The National Money Transmitters Association
 
NMTA's Daily News Clippings

Monday, March 12, 2018

Top Stories

Denial of Banking Services

GAO reviews derisking remittances impact on fragile countries
[Ongoing Story] - March 12, 2018 - Financial Regnews.Com - The Government Accountability Office (GAO) recently offered recommendations to the Treasury Department regarding derisking remittances in fragile countries. Derisking is the ...
 
Events

[Upcoming Roundtable, March 12, 2018 - New York] - March 2018 - Law.Hofstra.Edu - This roundtable will discuss legal and regulatory issues concerning the evolving regulatory landscape of non-bank payments providers, fintech and MSBs ...

NMTA Logo  NMTA Member - Company Announcement

CSI WatchDOG Elite
[Video] - CSI Web.Com - CSI's WatchDOG Elite watch list screening software helps your institution fulfill its complicated regulatory compliance needs. Watch this video to see how Michael's company benefited from finding CSI's ...

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Anti-Corruption Around the World

China's effective campaign sets model for global anti-corruption cause
[Opinion] - March 11, 2018 - Xinhua Net.Com - China's crackdown on corruption in the past five years has impressed the world and its resolve to root out the scourge has inspired many in different parts of the world. Since November 2012, ...

Also See:
March 12, 2018 - SCMP.Com - Jun Mai

IMF continues to insist on adoption of anti-corruption court law in line with ...
[Ongoing Story, Ukraine] - March 12, 2018 - Kyiv Post.Com - The International Monetary Fund (IMF) continues to insist on the adoption by the Ukrainian authorities of legislation on the Anti-Corruption Court in accordance with the country's ...

Saudi King Establishes Anti-Corruption Prosecution Units
March 11, 2018 - US News.Com - Saudi Arabia's king has established special anti-corruption units of prosecutors to pursue embezzlement cases in the kingdom after a recent crackdown. King Salman's decision was announced Sunday in a ...

Asset Forfeiture

Unraveling illogical rationale for civil asset forfeiture
[Opinion] - March 10, 2018 - Dothan Eagle.Com - Norman Horton - There is nothing harder to eradicate than a government program that involves money. I just read the self-serving article about civil asset forfeiture, a process whereby the ...

Legislators call for oversight in civil asset forfeiture process
[Michigan] - March 8, 2018 - State Reps. Jim Runestad of White Lake Township, Gary Glenn of Williams Township, and Beau LaFave of Iron Mountain, have introduced a package of bills to bring more oversight and transparency to Michigan's civil asset ...

Australia

Few societies are close to cashless': Cash is more popular than ever, central...
March 12, 2018 - News.Com.Au - Frank Chung - Despite the increased use of electronic payments around the world, there is "scant evidence" of a shift away from cash, according to the latest quarterly review from the Bank for International ...

Bahrain

KPMG highlights anti-money laundering trends
March 11, 2018 - Trade Arabia.Com - KPMG in Bahrain, a leading provider of audit, tax and advisory services, recently held a seminar in Manama to raise awareness of money laundering-related risks. Around 90 senior executives ...

Company Announcements

Telkom Kenya to join Safaricom, Airtel in piloting cross network money ...
March 12, 2018 - Standard Media.Co.Ke - Fredrick Obura - elkom Kenya on Monday unveiled its mobile money services to compete safaricom and Airtel in the growing financial technology space in Kenya. ...

Cybersecurity

Lawmakers Move to Expand DHS Cybersecurity Role
March 12, 2018 - Executive Gov.Com - House and Senate lawmakers advanced two bills last Wednesday that would expand the Department of Homeland Security's cybersecurity mission. The Senate Homeland Security and Governmental ...

SEC announces new interpretive guidance in cybersecurity
[Ongoing Story] - March 8, 2018 - Lexology.Com - the U.S. Securities and Exchange Commission (SEC) announced new interpretive guidance for public companies regarding cybersecurity risk and incident disclosures. ...

Cybersecurity: Battling Crime in Cyberspace
[Opinion] - March 11, 2018 - Yu Commentator.Org - Sarah Torgueman - Cybercrime has increased tremendously, affecting not only individuals but business entities and their virtual transactions, as well. The internet has undoubtedly advanced ...

Cybersecurity Challenges For The Boardroom: What Publicly Traded ...
[Opinion] - March 12, 2018 - forbes.com - Christopher P. Skroupa -Steven Grimberg and Mark Ray are Managing Directors at Nardello & Co., a leading global investigations firm that, among other things, specializes in cybersecurity consulting ...

Denial of [Marijuana] Banking Services

Legislation to Fix Cannabis Industry Banking Issues Introduced in U.S. Senate
March 10, 2018 - Merry Jane.Com - One of the cannabis industry's biggest roadblocks could soon come tumbling down, as the U.S. Senate prepares to vote on an amendment that would allow state-legal ganjapreneurs access to federally-backed ...

Europe

Cash Still King For Money Laundering, Warns Europol
[Subscription Required] - March 12, 2018 - Payments Compliance.Com - Douglas Clarke-Williams - Europol has warned that inadequate controls on cash payments in some EU member states are being exploited by criminal groups, after Spanish ...

Financial Inclusion

Mobile networks holding back financial inclusion
[Opinion] - March 7, 2018 - Gadget.Co.Za - Financial inclusion is a key enabler of sustainable economic and social development. Initiatives by the United Nations and the World Bank Group continue to drive financial inclusion and it has ...

Women and financial inclusion - the case of Pakistan
March 12, 2018 - Tribune.Com.Pk - Tehreem Husain - In achieving overall stability of the financial sector, authorities are increasingly aware of drafting and implementing policies which boost overall financial inclusion and financial ...

Fines, Crimes & Cases

Vancouver man laundered 'tens of millions' of crime cash, U.S. alleges
March 11, 2018 - Calgary Herald.Com - Kim Bolan - Vincent Ramos, who owns Phantom Security Communications, was arrested in Washington state last Wednesday and is facing racketeering, drug-trafficking, conspiracy and money-laundering ...

Wells was tipped off to government probe by OCC, watchdog says
[Ongoing Story] - March 9, 2018 - American Banker.Com - Kevin Wack - The top examiner of Wells Fargo at the Office of the Comptroller of the Currency improperly revealed to the San Francisco bank the existence of a government investigation ...

Fintech

EU banking watchdog sets out 'roadmap' to regulate fintech
[Opinion] - March 12, 2018 - Ej Insight.Com - The European Union's banking watchdog is proposing a "roadmap" on how to regulate the rapidly evolving financial technology sector, but urged caution in tackling cryptocurrencies, Reuters reports ...

Hong Kong and Poland tie up fresh fintech partnership
March 12, 2018 - IBS Intelligence.Com - The Hong Kong Monetary Authority (HKMA) and the Polish Financial Supervision Authority (KNF) have signed a memorandum of understanding which will see "enhanced" financial collaboration between the two ...

Latvia

A guide to the rest of Latvia's non-resident banks
March 12, 2018 - Eng.LSM.LV - Mike Collier - In 2015, the balance of non-resident deposits grew by 954 million euros or 8.3% reaching 12.4 billion euros but then the application of enhanced anti-money laundering requirements and other ...
 
Malta

Brussels casts doubts on sufficiency of Malta's AML measures
March 11, 2018 - Independent.Com.Mt - David Lindsay - The European Commission this week cast doubts on the sufficiency of Malta's measures to combat money-laundering - an issue that has thrust the country into the limelight with ...

New Zealand

Five Businesses Warned For AML/CFT Failures
March 12, 2018 - Mondo Visione.Com - The Financial Markets Authority (FMA) has issued formal warnings to five reporting entities under Section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act). ...

Also See:
March 12, 2018 - Leaprate.Com - Valentina Kirilova

United Kingdom

Sanctions Enforcement - Recent Trends
[Overview] - March 9, 2018 - Lexology.Com - The practical mechanism for the UK's post-Brexit sanctions regime is working its way through the UK Parliament in the form of the Sanctions and Anti-Money Laundering Bill ("the Bill"), which passed its ...

Virtual Currencies Around the World

Is Cryptocurrency a Viable Solution for the Unbanked in Africa?
[Opinion] - March 9, 2018 - Nat Law Review.Com -  Michelle O. Stewart & Robert Zhou - When bitcoin entered the public's eye for the first time in 2013, it was touted as one of the greatest inventions for the unbanked in Africa. The World Bank ...

Kenya Looks To Blockchain Technology
March 11, 2018 - AFK Insider.Com - Kenya has for years regarded blockchain technology and digital currencies with suspicion, comparing bitcoin to a "pyramid scheme," and emphasizing that it had no legal footing. That wariness has been ...

Thailand Dodges Extreme Cryptocurrency Regulations
March 9, 2018 - News.Bitcoin.Com - Kevin Helms - The Thai Deputy Prime Minister has mandated that the law on cryptocurrencies and initial coin offerings be finalized within a month. The regulators have met and agreed that there is ...

Week in Review: "Defining" Moments in Cryptocurrencies
[Overview] - March 10, 2018 - Shawn Gordon - While Japan has been cracking down more on cryptocurrency exchanges recently, we see the state of Wyoming opening things up to make the state more attractive to the technology. At the same time...

An influential former bureaucrat thinks India just can't regulate bitcoin
[Opinion] - March 12, 2018 - Qz.Com - Anwesha Ganguly - India's been grappling with the regulation of cryptocurrencies for a while now, often indicating its aversion to them-yet not banning them. However, a former top finance ministry ...

Excessive Regulation Could Constrain The Crypto Industry, Says EU Banking ...
March 12, 2018 - Block Tribune.Com - Maricel Custodio - Andrea Enria, the chief executive of the European Banking Authority (EBA), said that he has "yet to be convinced" that cryptocurrencies should come under the full scope of regulation ...

Zimbabwe

Money Laundering Bill gazette
March 10, 2018 - Bulawayo 24.Com - Government has gazetted the Money Laundering and Proceeds of Crime (Amendment) Bill which seeks to strengthen the Financial Intelligence Unit of the Reserve Bank of Zimbabwe by giving it ...

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Quote of the Day

"Ability is what you're capable of doing. Motivation determines what you do. Attitude determines how well you do it."

- Lou Holtz

Word of the Day

Dexterity: /dex·ter·i·ty/ [Noun]
  • Skill in performing tasks, especially with the hands.
  • Readiness and grace in physical activity 
  • Mental skill or quickness
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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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