canada

Canada could be a leader in international anti-money-laundering efforts

July 11, 2018 - Policy Options.Irpp.Org - Andrew (Fu Yuan) Liu - The stability and efficiency of the international financial system are important concerns of the international community. Money laundering is a key transnational challenge ...

BC money laundering: "was no secret to gov't:" ex-enforcement official
July 10, 2018 - Global News.Ca - New allegations have surfaced about the extent of BC's money laundering problems. Dirty money has reportedly been flowing through the province's casinos for years, and as John Hua explains,  ...

CFPB

Ken Paxton Leads 14-State Call To Defang The CFPB

July 10, 2018 - Kut.Org - Andrew Weber - Ken Paxton is taking on the federal Consumer Financial Protection Bureau. The embattled watchdog agency - which was established in the wake of the financial crisis to police financial service ...

CFPB Remains Unconstitutional
[Opinion] - July 10, 2018 - Cato.Org - Ilya Shapiro - Just as no single person can be judge, jury, and executioner, no single bureaucratic agency head may create rules and enforce them, and do so without meaningful oversight from Congress or  ...

Company Announcements

Standard Chartered partners with Silent Eight to tackle financial crimes

July 10, 2018 - Verdict.Co.Uk - British banking company Standard Chartered has partnered with Singapore based regtech Silent Eight to tackle financial crimes. Under the partnership, Silent Eight, which uses artificial intelligence-based ...

TerraPay helps brings remittance services to several African countries
July 11, 2018 - Mobile Payments Today.Com - GIMAC, the regional electronic money transfer platform of Central Africa, and TerraPay have signed a strategic partnership agreement that will strengthen the remittances ecosystem in ...

Also See:
July 11, 2018 - PR News Wire.Com

ZED Network Looks to Provide Blockchain Based Money Transfer Service ...
July 10, 2018 - Crowd Fund Insider.Com - JD Alois - ZED Network is a "compliance-friendly solution" for money transfer operators (MTOs). Basically, ZED is targeting the money remittance industry, a sector of finance which is ...

ICICI Bank, Westpac partner to facilitate student remittances
July 10, 2018 - Verdict.Co.Uk - Indian private sector lender ICICI Bank has partnered with Australian banking group Westpac to enable local students make online payments to an Australian university any time. ...

Paytm enters Forex services, to offer money exchange for 20 international ...
July 11, 2018 - Your Story.Com - Tarush Bhalla - Indian internet major One97 Communications Limited, which owns Paytm, on Wednesday announced the launch of its Forex service, for money exchange of 20 top international currencies ...

Coinsquare launches Coinsquare Licensing to enable domestic and...
July 10, 2018 - News Wire.Ca - Coinsquare, Canada's most secure digital currency trading platform for Bitcoin, Ethereum, and other digital currencies, today announced the launch of Coinsquare Licensing, a division of Coinsquare that ...

Trifacta Accelerates Data Preparation for Regulatory Reporting Among ...
July 10, 2018 - Markets.Business Insider.Com - Trifacta, the global leader in data preparation, today announced that use of its Wrangler products is increasing among financial services organizations to address increasingly demanding risk ...

Cybersecurity

Coordination Game: The Global Cybersecurity Legal Ecosystem and ...

[Opinion] - July 10, 2018 - Law.Com - Todd McClelland - U.S. federal and state lawmakers and agencies have responded to cyber threats by passing breach notification laws and promulgating rules dictating cybersecurity protections ...

Cybersecurity Act: build trust in digital technologies
[Europe] - July 11, 2018 - European Sting.Com - A new certification framework for connected devices, together with a stronger role for the EU Cybersecurity Agency, were backed by Industry Committee MEPs on Tuesday. The EU cybersecurity ...

Georgia opens collaborative cybersecurity center
July 11, 2018 - CISO Mag.Com - Georgia's $100-million collaborative cybersecurity center recently opened with a grand ceremony. It's the single largest investment by a US state government in a cybersecurity facility to date. Located ...

Denial of Banking Services

How NOT to Become a Casualty in the War on Cash
[Opinion] - July 10, 2018 - Fx Street.Com - Clint Siegner - Lots of bullion investors wonder if the metal they hold might one day be needed for barter and trade. They bought gold and silver, at least in part, as a form of insurance...

NY Is Encouraging Banks To Work With Cannabusiness. Will they heed the ...

[Ongoing Story, Opinion] - July 10, 2018 - The Fresh Toast.Com - Amy Hansen - The New York Department of Financial Services (DFS) is urging state-chartered banks and credit unions to work with fully compliant medical marijuana business. ...

Europe

Strengthened EU rules to prevent Money Laundering & fight Terrorism ...

[Ongoing Story] - July 11, 2018 - EU Reporter.Co - The 5th Anti-Money laundering Directive has entered into force following its publication in the EU's Official Journal. Proposed by the Commission in July 2016, the new rules bring more ...

Also See:
[Official Journal] - May 30, 2018 - Eur-Lex.Europa.Eu

[Opinion] - July 11, 2018 - Kingsley Napley.Co.Uk

The EU Commission proposed a new Directive on whistleblower's protection
July 10, 2018 - Nat Law Review.Com - Mathilde Pepin - On April 23, 2018, the European Commission introduced a proposal for a Directive to strengthen the protection of whistleblowers reporting breaches of European Union law...

Events

How to Comply with the New Beneficial Ownership Rule

[Upcoming Webinar, July 25, 2018] - July 2018 - Virtual-Strategy.Com - On July 25th at 11:00 am PST, Guardian Analytics will present a webinar with Ranay Allred, former Assistant BSA/AML Officer at Star One Credit Union, entitled, "How to Comply ...

FATCA

IRS Spent $380 Million But Took 'Limited or No Action' To Enforce Tax ...

July 10, 2018 - CNS News.Com - Brady Kenyon - Despite spending nearly $380 million to be in line with foreign tax-compliance rules, the Internal Revenue Service (IRS) took "limited or no action" in the matter and is still not prepared to enforce the ...

Financial Inclusion

Ghana is one of best in gender gap account ownership - WB

[Opinion] - July 11, 2018 - Ghana Business News.Com - Ghana's gender gap in account ownership is one of the best in sub-Saharan Africa, according to a World Bank report. At the rate of 8 per cent, it is slightly below the average for ...

African Operators Are Accelerating Digital And Financial Inclusion For...
[Opinion] - July 11, 2018 - Africa.Com - Adrine Muhura - Is the African digital landscape inclusive for all? Whilst millions of African women are becoming connected through mobile technology and reaping the life changing benefits ...

Also See:
[Report] - July 2018 - GSMA.Com

[Report] - July 2018 - GSMA.Com

CBN urges financial operators to diversify products
[Nigeria] - July 11, 2018 - Tribune Online Ng.Com - Mrs Temitope Akin-Fadeyi, the Head, Financial Inclusion Secretariat, CBN, gave the advice at the ongoing National Insurance Conference on Monday in Abuja...

Also See:
[Video] - CNBC Africa.Com

Championing financial inclusion and helping the Unstoppables
[Opinion, Video] - July 10, 2018 - Finextra.Com - Norris Koppel, CEO & Founder, Monese, speaks openly about how his personal experience inspired him to address the issue of people cut off from banking services. Hear how he has ...

Fines, Crimes & Cases

Hong Kong bank to pay $47 million for FCPA violation

July 10, 2018 - Legal News Line.Com - Marian Johns - A Hong Kong investment bank will pay a $47 million criminal penalty to resolve allegations by the U.S. Department of Justice (DOJ) that the bank violated the Foreign Corrupt Practices Act ...

Australia's CBA accepts fourth fine over pension 'advice'
[Ongoing Story] - July 11, 2018 - International Investment.Net - Gary Robinson - Commonwealth Bank of Australia (CBA) has announced its fourth Enforceable Undertaking (EU) with the Australian financial watchdog regarding ...

Glencore to cooperate with U.S. corruption investigation
[Ongoing Story] - July 11, 2018 - Reuters.Com - Glencore Plc (GLEN.L) said on Wednesday it would cooperate with U.S. authorities after they demanded documents about the mining firm's business in Democratic Republic of Congo, Venezuela ...

Fintech Around the World

Fintech for millennials: how AI is changing the dynamics of fintech in India

[Opinion] - July 11, 2018 - Your Story.Com - The millennial generation has been the first generation that has had access to mobile phones and the internet even before their adolescence. Hence, this generation perceives ...

FCA chair: Fintech brings social benefits
[UK] - July 11, 2018 - P2P Finance News.Co.Uk - Tim Evershed - Fintech is opening up finance to previously excluded groups, showing that Big Data can be both profitable and socially beneficial, according to the chair of the Financial Conduct ...

Can fintechs and banks live harmoniously?
[Opinion] - July 11, 2018 - Computer World Uk.Com - Scott Carey - As the big banks still primarily own that customer relationship they are also well positioned to tap into the new open marketplace to bring their own innovative ...

Also See:
[Opinion] - July 11, 2018 - Tech Pluto.Com - Prashant Sharma

How FinTech Initiatives Are Driving Financial Services Innovation
[Opinion] - July 10, 2018 - forbes.com - Randy Bean - Fear of disruption is a growing concern for financial services firms. A 2018 executive survey found that nearly 80% of top executives feared that their firms were at risk of disruption and ...

Also See:
[Survey] - Feb 2018 - New Vantage.Com -  Thomas H. Davenport & Randy Bean

Germany

Terrorists slipping through net thanks to AML unit delays

[Opinion] - July 11, 2018 - Global.Handelsblatt.Com - Jan Keuchel - The Financial Intelligence Unit is overworked and understaffed, say police and prosecutors. Staff only pass on tips six months after crimes are committed, creating a...

Hong Kong

LCQ20: Bank accounts of licensed money service operators

[Q&A] - July 11, 2018 - 7 Th Space.Com - At present, operators of money changers must possess a licence granted by the Commissioner of Customs and Excise for operating money changing service, a kind of money service. Some ...

Jordan

Registry for Societies ratifies policy document on anti-money laundering

July 11, 2018 - Jordan Times.Com - The Registry for Societies has recently ratified a policy document on anti-money laundering and countering financing of terrorism based on relevant laws, The Jordan News Agency, Petra reported.  ...

Kenya

Parliament opens probe into telcos mobile money and service charges

July 8, 2018 - Business Daily Africa.Com - Edwin Mutai - Parliament has opened investigations into mobile money services and rates, including transaction charges, transfer fees, loans and interest levied by telecommunication companies...

Money Transfer Business

Cross-Border Payments: Reaching Further with Swift Gpi

[Opinion] - July 10, 2018 - Payments Journal.Com - Monika Aminiova - As globalization and digitalization gather pace across the payments landscape, the need for fast and transparent cross-border transactions is particularly pressing ...

Pakistan

Pakistan to address FATF's concerns about smuggling of money: report

July 11, 2018 - Pakistan Today.Com.Pk - Pakistan is looking to upgrade its systems at the border posts and ensure better coordination among its agencies, a local media house reported. After grey-listing Pakistan due to its ...

Minister stresses border controls to curb currency smuggling
July 11, 2018 - The News.Com.Pk - ISLAMABAD: Caretaker Finance Minister Shamshad Akhtar on Tuesday stressed improvement in border controls through cooperation between customs and other agencies to curb currency smuggling...

Spain

Spanish penalties for infringement of anti-money laundering are not ...

June 28, 2018 - Garrigues.Com - Spanish law requires individuals to report the cash they take out of the country across the border. The penalties for failure to do so can be up to twice the unreported amount. According to the European Court...

Uganda

Mobile Money tax: Finance minister must apologise to Parliament - Kadaga

July 11, 2018 - PML Daily.Com - Maurice Muhwezi - The Speaker of Parliament Rebecca Kadaga has summoned Finance minister Matia Kasaija to apologise to Parliament over statements...

Virtual Currencies Around the World

Remittance Through Blockchain Tech Is The Future: Jack Ma

[Opinion] - July 10, 2018 - Crypto Blockwire.Com - David Pena - Despite the hidden nature of Alibaba's blockchain dealings, it's proof enough that Jack Ma is experimenting heavily with the technology. This, in a way, proves that Alibaba ...

Brave New World - International Cryptocurrency Regulation
[Opinion, Global] - July 11, 2018 - HFW.Com - Cryptocurrencies and blockchain technology have hit the headlines in recent months. Governments and policymakers from key jurisdictions are drafting and publishing guidance ...

FinCEN'S Role In Cryptocurrecy Offerings
[Opinion] - July 10, 2018 - Securities-Law-Blog.Com - Laura Anthony - In the continuing dilemma over determining just what kind of asset a cryptocurrency is, multiple regulators have expressed opinions and differing views on ...

U.S. Finance Watchdog Takes Aim at Cryptocurrency
July 11, 2018 - CCN.Com - The Financial Industry Regulatory Authority (FINRA), a self-regulatory body for broker-dealersm has released a regulatory notice to mandate its member to notify the authority if  they engage in any cryptocurrency activity.

Also See:
July 6, 2018 - FINRA.Org

Regulation is Why The US is Losing The Crypto War
[Opinion] - July 11, 2018 - Coin Journal.Net - Ian Demartino - There are trillions of dollars worth of capital not being used. Or rather, they are being used so ineffectively that they might as well not be used. Capital tied up in the supply ...

Accounting For The Banking Industry'S Preference For Blockchain Over Bitcoin
July 11, 2018 - International Banker.Com - Samantha Barnes - Last year, JPMorgan Chase CEO Jamie Dimon generated considerable controversy within the crypto-currency community when on several occasions he made some distinctly ...

India may not ban cryptocurrency after all
[Opinion] - July 11, 2018 - Qz.Com - Kamalika Ghosh & Nupur Anand - After months of uncertainty, there are indications that India may not, after all, opt for a blanket ban on virtual currencies. A finance ministry panel set up to study ...

Regulators Are Slowly Starting to Get It: Utility Tokens Are Real
[Opinion] - July 11, 2018 - Coin Desk.Com - Michael J Casey - It was refreshing to hear someone in the official sector take issue with the simplistic "blockchain without bitcoin" refrain that gets sold to corporate and government ...

South Korea's Regulatory Evolution: Important Steps for Crypto Exchanges...
July 10, 2018 - Coin Telegraph.Com - Darryn Pollock - South Korea's relationship with the cryptocurrency industry has ebbed and flowed over the years. There has been a blanket ban on ICOs, set in September 2017, as well as strong ...

ICOs and Regulation in France
[Guidance] - July 2018 - Link Laters.Com - Over US$7billion is reported to have been raised this year, with over US$5billion raised in 2017, by way of token offerings popularly known as initial coin offerings (ICOs)...

Zimbabwe still flirting with cryptocurrencies
[Opinion] - July 11, 2018 - It Web Africa.Com - Stanley Karambo - John Mangundya, Governor of the Reserve Bank of Zimbabwe, said this week the institution was 'poised to embrace' blockchain technology, but added that it would ...

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Quote of the Day

"To make our way, we must have firm resolve, persistence, tenacity. We must gear ourselves to work hard all the way. We can never let up."

- Ralph Bunche

Word of the Day

causative: /caus·a·tive/ [Adj.]
  • Effective or operating as a cause or agent
  • Acting as a cause.
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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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