The National Money Transmitters Association
 
NMTA's Daily News Clippings

Tuesday, June 12, 2018

Top Stories

Denial of [Correspondent] Banking Services

Zim banks' difficulties sourcing credit lines

[Zimbabwe] - June 12, 2018 - Infosurhoy.Com - Denis Bedoya - Some Zimbabwean banks had their foreign correspondent banking arrangements terminated last year, and this has worsened their position as intermediaries for the limited foreign ...

FinCEN

FinCEN Issues Advisory on Human Rights Abuses Enabled by Corrupt...

[Advisory] - June 12, 2018 - Fincen.Gov - The Financial Crimes Enforcement Network (FinCEN) issued an advisory today to U.S. financial institutions to highlight the connection between corrupt senior foreign political figures ...

NMTA Logo
Company Announcement - NMTA Member, WorldRemit

WorldRemit Now Offers Money Transfer Services in All 50 States

June 11, 2018 - Payments Journal.Com - Leading digital money transfer service WorldRemit today announced it has received licenses in all 50 states - enabling customers across the country to use its fast, convenient service...

NMTA Logo  Featured Event - NMTA Member, OnCourse Learning

BSA Series: 10 Examination Hot Spots

[Upcoming Webinar, June 20, 2018] - June 12, 2018 - Bank Webinars.Com - During this webinar, we will look at the top exam issues for 2018 and focus on avoiding the mishaps of poor planning on your examination. This program will ...

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AML Compliance Trends

The Sharing Economy Comes To Bank Compliance

[Opinion] - June 12, 2018 - Forbes.Com - Steve Culp - The cost and complexity of regulatory compliance remains a complex issue for banks of all sizes.  Addressing anti-money laundering (AML) and Know Your Customer (KYC) regulations are one ...

Also See:
[Study] - June 2018 - Accenture.Com
 
Anti-Corruption Around the World

Breaking down DOJ's enforcement and corporate leniency policies

[Opinion] - June 11, 2018 - Biz Journals.Com - James Melendres, Ivan Knauer, Aloke Chakravarty - At the March 2018 American Bar Association (ABA) White Collar Conference, DOJ representatives announced the extension of the FCPA ...

Anti-corruption bills stalled in state Assembly
[NY] - June 11, 2018 - The Daily Star.Com - Joe Mahoney -  As state government weathers its most significant bid-rigging scandal in decades, pieces of legislation that would expand oversight of contracts and provide greater transparency ...

Focusing the Board on the Heart of Ethics and Compliance Issues
June 11, 2018 - Law.Com - Sue Reisinger - Boards of directors think compliance is only about the Foreign Corrupt Practices Act and the Sarbanes-Oxley Act-at least in the opinion of one ethics and compliance expert...

EU welcomes adoption of Anti-Corruption Court law in Ukraine ...
June 11, 2018 - Ukrin Form.Net - The European Union welcomes and positively assesses the voting in Ukraine on the establishment of the High Anti-Corruption Court, but the final wording of the law is still being studied...

Romanian government mounts pressure against anti-corruption prosecutor
June 12, 2018 - New Europe.Eu - A constitutional crisis is unfolding in Romania as the government is continuing to mount pressure on the President Klaus Iohannis to fire chief anti-corruption prosecutor Laura CodruČ›a Kövesi, ...

A woefully inadequate strategy to fight corruption and State Capture
[Opinion, South Africa] - June 12, 2018 - Daily Maverick.Co.Za - Paul Hoffman - As the process of "graduating into something terminal" due to rampant corruption is at an advanced stage, it is appropriate and timely to consider, with finance ...

[State] Asset Forfeiture

Wisconsin Enacts Sweeping Civil Asset Forfeiture Reform

June 11, 2018 - Heart Land.Org - Owen Macaulay - Wisconsin Gov. Scott Walker signed a bill  protecting residents' constitutional rights to property and due process. Senate Bill 61 (S.B. 61), sponsored by state Sen. David Craig (R-Town of Vernon)...

June 2018 - Docs.Legis.Wisconsin.Gov

Asia

Money Laundering In The Crosshairs In Asia

[Opinion, Asia] - June 11, 2018 - Pymnts.Com - Change across the regulatory compliance landscape is de rigueur, and global in scope. Crime, too, is global in scope, as fraudsters seek to perfect new end runs around efforts to staunch...

Caribbean

ECCB issues cautions against using non-traditional financial services

June 11, 2018 - St Lucia News Online.Com - The Eastern Caribbean Central Bank (ECCB) is aware of the emergence of several initiatives which compete directly with traditional financial services. These include but are not limited to ...

Company Announcement

Chynge unveils blockchain-based remittance service

June 12, 2018 - Finextra.Com - Singapore-based fintech startup, Chynge has announced that it is launching an all-new decentralized remittance platform that will allow users to make instant, free and safe money transfers across borders...

Cybersecurity

Trump administration is taking a tougher line on Russia than Trump

[Opinion] - June 12, 2018 - Washington Post.Com - Derek Hawkins - While President Trump has avoided criticizing Russia for cyberattacks on the United States and its allies, his administration is taking a harder line...

Also See:
June 12, 2018 - Energy Voice.Com

New cybersecurity law threatens press freedom in Vietnam
June 12, 2018 - Cpj.Org - The Committee to Protect Journalists condemned a new cybersecurity law that was passed today by Vietnam's National Assembly as a clear threat to press freedom and called on the Vietnamese government ...

Also See:
June 12, 2018 - Asia.Nikkei.Com

$10 Million Bank Heist Heightens Chile Concerns Over Cybersecurity
[Chile] - June 12, 2018 - BNA.Com - Tom Azzopardi - Cybersecurity tops the agenda for Chile's financial authorities and business leaders after hackers stole $10 million from the country's second largest bank...

Despite Growing Awareness, CIOs Struggle With Cybersecurity Risk ...
June 12, 2018 - Security Intelligence.Com - Shane Schick - While much of what happens in a modern business depends on how data moves back and forth across the corporate network, concern about network security has risen by 71 percent ...

Also See:
[Registration Required] - June 2018 - HN KPMG CIO Survey.Com

Zambia: civil society, govt clash over cyber security Bills
June 12, 2018 - It Web Africa.Com - Michael Malakata - Civil society organisations in Zambia, including the Zambia Centre for Social Development (ZCSD), Bloggers of Zambia and Media Institute of Southern Africa, have demanded that ...

With the GDPR, companies face new era of compliance and transparency
[Survey] - June 12, 2018 - Help Net Security.Com - 500 IT and cybersecurity professionals in the UK, North America, and Germany were included in the study to understand familiarity with the regulation, the data protection...

Europe

Moldova needs to shake money-laundering reputation, central bank...

June 12, 2018 - News.Trust.Org - Alexander Tanas - The head of Moldova's central bank said major foreign banks were increasingly wary of working in the ex-Soviet nation after a spate of money-laundering scandals in recent years, despite ...

Financial Inclusion

Financial inclusion translates into many other potential development benefits

[Opinion] - June 11, 2018 - Dev Discourse.Com - World Bank - With access to a financial account, people no longer need to rely on and transact solely in cash or use their mattresses as savings cabinets. Financial access connects people ...

Fines, Crimes & Cases

Justice Department: Major investment firm agrees to pay $64.2 million ...

June 11, 2018 - Legal News Line.Com - The U.S. Department of Justice announced June 4 that Legg Mason Inc., an investment management firm with headquarters in Maryland, will pay $64.2 million after allegedly participating in a bribery ...

Fintech

LatAm banks in race to harness the potential of fintech: report

June 12, 2018 - International Investment.Net - Christopher Copper - Latin American banks are engaged in a fierce race to harness the potential of fintech and deliver digital banking services to a mass client base, according to a ...

How the largest bank in Southeast Asia embraced fintech
[Opinion] - June 12, 2018 - The Edge Markets.Com - Khairani Afifi Noordin - When financial technology (fintech) start-ups began disrupting the global banking and finance industry a few years ago, many financial institutions took the wait-and...

72% of fintech firms expect partnership with banks
[Opinion, Vietnam] - June 12, 2018 - Nhan Dan.Org.Vn - NDO - "72% of fintech firms choose to cooperate with commercial banks in providing products and services instead of direct competition", said Le Anh Dung from the Payments Department ...

Pakistan

FATF and Pakistan

[Opinion] - June 12, 2018 - Pak Observer.Net - FOR quite some time now a debate has been raging in the country about the possibility of the Financial Action Task Force (FATF) an international watch-dog against money laundering ...

Also See:
June 12, 2018 - Pak Observer.Net - Salim Ahmed

Payment Services

Improving the customer experience in cross-border payments through ...

[Opinion] - June 11, 2018 - Finextra.Com - Ben Buckingham - Corporate payment processing is complex. It includes many steps and multiple parties and participants. This creates a number of operational challenges (and costs) for banks, but...

Remittances & Immigration

Sessions to discuss immigration in Fort Wayne

June 12, 2018 - Wane.Com - Attorney General Jeff Sessions will discuss his immigration priorities in an event in Fort Wayne this week. Sessions will deliver remarks on Thursday in the suite level of Parkview Field...

Also See:
[Audio] - June 12, 2018 - Wamu.Org - Scott Detrow

UN to partner with Africa to lower cost of remittances
June 12, 2018 - Xinhua Net.Com - The UN specialized agency for the postal sector on Monday said it will partner with African governments to lower the cost of remittances flowing into the continent...

State Matters

California DBO June Monthly Bulletin
 
Envios de Valores La Nacional Corp., Approved: 5/17/18
Prabhu Money Transfer, Opened: 5/14/18
 
BHN Intermediate Holdings, Inc. to acquire control of Blackhawk Network California, Inc. - Approved: 5/4/18 
LBC Express Holdings, Inc. to acquire control of LBC Mundial Corporation - 
Filed: 5/2/18
 
Voluntary Surrender of License - Dollar Delivery, Inc. - Effected: 5/8/18 
 
Washington State Department of Financial Institutions 
 
Assessment Due Date - July 2, 2018 - All Washington State Money Transmitters and Currency Exchangers Annual Assessments are due by close of business on July 2, 2018. We suggest you begin the process a few days early to ensure a timely filing. Visit our website to access the Online Filing System and to read important information about your filing. Questions? Please email csexamsunit@dfi.wa.gov

UAE

Dubai property 'a money-laundering haven'

[Opinion] - June 12, 2018 - Western Advocate.Com.Au - War profiteers, terror financiers and drug traffickers sanctioned by the US in recent years have used Dubai's real estate market as a haven for their assets, a new report alleges...

United Kingdom

HMRC chief floats idea of handing over anti-money laundering role

June 12, 2018 - Ekklesia.Co.Uk - News that HMRC's executive have discussed ending the organisation's role as the anti-money laundering (AML) supervisory body for a number of key sectors should prompt a wide-ranging and serious ...

Virtual Currencies Around the World

Apple bans cryptocurrency mining on iPhones and iPads

June 11, 2018 - C Net.Com - Marrian Zhou - During Apple's Worldwide Developers Conference last week, the company released new App Store guidelines that ban cryptocurrency mining on both iOS devices and Mac. AppleInsider first ...

US Regulator Gives Epic, Historic Speech at the UN on How Cryptocurrency...
June 11, 2018 - Daily Hodl.Com - The US Commodity Futures Trading Commission is making headlines for its effort to determine whether market manipulation is playing a roll in the volatile cryptocurrency market. But one of the CFTC's ...

Japanese Public Companies Show Trust in Cryptocurrencies
June 11, 2018 - Coin Gape.Com - Nilesh Maurya - Japanese companies seem to be in the forefront in embracing the cryptocurrencies, as they look forward to offering its customers various crypto-related services. Around a fortnight ...

Also See:
June 12, 2018 - FX Street.Com - John Isige

Despite the 'anonymity,' there are ways to fight blockchain laundering
[Opinion] - June 11, 2018 - Payments Source.Com - Ron Teicher - Blockchain technology has the potential to transform finance, but its applications are still being discovered. Although criminals are now using cryptocurrencies technology to ...

New Crypto Regulations In Canada Will Strengthen AML & Anti-Terrorist ...
[Opinion] - June 12, 2018 - Nathan Graham - On June 9, Canada's Department of Finance released a draft of official regulations for cryptocurrency exchanges and payment processors. According to the draft, these regulations are in response ...

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Quote of the Day

"You may have a fresh start any moment you choose, for this thing that we call 'failure' is not the falling down, but the staying down."

- Mary Pickford

Word of the Day

autochthonous: /au·toch·tho·nous/ [Adj.]
  • Indigenous rather than descended from migrants or colonists.
  • Formed or originating in the place where found
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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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