The National Money Transmitters Association
 
NMTA's Daily News Clippings

Monday, June 11, 2018

AML Compliance Trends

Compliance and analytics - a starting point for Artificial Intelligence
[Opinion] - June 8, 2018 - IBS Intelligence.Com - Marc Andrews - A year ago, financial institutions started to realise that Artificial Intelligence (AI) should have applicability in their space but didn't fully understand the use cases or ...

Digital Banking Trends survey identifies RPA as promising new technology
[Opinion] - June 8, 2018 - IBS Intelligence.Com - Jim Marous - Today's regulations require comprehensive Customer Due Diligence (CDD), Know Your Customer (KYC), Anti-Money Laundering (AML) and other compliance requirements ...

Compliance: S. 2155 effects on member ID program
June 11, 2018 - News.Cuna.Org - One provision in the bill is designed to allow consumers easier access to online banking. And while no guidance has officially been issued yet, there appears to be some changes that could impact a credit union's ...

Anti-Corruption Around the World

New Financial Intelligence Bill targets political leaders

[Botswana] - June 11, 2018 - Weekend Post.Co.Bw - Utlwanang Gasennelwe - The proposed Financial Intelligence Amendment Bill that is expected to reach the parliament floor in the ongoing winter parliament session has been crafted to...

Liberia: It's Time to Dissolve Integrity Institutions
June 11, 2018 - Front Page Africa Online.Com - Millions Of Dollars are allocated annually to institutions like the General Auditing Commission(GAC), the Public Procurement Concessions Commission(PPCC)...

The anti-corruption establishment of the Supreme court is inconsistent...
[Opinion, Ukraine] - June 11, 2018 - The anti-corruption establishment of the Supreme court is inconsistent with the Constitution of Ukraine. Such opinion during the press-conference in information Agency "ГолосUA" was expressed by the ...

Public feeling behind moves for anti-corruption commission: Judge
[Opinion Audio, Australia] - June 11, 2018 - ABC.Net.Au - Emily Bourke - Senior jurists are lobbying the Federal Government to introduce a Federal anti-corruption commission and they say they're slowly winning the minds of those in the Coalition. ...

Banks

Trump eager to sign bill rolling back banking regulations

June 9, 2018 - HPJ.Com - Marcy Gordon - President Donald Trump indicated May 23 that he's eager to sign a bill that would dismantle a chunk of the rules framework for banks, installed to prevent recurrence of the 2008 financial crisis  ...

Bank Regulatory News and Trends
[Overview] - June 4, 2018 - DLA Piper.Com - Enacted as part of Dodd-Frank, the rule named for former Fed Chair Paul Volcker was intended to prevent banks that receive taxpayer backing in the form of deposit insurance from engaging in risky ...

Ready for real-time payments? How about real-time banking?
[Opinion] - June 11, 2018 - Finextra.Com - Rolf Hauge - As banks examine their readiness to deliver on the potential of new real-time payment schemes and meeting customer expectations for an 'always-on' service, it's an ideal time to consider not ...

Casinos, Gambling & Gaming

Did you know that Casinos are Financial Institutions?

[Opinion] - June 8, 2018 - Jd Supra.Com - Stanley Foodman - Develop and implement a written Anti-Money Laundering (AML) Program and have an effective AML program in place.  Each casino must produce its own program, based on an ...

Company Announcements

TransferWise drops into Argentina with money transfer platform

June 8, 2018 - Mobile Payments Today.Com - TransferWise recently announced the official launch of its international money transfer platform in Argentina, according to a press release. TransferWise said it has enabled money transfers ...

Europe

EU-wide penalties for Money Laundering: Deal with Council

[Opinion] - June 11, 2018 - EU Reporter.Co - Currently, the differences between the EU countries in defining and sanctioning money laundering offences affect cross-border police and judicial co-operation and can be exploited by ...

Events

Bahrain to host FinTech Forum2018

[Upcoming Forum, Oct 31, 2018 - Bahrain] - June 11, 2018 - BNA.Bh - Bahrain Association of Banks (BAB) has announced that it will hold its annual FinTech Industry Forum2018 themed "Opportunities & Challenges for Bahrain's banking industry ...

Financial Inclusion

Unbanked Past To Cashless Future

[Opinion, Asia] - June 01, 2018 - GF Mag.Com -  Mark Townsend - Asia is synonymous with innovation, as symbolized by the extraordinary transformation of China's economy from a state-dominated agricultural behemoth to a technology ...

Addressing the Challenge of Financial Inclusion in Nigeria
June 10, 2018 - This Day Live.Com - The huge volume of physical cash in circulation, despite efforts by the Central Bank of Nigeria to build a cashless economy through financial inclusion, has become a source of worry to Nigerians, writes Emma Okonji...

Bangladesh: Building a Strong and Inclusive Economy
June 8, 2018 - IMF.Org - Banks remain the main source of financing for companies in Bangladesh, and their ability to extend credit at reasonably priced terms is important to keep growth strong. However, this requires strong balance ...

Fines, Crimes & Cases

MTN under threat

[Uganda] - June 11, 2018 - Independent.Co.Ug - Haggai Matsiko - Telecom giant MTN's days in Uganda might be numbered - if it loses an ongoing case in the High Court in Kampala. If it loses the case, MTN which controls about 55% of the market...

Firestorm over faulty accounts is just beginning
[Opinion] - June 8, 2018 - American Banker.Com - Joe Rubin - Press reports indicate that the Office of the Comptroller of the Currency has discovered that 40 financial institutions have been opening new consumer accounts without consent ...

Fintech

CSI Introduces "Fintech Focus" Podcast for Financial Services

[Press Release] - June 11, 2018 - Computer Services, Inc. (CSI) (OTCQX:CSVI), a provider of end-to-end financial technology solutions, is launching "Fintech Focus," an educational podcast focused on issues facing the financial services ...

Fintechs reshape the financial system
[Opinion, Vietnam] - June 11, 2018 - Vietnam Net.Vn - Fintech companies have grown both in quantity and quality in Vietnam in recent years. However, to further encourage the development of fintechs and inventive financial solutions ...

The Fintech Turning Point Is Here
[Opinion] - June 11, 2018 - Banking Journal.Aba.Com - Bryan Clagett - The relationship between financial institutions and fintech should be synergistic, rather than parasitic. American banks are embracing that fintech is not their enemy ...

How Fintech firms will be impacted by the GDPR hailstorm
[Opinion, India] - June 11, 2018 - Silicon India.Com - Financial Institutions have always been at the forefront of protecting data and ensuring security for the trillions of private data points floating over the internet highway, the current debate takes ...

Iran

Majlis Defers CFT Bill Decision

June 11, 2018 - Financial Tribune.Com - Members of Iran's Parliament during Sunday's open session voted to postpone for two months the review process of the government-proposed bill aimed at joining the United Nation's International ...

Also See:
June 11, 2018 - Saudi Gazette.Com.Sa

Ireland

Central Bank publishes AML Bulletin

June 8, 2018 - Lexology.Com - The Central Bank of Ireland ("Central Bank") has issued the first publication of its Anti-Money Laundering Bulletin ("Bulletin") in 2018 (here). While the Bulletin focuses on investment firms ("Firms"), including ...

Also See:
[Publication] - May 2018 - Central Bank.Ie

New Zealand

New suspicious activity reporting guidelines

[Ongoing Story] - June 8, 2018 - Voxy.Co.Nz - Financial organisations required to report suspicious transactions under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act are advised of new guidelines which ...

Nigeria

ABCON, NDLEA partner on anti money laundering measures

June 11, 2018 - Vanguard Ngr.Com - ASSOCIATION of Bureaux De Change Operators of Nigeria (ABCON) and the Nigeria Drug Law Enforcement Agency (NDLEA) have pledged to collaborate to enhance anti money laundering measures in the ...

Philippines

Reducing remittance cost for our OFWs

June 11, 2018 - Business Mirror.Com.Ph - When overseas Filipino workers (OFWs) get their paychecks, they not only think about how much money they actually made after living expenses and how much they can send to their families ...

Also See:
June 10, 2018 - Phil Star.Com - Jess Diaz

South Korea

Financial authorities to tighten anti-money laundering rules

June 10, 2018 - Yonhap News.Co.Kr - Financial authorities plan to tighten anti-money laundering regulations ahead of next year's assessment of South Korea by an intergovernmental organization set up to combat illicit ...

Sudan

Advocacy group urges US official to tackle S. Sudan money laundering

June 10, 2018 - Sudan Tribune.Com - United States Department of the Treasury Under Secretary for Terrorism and Financial Intelligence, Sigal Mandelker's should pressure Uganda into discouraging laundering of proceeds of corruption ...

Switzerland

Swiss gambling reform sees foreign betting sites banned

[Casinos & Gambling] - June 11, 2018 - Totally Gaming.Com - Craig Davies - Supporters have hailed the tougher stance being made with regards to online gambling, which could help tackle such issues as protection to minors, AML...

Tanzania

Why Tanzania is now haven for secret offshore accounts

[Opinion] - June 10, 2018 - The Citizen.Co.Tz - Tanzania is now an attractive offshore destination for foreign billionaires seeking to hide their wealth from the taxman in their countries, thanks to the ...

UAE

UAE's Central Bank downgrades 7 exchange houses for money-laundering...

June 11, 2018 - The National.Ae - Alice Haine - The Central Bank of the UAE downgraded the licences of seven exchange houses on Monday after the companies violated regulations such as anti-money laundering rules. The exchange...

Virtual Currencies Around the World

Crypto a threat to central bank driven monetary policy says IMF

[Opinion] - June 10, 2018 - Brave New Coin.Com - Kieran Smith - Decades before Bitcoin, the arrival of the internet prompted speculation that the relentless march of information technology would eventually put central banks in the ...

CFTC Commissioner Officially Calls Digital Currency a "Modern Miracle"
June 11, 2018 - Coin Idol.Com - Rostin Behnam, an employee at the United States Commodities Futures Trading Commission (CFTC), claimed that cryptocurrency was a "modern miracle" and it would become an essential part of ...

Also See:
June 9, 2018 - Bits Online.Com - Nick Marinoff

Canada Releases New Regulations on Cryptocurrencies
June 11, 2018 - Cryptona.Co - Dennis Wafula - Cryptocurrencies  face many challenges concerning its operations across the world. Among them are governments' take on how they want crypto exchange platforms to operate within their borders...

Lithuania Issues Guidelines for When ICO Tokens Are Securities
June 11, 2018 - Coin Desk.Com - Wolfie Zhao - Lithuania's Ministry of Finance has issued guidelines on initial coin offerings (ICOs), outlining when cryptographic tokens would be viewed as securities and how each aspect of a token ...

Israel continues to progress on virtual currency regulations as experts...
June 11, 2018 - Times Of Israel.Com - Jacob Maslow - Israel remains a hotspot for cryptocurrencies, but the quick drop in Bitcoin's value at the start of the year led to regulators questioning the industry. The head of the Israel ...

Bank of Italy Official: Central Banks Not Ready to Issue Digital Currencies
June 11, 2018 - Hi Business.Ca - Patience Loum - According to a statement by the deputy governor of the Bank of Italy, National banks aren't prepared -at least for now - to deal with the complications of launching digital currencies...

Thailand Reveals Framework Of Cryptocurrency Regulations; List Of ...
June 11, 2018 - Cryptocoin News Journal.Com - Neha Gupta - The Securities and Exchange Commission of Thailand recently revealed the regulatory framework of the country for cryptocurrencies as well as initial coin offerings (ICO)s.  ...

Putin Rules Out The Idea Of A Russian State Cryptocurrency
June 11, 2018 - Cryptocoin News Journal.Com - Neha Gupta - During his most recent question-and-answer session with the citizens the president of Russia, Vladimir Putin, took questions regarding digital currencies. Among the questions  ...

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Quote of the Day

"Stay true to yourself, yet always be open to learn. Work hard, and never give up on your dreams, even when nobody else believes they can come true but you. These are not cliches but real tools you need no matter what you do in life to stay focused on your path."

- Phillip Sweet


Word of the Day

onomatopoeia: /on·o·mato·poe·ia/ [Noun]
  • The naming of a thing or action by a vocal imitation of the sound associated with it; the use of words whose sound suggests the sense.
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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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