The National Money Transmitters Association

The NMTA's Daily News Clippings

Friday, July 14, 2017

Top Stories

Denial of [Correspondent] Banking Services

Use of Chinese currency could help safeguard region's access to global finance
[Opinion] - July 14, 2017 - Caribbean News Now.Com - As global financial institutions continue to withdraw banking services from the region, the Chinese renminbi could help to safeguard the region's access to global financial services. ...

How weakened banks are hurting the US in critical way
[Opinion] - July 13, 2017 - CNBC.Com - Richard X. Bove - The determined use of the Bank Secrecy Act and the Anti-Money Laundering Laws (BSA/AML) has chilled the ability of these banks to operate overseas. ...
[Ongoing Story, Opinion] - July 14, 2017 - Qz.Com - John Detrixhe - Ant Financial's planned acquisition of Dallas-based MoneyGram is an example. According to Reuters, the $1.2 billion deal has been resubmitted for review by US regulators, signaling...

Inside Moneycorp's Transition to a Bank
[Interview] - July 13, 2017 - FXC Intel.Com - Daniel Webber  - Mark Horgan has been CEO of Moneycorp since 2012. Our CEO Daniel Webber sat down with Mark last week for a detailed discussion on Moneycorp and the payments industry. We've picked ...

Remittances & Immigration

Illegal Immigrants Cost America $38 Billion Annually Via Remittances...
[Opinion] - July 8, 2017 - National Economics Editorial.Com - Spencer P Morrison - Imagine the worst possible tax you can think of.  What would it look like? If you're like most people, you thought of some fat, curly-haired king sitting ...

State Matters

NY Moves Money Transmitters to NMLS (Nationwide Multistate Licensing ...
July 13, 2017 - Nat Law Review.Com - As of July 1, 2017, the New York Department of Financial Services ("DFS") is using the Nationwide Multistate Licensing System and Registry ("NMLS") to manage license applications and conduct ongoing regulation ...

Also See:
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AML Compliance Trends

Company Noncompliance, Personal Liability: What Corporate Officers Need ...
[Opinion] - July 13, 2017 - Nat Law Review.Com - The Department of Justice (DOJ), Financial Crimes Enforcement Network (FinCEN), Federal Deposit Insurance Corporation (FDIC) and other governmental enforcement agencies continue ...

The U.S. Is a Good Place for Bad People to Stash Their Money
[Opinion] - July 13, 2017 - The Atlantic.Com - Casey Michel - When Viktor Bout-the arms dealer extraordinaire who inspired the 2005 Nicolas Cage movie Lord of War-sought to set up anonymous shell companies, according to a Senate panel ...

Anti-Corruption

U.S. Special Envoy Meets Religious Leaders Over Corruption
July 13, 2017 - Channels TV.Com - The Acting United States Special Representative for Religion and Global Affairs Amy Lillis held a round table discussion on Thursday with members of the Religious Leaders Anti-Corruption...

New Mexican Anti-Corruption Law Enters into Force July 19, 2017
July 13, 2017 - Global Compliance News.Com - Jonathan Adams & Christian Leo - Last week the Secretary of Public Administration in Mexico published its Model Program for Corporation Integrity to provide interpretation ...

Activists Call For Anti-Corruption Taskforce Plan
[Bahamas] - July 13, 2017 - Tribune 242.Com - Ava Turnquest - Holding Prime Minister Dr Hubert Minnis to his word over his recent pledge to "brutally confront" corruption, a group of civil society and industry lobbyists have proposed a multi-sector ...

ICPC Takes Anti-Corruption Fight To Cross River State
[Nigeria] - July 13, 2017 - AIT Online.Tv - The Chairman of the agency, Bar. Ekpo Nta, charged states across Nigeria on the need to enthrone integrity, transparency and accountability. This according to him, would attract support from donor ...

Romania Says No to Corruption
[Opinion, Romania] - July 13, 2017 - Emerging-Europe.Com - The fight against corruption in Romania seems to be a never-ending story and corruption has very often been closely associated with the country. "Corruption has been ...

Asset Forfeiture [State]

Why is civil asset forfeiture controversial?
[Opinion, Colorado] - July 14, 2017 - Gazette.Com - Daniel Garza - Through civil asset forfeiture, the police are allowed to seize property that they suspect is connected to criminal activity, or that represents the profits of wrongdoing - all without ...

Australia

'All Australians Vulnerable To Organised Crime' - AUSTRAC
[Ongoing Story, Opinion] - July 13, 2017 - Canstar.Com.Au - Ellie McLachlan - Minister for Justice Michael Keenan yesterday released a report by the government's financial intelligence agency, the Australian Transaction Reports ...

Also See:
[Report] - July 12, 2017 - AUSTRAC.Gov.Au

CFPB

US Congressional Republicans look to dismantle CFPB's arbitration rule
July 14, 2017 - Banking Tech.Com - It didn't take long for Congressional Republicans in the US to pounce on the Consumer Financial Protection Bureau's (CFPB) final rule on arbitration agreements, which the agency released on 10 July...

Also See:
July 14, 2017 - Home Town Focus.Us

July 14, 2017 - Insurance Journal.Com - Lisa Lambert

CFPB Tweaks Proposed Prepaid Payroll Card Rules
July 14, 2017 - Pymnts.Com - As a few individual states in the U.S. examine payroll and debit card rules, the Consumer Financial Protection Bureau also has this product on its mind. News reports Thursday (July 13) said the CFPB issued ...

Company Announcements

The Future of Payments: Visa, Inc.'s Jack Forestell Talks Cashless Culture ...
July 13, 2017 - Huffington Post.Com - Rebekah Iliff - Visa will partner with one of the first-ever Formula E races in the United States to give fans a seamless, convenient and enhanced payment experience. Leading up to the event ...

Compliance - Other

Top Reasons for Denied Party Screening
[Opinion, Sanctions Screening] - July 13 2017 - Logistics View Points.Com - Ken Harris -  Whether companies transact business domestically or across international borders, the need is growing to approach the task of DPS systematically to keep goods ...

Sanctions: All bark, less bite?
July 2017 - PWC.Com - Over the past several months, the sanctions landscape has grown considerably more complex. The Senate last month passed a bill to expand sanctions on Iran and Russia as well as limit the Trump Administration's ability to ...

Cuba

8 Things You Need To Know About President Trump's New Cuba Policy
[Overview] - July 13, 2017 - Huffington Post.Com - William M. LeoGrande - President Trump is not restoring the wet foot/dry foot immigration policy that gave Cubans arriving in the United States a fast track to permanent residence and citizenship ...

Denial of [Marijuana] Banking Services

Marijuana Banking Takes Massive Leap Forward
[Opinion] - July 13, 2017 - The Legal Intelligencer.Com - Steven M. Schain - Spanning 29 states and generating $7.2 billion in 2016, the United States' legalized marijuana industry's greatest obstacle-banking-was significantly reduced by the Department ...

Also See:
[Opinion] - July 13, 2017 - Jdsupra.Com

[Old Guidlines] - Feb 14, 2014 - Fincen.Gov

Events

ACFCS 2017 Conference - Boston, MA
[Upcoming Conference, Oct 16-17, 2017] - July 2017 - ACFCS.Org - The ACFCS 2017 Conference is a conference built for this new reality of financial crime detection and prevention. Professional development is "not a nice to have" but rather ...

20th Annual Meeting of the Asia/Pacific Group on Money Laundering
[Upcoming Meeting, July 17-21, 2017 - Colombo, Sri Lanka] - July 13, 2017 - Colombo Page.Com - The 20th Annual Meeting of the Asia/Pacific Group on Money Laundering (APG) will be held in Colombo during July 17-21, 2017 with ...

IdentityMind Webinar, July 19, 2017
[Repeat Announcement] - With a May 11, 2018 deadline to comply with FinCEN's CDD Rule, it is time for a deep-dive into "The Fifth Pillar" of AML. Join us for a webinar in which we'll discuss how to tackle the challenges of FinCEN's Final Rule...

FATCA

Minister: Committed To Exchange Of Information
[Bermuda] - July 13, 2017 - Ber News.Com - "The Ministry of Finance has worked with the US Treasury for just under 30 years in the area of tax cooperation, pursuant to the USA - Bermuda Tax Convention 1986," Minister of Finance ...

FinCEN

FinCEN updates the Currency Transaction Report
July 13, 2017 - RSM Us.Com - The Financial Crimes Enforcement Network (FinCEN) has announced that the updated Currency Transaction Report will be available in August 2017. FinCEN has amended the current Currency Transaction ...

Bank Secrecy Act CMIR Reporting Change
July 2017 - FinCEN - The Financial Crimes Enforcement Network (FinCEN) is notifying filers that the Department of Homeland Security (DHS), Customs and Border Protection (CBP), has changed the mailing address for filing the Currency and Monetary Instrument Report (CMIR). Individuals and shippers and mailers that mail the report must use the following new address:

Attn: CMIR
Passenger Systems Program Directorate # 1256

CBP
7375 Boston Blvd.
DHS, VA  20598-1256

This address change has been included in the July 2017 version of the CMIR on the FinCEN website. (This is the only change to the report.)

Jamaica

Crime not deterring diaspora from investing in Jamaica
[Opinion] - July 14, 2017 - Jamaica-Gleaner.Com - Paul Clarke -  It would be naive to think that the recent upsurge in crime has had no impact on investment in Jamaica from the diaspora, noted Kamina Johnson-Smith, the minister of foreign affairs...

Kenya

Nairobi, Africa account for over half mobile money transactions
[Opinion] - July 13, 2017 - Business Daily Africa.Com - Brian Ngugi - Kenya and other Sub-Saharan Africa countries account for more than half of all mobile money transactions worldwide according to new data by cellular lobby GSMA...

Proposed OCC Fintech Charter

New LabCFTC Director, Bank Regulator's Fintech Warnings
[Opinion] - July 13, 2017 - Corp Counsel.Com - Stephanie Forshee - Fintechs are often viewed as disrupters of more traditional banking business models. It looks like one of the nation's most important banking regulators agrees with that assessment...

Also See:
[OCC Report] - July 7, 2017 - OCC.Treas.Gov - OCC

Reglabs: Time for a major regulatory experiment?
[Opinion] - July 13, 2017 - Banking Exchange.Com - Jo Ann Barefoot - Financial regulators are rarely regarded as playful. So when large numbers of them start building sandboxes, we should take notice. Throughout the world, regulatory ...

Remittances & Immigration

How To Deal With Employer Compliance And U.S. Immigration Law
[Opinion] - July 13, 2017 - Forbes.Com - Andy J. Semotiuk - Since being elected, one of President Trump's highest priorities has been to enforce immigration laws and discourage illegal immigration.  These efforts have mostly ...

United Kingdom

FCA warms up to use of AI solutions to enhance compliance
July 13, 2017 - Finance Feeds.Com - Maria Nikolova - The UK Financial Conduct Authority (FCA) is embracing regulatory technology (regtech) and various artificial intelligence (AI) solutions in order to enhance regulatory compliance. ...

Virtual Currencies

How Blockchain Gaming Is Evolving The Way Games Are Played
[Opinion] - July 14, 2017 - Coin Telegraph.Com - Angus Leung - With the gaming industry continuing to grow in size and value, some companies are looking into building games around Blockchain to take advantage of cryptocurrencies ...

Switzerland Opens Door To Bitcoin Asset-Management Business
July 13, 2017 - Macedonia Online.Eu - Bitcoin and other cryptos have fallen sharply over the past month in a shakeout that saw some of the early longs decide to take their winnings and walk away. But a 20% drop from the all-time highs ...

The future of Bitcoins: Legalizing the digital currency
[Opinion, China] - July 14, 2017 - ECNS.Cn - Mo Hong'e - Bitcoin, the primary cryptocurrency or digital currency, has been publicly traded in China only as a form of investment, but is not allowed to circulate as a legal currency by Chinese banking ...

Also See:
[Opinion] - July 13, 2017 - News.Bitcoin.Com - Jamie Redman

Businesses should not be afraid to work with cryptocurrency - Nikolay Demchuk
[Opinion] - July 14, 2017 - Estonian World.Com - Nikolay Demchuk - Cryptocurrency is virtual money which is not backed by fiat currency and has a decentralised system. Among cryptocurrencies nowadays, Bitcoin (technology ...

Some Small Movement in Cryptocurrency Regulatory Challenges This Week
[Overview] - July 13, 2017 - Nasdaq.Com - Benjamin Vitaris - Theo Chino, a bitcoin advocate who has been fighting regulations in the U.S. for over two years, requested the withdrawal of the proposed "Uniform Regulation of Virtual Currency ...

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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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