The National Money Transmitters Association

The NMTA's Daily News Clippings


Friday, June 16, 2017

Top Stories

CFPB

CFPB Seeks Comment on Proposed Changes to Prepaid Rule
June 15, 2017 - Consumer Finance.Gov - The Consumer Financial Protection Bureau (CFPB) announced today that it is seeking comment on proposed updates to its prepaid rule. The CFPB issued the prepaid rule in 2016, requiring financial ...

Also See:
June 15, 2017 - Consumer Finance.Gov

[Summaries] - Consumer Finance.Gov

[Additional Info] - Consumer Finance.Gov

Trump promised to do 'a big number on Dodd-Frank.' That looks unlikely.
[Opinion - Pid subscription required. -Ed.] - June 15, 2017 - Washington Post.Com - The Treasury Department has produced the proposal for financial regulatory reform that President Trump ordered up four months ago, pursuant to his claim that "we're going to be doing ...

Denial of [Correspondent] Banking Services


Deutsche Bank's move from Malta played down
June 16, 2017 - Times of Malta.Com - Kurt Sansone - Bank of Valletta has confirmed that Deutsche Bank withdrew correspondent banking services for US dollar transactions but would not dwell on the reasons why. Describing this as "a normal ...

FATCA

IRS updates FATCA filing and deadlines
June 16, 2017 - CCH Daily.Co.Uk - The US Internal Revenue Service (IRS) has launched an update to its registration system for foreign financial institutions (FFIs) to comply with the Foreign Account Tax Compliance Act (FATCA) in supplying ...

Also See
June 15, 2017 - jdsupra.com - Charles Rubin

Remittances & Immigration

Trump govt cancels Obama policy for illegal immigrant families
[Announcement] - June 16, 2017 - Capital Fm.Co.Ke - Agence France Presse - The Trump administration announced that it is cancelling an Obama-era policy to allow millions of illegal-immigrant parents of children born in the United States ...

Virtual Currencies

June 15, 2017 - Coin Telegraph.Com - Anthony Coggine - When it comes to cryptocurrency regulations, lawmakers are jousting with different opinions and viewpoints. Some believe that Bitcoin should be regulated, while others are firm ...
 
June 15, 2017 - Econo Times.Com - The Illinois Department of Financial and Professional Regulation has published a guidance that outlines its policy with regard to digital currencies such as bitcoin. Importantly, the guidance expresses ...

Also See: 
-----------------------------

Africa


Costly cash transfers are the preferred method of sending money to Africa
[Opinion] - June 15, 2017 - Qz.Com - Abdi Latif Dahir - When it comes to sending remittances to Africa, cold, hard cash is king. At least that's the case with immigrant families sending money from the United Kingdom...

The impact of remittances in Lesotho, Malawi and Zimbabwe
[Old Report] - Dec 2016 - Fin Mark.Org.Za - Households in sub-Saharan Africa have a long tradition of cross-border migration and associated remittances. During periods of economic or political instability, or simply when opportunities at ...

AML Compliance Trends

AML Update: Not So Fast - Implementation of New Identity Verification ...
[Canada] - June 15, 2017 - Jdsupra.Com - As many professionals who follow Canadian anti-money laundering legislation are aware, on June 17 and June 30, 2017 respectively, new provisions of the Regulations under the Proceeds of Crime....

Future of money requires pause for thought
[Opinion] - June 16, 2017 - Scots Man.Com - Tony Anderson - In general terms, AML rules require payment-processors to know who is making a payment, where funds originate, and where they are going. Banks must have procedures in ...

Trust Account Misuse Alone Isn't Money Laundering, Court Says
June 15, 2017 - NJ Law Journal.Com - David Gialanella - A disbarred New Jersey lawyer accused of helping himself to large sums of client funds has succeeded in defeating one of the most serious charges against him-and in the process ...

Anti-Corruption

Triumph of corruption and presidency inertia ...
[Opinion, Nigeria] - June 15, 2017 - Naij.Com -  Oluwatobi Bolashodun - President Muhammadu Buhari's led administration has vowed to fight corruption to standstill in spite strong resistance by some individuals and groups to thwart ...

Fighting corruption and money laundering: a coordinated strategy for ...
[Opinion, Mauritius] - June 2017 - ICAC.Mu -  In its resolve to fight corruption and money laundering in Mauritius, the Commission considers that it is imperative that all the national law enforcement agencies, which are engaged in this venture...

Asset Forfeiture

Controversial New Civil Asset Forfeiture Bill
[Opinion, Federal] - June 15, 2017 - Gainesville Coins.Com - One of the most contentious laws no matter who you ask across the political spectrum is the practice of civil asset forfeiture. This occurs when, even if a citizen hasn't committed a ...

Civil Forfeiture Laws Often Enable Theft. Why These State Reforms Are Good ...
[Opinion, Connecticut] - June 15, 2017 - Daily Signal.Com - Jason Snead - Civil asset forfeiture is a nationwide problem, and states across the country are continuing to tackle it. Just last week, two states took significant steps to further enhance ...

Also See:
[Bill] - June 2017 - CGA.Ct.Gov - Banking Committee

Bahamas

Anti-Corruption Legislation Is Planned Later This Year
June 15, 2017 - Tribune 242.Com - Sancheska Dorsett - The government will table legislation in the House of Assembly to establish an anti-corruption commission shortly after Parliament's summer recess, Press Secretary Anthony Newbold ...

British  Virgin  Islands

Extension of BVI CRS deadlines
June 16, 2017 - Oneal Webster.Com - The British  Virgin  Islands Government recently announced  the  extension of the 2017  deadlines  for  notification  and reporting obligations  under  the  Common  Reporting  Standard, or CRS. ...

Caribbean

Increase in remittances to Caribbean helping to fight poverty, says UN report
[Report] - June 16, 2017 - Jamaica Observer.Com - A new United Nations report says there has been a sharp increase in money being sent by migrants to the Caribbean and other developing countries. ...

Also See:
[Report] - June 15, 2017 - Telesur Tv.Net

China

China's Evolving Anti-Money Regulatory Landscape
[Opinion] - June 16, 2017 - En.Xfa Finance.Com - Financial institutions are on the front line of a rapidlychanging regulatory environment. While anti-moneylaundering (AML) has always been a regulatory concern, it is quickly climbing the political ...

Company Announcements

P2P Cash Launches Money Transfer Service to Nigeria With No Transfer Fees
June 16, 2017 - Press Release Rocket.Net - P2P Cash, a digital financial services company, has added money transfer service from Georgia and South Carolina to Nigeria. P2P Cash charges no transfer fees, but matches competitive exchange ...

JMMB eyes remittance opportunity in Trinidad, Dom Rep
June 16, 2017 - Jamaica-Gleaner.Com - Avia Collinder -  JMMB Group is adding a new remittance partner with an eye on regional markets and inroads into territory controlled by large competitor GraceKennedy through its Western Union ...

IBM unveils new Watson tools to help banks manage compliance, AML
June 15, 2017 - Information-Management.Com - Lalita Clozel - IBM is set to announce new tools on Wednesday aimed at reducing the compliance burden of financial institutions for combating money laundering, and a host of other regulatory ...

Cuba

The government closed two Havana Paladares for 'money laundering'
June 15, 2017 - Havana-Live.Com - The government closed El Litoral and Lungo Mare, two popular private restaurants in Havana, according to blogger Fernando Ravsberg, a former BBC correspondent in Cuba....

Europe

GDPR - banks, breaches and billion euro fines
[White Paper] - June 16, 2017 - Banking Tech.Com - The ePrivacy Regulation, the Anti-Money Laundering (AML) Directives and the Second Payment Services Directive (PSD2) simultaneously increase the scope and longevity of personal ...

Events

Managing an Effective AML Compliance Program: 2-Day In-Person Seminar...
[Upcoming seminar, July 20-21, 2017 - Chicago, IL] - June 15, 2017 - research and markets.com - Are the financial transactions within your organization subject to money laundering risk? Do you have a robust internal controls program that ...

FATCA

Renouncing U.S. Citizenship Or Giving Up A Green Card: Why And How To ...
[Canada] - June 13, 2017 - Expat Info Desk.Com - Alex Marino & Kevin Kirkpatrick - The U.S. Foreign Account Tax Compliance Act (FATCA) went into full effect on July 1, 2014, mandating international information-sharing on U.S. individuals with ...

Financial Inclusion

Thrust on digitisation to broaden inclusion process
[Opinion,  Bangladesh] - June 16, 2017 - The Financial Express-Bd.Com - Dr. Atiur Rahman, former Governor of Bangladesh Bank said inclusiveness is a cornerstone of Bangladsesh's financial system. He made a presentation on 'Financial Inclusion ...

A roadmap for financial growth
[Opinion, Cambodia] - June 16, 2017 - Phnom Penh Post.Com - Hor Kimsay - The government yesterday unveiled its financial sector development strategy for 2016 to 2025, which provides stakeholders with a document to evaluate the last decade ...

Financial Services

Are you cashing in on the 'Fintech Revolution' happening now?
[Opinion] - June 16, 2017 - Your Story.Com - Fintech is "unbundling banking services", by creating personalized digital offerings, out of a single business process offered by banks today. With Fintechs playing disruptor, banks throughout ...

Fines, Crimes & Cases

SEC Charges Chief Compliance Officer with AML Violations
June 15, 2017 - Jdsupra.Com - The SEC announced that John David Telfer, the former chief compliance officer and anti-money laundering (AML) officer of a registered broker-dealer, agreed to a securities industry bar to settle charges in a ...

Charges Filed by SEC Allege Bank Secrecy Act Violations
[Ongoing] - June 14, 2017 - Buckley Sandler.Com - On June 5, the SEC filed charges against a U.S. brokerage firm (firm) for failure to comply with suspicious activity reports (SARs) filing requirements, in violation of the Bank Secrecy Act (BSA), ...

U.S. Accuses Chinese Company of Money Laundering for North Korea
June 16, 2017 - NY Times.Com - Jonathan Soble - United States prosecutors accused a Chinese company on Thursday of laundering money for North Korea, in violation of American sanctions, and said they were seeking $1.9 million in civil ...

India

India World's Largest Remittance Recipient Country
June 16, 2017 - Sputnik News.Com - India is the top remittance recipient country in 2016 surpassing China, the Philippines and Bangladesh, said a UN study. Indians working overseas sent $62.7 billion in 2016, compared to China's $61 billion. ...

Japan

Rules for future Japanese integrated casino resorts taking shape
June 15, 2017 - News.World Casino Directory.Com - Adam Morgan - In Japan, the group of civil servants tasked with formulating the specific rules and guidelines for the nation's coming integrated casino resorts has reportedly had a number of its ...

Remittances & Immigration

Sending money home: how migrants help fight poverty and hunger
[Opinion] - June 16, 2017 - News.Trust.Org - Gilbert Houngbo - While migrants make a major contribution to both their countries of residence and of origin, migration should be a choice, not a necessity ...

For Western Union, Refugees and Immigrants Are the Ultimate Market
[Opinion] - June 16, 2017 - Bloomberg.Com - Early in the summer of 2014, executives at Western Union offices around the globe began to notice something strange. The world's largest money transfer company, Western Union Co. ...

Somalia

Why Somalia may be next goldmine for bold banks
[Opinion] - June 15, 2017 - Business Daily Africa.Com - George Bodo - Indeed the country is resource-endowed. The country is now seriously looking at retooling its resource exploration rights issuance capacity to the extent that all financial...

Tanzania

Tanzania: Digital Money Accounts Boost Diaspora Remittances
June 15, 2017 - All Africa.Com - Masembe Tambwe - Tanzanians living in the Diaspora have hit a milestone of 10,000 unique monthly transactions using WorldRemit, a digital money transfer service...

United Kingdom

Remittances help migrants' families and the UK
[Opinion] - June 15, 2017 - The Guardian.Com - Friday is the International Day of Family Remittances, a day dedicated to recognising the significant contribution that migrants make to the wellbeing of families back home and to the development ...

UK Criminal Finances Act 2017: A Dechert "Dirty Money" Trilogy
June 15, 2017 - Lexology.Com - The UK1 Criminal Finances Act 2017 (the "Act") represents a further significant development in the approach to the investigation and prosecution of financial crime in the UK. The new offence of failure to ...

Virtual Currencies

Bitcoins to come under anti-money laundering reporting requirements
June 16, 2017 - Anonymster.Com - A new bill was introduced on the floor of the US Senate titled "Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017". Aimed at people with digital and cryptocurrency holdings ...

Also See:
[A Bill] - May 25, 2017 - Congress.Gov - Senate - Judiciary

Why Bitcoin Can't Serve As A Currency
[Opinion] - June 15, 2017 - Seeking Alpha.Com - Paulo Santos - Now, with Bitcoin having previously rallied so much, it's likely that many "investors" in this "digital currency" were convinced that not only did it serve its purpose as a ...

Bitcoin Isn't Viable: Morgan Stanley
June 15, 2017 - The Street.Com -  Amanda Schiavo - Morgan Stanley doesn't believe that cryptocurrencies such as Bitcoin (BTC) will be a viable currency in the future, still seeing them more like investment vehicles than anything else...

The War On Cash Is Now Becoming The War On Cryptocurrency
[Opinion] - June 15, 2017 - Market Oracle.Co.Uk - Jeff Berwick - The US government is the most bankrupt government in the history of the world. At $19.9 trillion, nothing even comes close. The next closest are the EU and Japan with approximately ...

-----------------------------
 
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.

Bounced Emails

The bounce problem is unpredictable. If one day you do not receive the DNC, it may have bounced. Try white-listing all emails from the domain "@nmta.us," or
SIGN UP again, using an alternate email address.

Did you know?


The DNC is opened in over 500 mailboxes, every business day, but it does cost money to produce. If you find the DNC useful, please support the work. Click HERE to make a Sustaining ($145), or Supporting ($45) donation, and thank you!