The National Money Transmitters Association

The NMTA's Daily News Clippings


Monday, July 3, 2017

Top Stories

Money Transfer Business

NY Dept. of Financial Services Begins Transition to Multistate Licensing System..
June 30, 2017 - New York Law Journal.Com - Josefa Velasquez - Starting July 1, the New York State Department of Financial Services transitions to the Nationwide Multistate Licensing System and Registry for money transmitting companies ...

Remittances & Immigration

The Importance of Immigration to American Independence
[Opinion] - July 3, 2017 - Huffington Post.Com - Steven Cohen - With the Trump travel ban partially, if only temporarily, approved by the Supreme Court, it's time to return attention to the fundamental rather than the legal issues of immigration. ...

Migrants send home 51 percent more money than a decade ago, says new ...
[Report] - July 3, 2017 - Caribbean News Now.Com - The amount of money migrants send to their families in developing countries has risen by 51 percent over the past decade - far greater than the 28 percent increase in migration ...

Also See :
[Old Opinion] - June 15, 2017 - IFAD.Org

Past Event

Global Forum on Remittances
[Past Event, June 15-16, 2017 - NY] - July 2017 - IFAD.Org - This last Global Forum on Remittances, Investment and Development (GFRID), held at the United Nations Headquarters on 15 and 16 June 2017, marks a decade of successful forums...

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Africa

Official Report of the 2nd African Conference on Remittances and Postal ...
[Old Report] - March 2017 - IFAD.Org - One of the primary reasons for using post offices in Africa is for remittance transactions, according to a recent baseline survey measuring the demand-side perspective about receiving and sending ...

Australia

Is immigration ruining our cities?
[Opinion] - July 3, 2017 - Crikey.Com.Au - Alan Davies - It's good to see The Age engaging directly in a debate about the appropriate level of immigration. It's obviously an important public policy issue but too often sensible discussion is ...

Brazil

FATF Criticism Highlights A Carnival Of Change In Brazil
[Subscription Required] - July 3, 2017 - Payments Compliance.Com - Despite legislative reforms and major enforcement operations, Brazil's financial crime frameworks are still the subject of sustained criticism from the Financial ...

Cayman Islands

Cayman Islands: Non-Profits Will Avoid Company Fees Under New Law
June 3, 2017 - Mondaq.Com - The Financial Action Task Force (FATF) is an inter-governmental body that sets standards and promotes effective implementation of legal, regulatory and operational measures for combatting money laundering...

Company Announcements

Ecobank Partners Transfast Worldwide Money Transfer to Boost Remittances
[Nigeria] - July 2, 2017 - Business Today Ng.Com - Ecobank Nigeria, a member of the leading pan African banking group has entered into strategic partnership with Transfast, a leading international provider of cross-border payments ...

Compliance - Other

Cyber Security - Cyber... More Than a Five-Letter Word
July 1, 2017 - Coronado Times.Com - Evan Jaksha - How often has your computer been compromised, breached by a cyber-criminal hacker ruining your files simply because the hacker enjoyed the grief it caused you or a cybercriminal ...

FSB's Carney warns G20 growth at risk from reform fatigue
July 3, 2017 - In.Reuters.Com - Huw Jones - Global growth would suffer if regulators give into "reform fatigue" and fail to complete the overhaul of the world's banking system triggered by the financial crisis, Financial Stability Board Chairman ...

CFPB

Financial CHOICE Act and creating opportunities for growth
[Opinion] - July 2, 2017 - Theet.Com - Sally Cline - Community banks play a key role in supporting small businesses and local communities across West Virginia, but regulatory complexity presents clear and apparent challenges ...

Europe

Fourth European MLD: meeting the implementation challenge
[Opinion] - June 26, 2017 - Ownership Transparency.Com - David Pygott - EU member states are now at the business end of implementing the European Fourth Money Laundering Directive (Directive 2015/849) (4MLD). 4MLD came into ...

FATCA

Americans residing in Canada are required to file U.S. income tax returns
July 1, 2017 - The Star Phoenix.Com - Terry McBride - As a way to track down U.S. persons abroad, the U.S. introduced the Foreign Account Tax Compliance Act (FATCA), which Canada implemented starting in 2015. Now Canadian banks ...

Fines, Crimes & Cases

U.S. Treasury Announces First Money Laundering Designation Against ...
[Ongoing Story] - June 30, 2017 - Nat Law Review.Com - Today, the U.S. Department of the Treasury announced significant actions targeting Chinese companies and individuals for their commercial involvement with North Korea.  ...

Also See:
[Official Press Release] - June 29, 2017 - Treasury.Gov

Germany

GwG (Amendment) Act For The Implementation Of The Fourth EU MLD
July 3, 2017 - mondaq.com - On June 26, 2017 the Act for the Implementation of the Fourth EU Anti-Money Laundering Directive, for the execution of the EU Funds Transfer Regulation and for the reorganization of the central department for ...

Indonesia

Indonesia to Join FATF in War Against Money Laundering and Terrorism Funding
July 3, 2017 - Jakarta Globe.Id - Indonesia may soon join an intergovernmental body called the Financial Action Task Force that seeks to combat money laundering, terrorist financing and other global threats involving the global financial ...

Iran

Iran's President Rouhani: Let's Isolate the US
July 3, 2017 - CNS News.Com - Patrick Goodenough - For years the U.S. has worked to isolate the Iranian regime on the international stage, but Iranian President Hasan Rouhani sees an opportunity to reverse that situation, proposing on ...

Kenya

Kenya to collaborate with US in Cyber Security
July 1, 2017 - KBC.Co.Ke - Margaret Kalekye - Kenya will collaborate with the US government in the areas of digital economy and Cyber security to enhance security and protection of information. Internet, Cabinet Secretary for ICT ...

How money laundering affects Kenya
[Opinion] - July 3, 2017 - Standard Media.Co.Ke - Paul Karimi - Money laundering can be summarized in three words; Bribery, Corruption and Fraud. The difference of these three words is almost nil. Kenya's vulnerability to money ...

Remittances & Immigration

How US Lawmakers Get Involved in Immigration Cases
[Opinion] - July 2, 2017 - VOA News.Com - Until last month, ICE delayed expulsions of undocumented immigrants named in private bills in Congress. The agency says there were about 70 such cases over the past six years...

Sri Lanka

FIU campaigns hard against 'black' cash
July 2, 2017 - Sunday Times.Lk - The Financial Intelligence Unit (FIU) has cottoned on to some major money laundering rackets and has stepped up vigilance on black money circulating in the island, senior officials say. The FIU, an arm of ...

Sudan

Sudan, US, OFAC to Discuss Sudan Banking Issues
July 3, 2017 - SMC.Sd - To discuss international banking transactions with Khartoum, the Central Bank of Sudan (CBOS), the Office of Foreign Assets Control (OFAC) of the US Treasury Department and international banks will meet in ...

Switzerland

How new Swiss AML-Regulation affects the non-listed M&A-Business
[Opinion] - July 3, 2017 - Lexology.Com - Driven by the revision of the international AML-Regulations of the Financial Action Task Force (FATF/GAFI) and the OECD Global Forum, the Swiss Legislator stipulated new reporting obligations ...

United Kingdom

A magnifying glass to help find that needle in the money laundering haystack
[Analysis] - July 3, 2017 - The C Suite.Co.Uk - Partha Sen - Data volumes are increasing exponentially. According to Gartner and IDC, the volume of data is currently at 2 trillion GB and doubling each year, slated to reach 40 trillion ...

Virtual Currencies

Uniform Regulation for Virtual Currency Businesses: Coming to a State Near You
[Ongoing Story, Opinion] - July 2, 2017 - Coin Desk.Com - Katherine Cooper - The Uniform Law Commission will vote on its draft uniform virtual currency act at its annual meeting in San Diego on 14th July. The current draft is the ...

Bills move to give bitcoin legal grounds
[South Korea] - July 3, 2017 - Korea Herald.Com - A set of bills to give cryptocurrencies, including bitcoin and ethereum, legal grounds is being prepared by a South Korean lawmaker, a long-awaited move to protect South Koreans ...

EU Blockchain Observatory
July 3, 2017 - Lexology.Com - The European Commission announced that it will set up an EU Blockchain Observatory. This pilot project aims to build up the regulatory capacity and technical expertise related to blockchain technology...

Blockchain may drive the next wave of digitization in India
[Opinion] - July 3, 2017 - Live Mint.Com - A strategic imperative for any major organization is to understand the fast-changing pace of business and the uncertainty that results out of such flux. This is key to understanding a customer's business ...

Initial Coin Offerings: An Overview of Regulatory Considerations
June 30, 2017 - Jdsupra.Com - Sponsors can become money services businesses by, among other things, dealing in currency or transmitting money. Money services businesses are subject to a wide range of federal and state regulations ...

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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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