The National Money Transmitters Association
 
NMTA's Daily News Clippings

Tuesday, March 13, 2018

Top Stories

Canada

[Ongoing Story] - March 2, 2018 - Lexology.Com - A consultation paper titled Reviewing Canada's Anti-Money Laundering and Anti-Terrorist Financing regime (Paper) was released in February, which could potentially have broad ...

Also See:
[Consultation Paper] - Feb 7, 2018 - Fin.Gc.Ca
 
Denial of [Correspondent] Banking Services

Bahamas Blacklisting 'Came Out Of Left Field'
[Opinion] - March 12, 2018 - Tribune 242.Com - Neil Hartnell - EUROPE's planned 'blacklisting' of the Bahamas has "come out of left field", a former financial services minister expressing fears over the potential fall-out for correspondent banking and ...

Fines, Crimes and Cases

9th Circuit rejects bank's challenge to Bank Secrecy Act
March 13, 2018 - Reuters.Com - Dena Aubin - A federal appeals court has rejected a California community bank's challenge to the U.S. Bank Secrecy Act as unconstitutionally vague, saying a government manual clarifying the act is detailed ...

Also See:
March 12, 2018 - California Pacific Bank v. FDIC

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AML Compliance Trends

Protecting the US Footprint of a Foreign Financial Institution
[Opinion] - March 13, 2018 - International Banker.Com - Ross Marrazzo - The United States has a long history of welcoming foreign financial institutions (FFIs) to operate from within its borders. Their presence is seen as providing both competitive ...

Anti-Corruption Around the World

Anti-Bribery Enforcement Actions Decrease in U.S., Hold Steady Elsewhere...
[Press Release] - March 13, 2018 - Business Insider.Com -  TRACE International, the globally renowned anti-bribery standard setting organization, today announced the findings of its 2017 Global Enforcement Report (GER), noting a reversion to ...

Also See:
[Report, Registration Required] - March 2018 - Trace International.Org

Common Bribery & Corruption Red Flags & How to Respond
[Opinion] - March 12, 2018 - Lexology.Com - The U.S. Foreign Corrupt Practices Act (FCPA), the U.K. Bribery Act (UKBA), Sapin II and many other Anti-Bribery and Corruption (ABC) laws and regulations around the world make it clear that bribery ...

Corruption in India: When will it be the last straw?
[Opinion] - March 13, 2018 - Qrius.Com - Avishek Deb - The annual report of corruption index released by the Berlin-based NGO Transparency International (TI) on February 21, 2018, ranks India 81 out of a total of 180 countries...

Why Is Barrow Not Pushing For Anti-Corruption & Economic Crimes Act?
[Opinion, Letter, Gambia] - March 13, 2018 - Joll Of News.Com - Alagi Yorro Jallow - Ordinary Gambians know that their money, in hundreds of thousands and perhaps millions, are lining the pockets of individuals who use their influence to defeat the ...

Now Nepal's co-ops under anti-laundering act
March 13, 2018 - Indian Cooperative.Com - Parasnath - Cooperatives in Nepal have been brought under the Money Laundering Prevention Act a decade after the law was passed, reports The Kathmandu Post. The Department of Cooperatives ...

The Kingdom Addresses Concerns Around Its Anti-Corruption Campaign
[Saudi Arabia] - March 12, 2018 - World View.Strat For.Com - In an attempt to address concerns about the Kingdom's targeted anti-corruption purges, on March 11, King Salman announced the creation of new arm for his government's ...

Why is Ukraine's president afraid of anti-corruption court?
[Opinion] - March 13, 2018 - EA Daily.Com - In an interview with The Financial Times, Ukrainian President Petro Poroshenko said that international donors could not legislate for Ukraine, as this violates its sovereignty. It is strange ...

Company Announcements


Ant Financial Enters Into New Strategic Partnership With Telenor Group to ...
March 13, 2018 - Crowd Fund Insider.Com - Samantha Hurst - Telenor Group announced on Tuesday it has reached a strategic partnership agreement with Ant Financial Services Group (Ant Financial) in Pakistan, where Ant Financial will invest ...

Social media donation platform Goodworld partners with payments innovator...
March 13, 2018 - PR News Wire.Com - Social payments charity platform Goodworld and Australian payments innovator Verrency announced a partnership today to bring a charitable component to everyday financial transactions around the globe. ...

New Azimo money transfer service to China
March 13, 2018 - Tame Bay.Com - Chris Dawson - Azimo has launched a new money transfer service to China, enabling customers to send money from 24 countries in Europe to individual bank accounts in China, delivered in local currency. ...

Monaco Partners with Jumio to Bring Cryptocurrency to Every Wallet
March 12, 2018 - Globe News Wire.Com - Jumio, the leading AI-powered trusted identity as a service provider, today announced a partnership with Monaco, the pioneering payments and cryptocurrency platform that enables users to buy ...

Denial of [Marijuana] Banking Services

U.S. Senate Could Allow a Vote on Marijuana Banking Protections
[Ongoing Story] - Marc 9, 2018 - Civilized.Life - Joseph Misulonas - Banks in the United States are often unwilling to work with marijuana businesses because they fear punishment from the federal government. But a new push by the U.S. Senate ...

FATCA

Citizenship, Surveillance and Taxes: A Dystopian Tale
[Opinion] - March 12, 2018 - Global Voices.Org - Under FATCA, as it's called for short, authorities vacuum up the financial data of US citizens and "US persons" (such as Green Card holders) who have non-US bank accounts, all without ...

Here's how much it will cost you to buy citizenship in some of the world's top...
[Opinion] - March 12, 2018 - Business Tech.Co.Za - A new wealth report from property group Knight Frank sheds some light on the cost of buying citizenship into some of the world's best countries - including Singapore, Australia, Canada and ...

Fines, Crimes & Cases

March 13, 2018 - Ekklesia.Co.Uk - Global Witness and Margaret Hodge MP have called on the UK's Financial Conduct Authority to take action over the role of Royal Bank of Scotland (RBS) and Standard Chartered in handling more than US$2 billion ...

Fintech

Will 2018 Mark a Gulf FinTech Revolution?
[Opinion] - March 13, 2018 - The Market Mogul.Com - Matthew Summers - Bahrain's FinTech Bay, launched last month in the capital of Manama, is an intriguing example of managed development in a region of oil and gas producers keen to ...

Regulations for fintech companies in India: A dire need
[Opinion] - March 13, 2018 - Qrius.Com - Devaprakash Ramakrishnan - FinTech small business lending is currently developing with promising potential to complement and emerge as a healthy alternative to brick and mortar banking. ...

Jordan

'Remittances from Jordanian expatriates encourage growth, benefit economy'
[Opinion] - March 12, 2018 - Mena FN.Com - The Jordan Strategy Forum (JSF) on Wednesday issued a report calling for decision makers to prioritise policy dealing with Jordanian expatriates, stressing the "urgent need" for all parties ...

Kuwait

Gulf States Set up Company for Money Transfers Among Members
March 13, 2018 - Albawaba.Com - The Gulf Cooperation Council plans to establish a company to provide direct money transfers between its six member countries. Bloomberg cited Kuwait central bank governor Mohammed Al-Hashel as confirming...

Pakistan-Saudi Arabia
 

Saudi remittances blow
March 13, 2018 - B Recorder.Com - Worker remittances from the Kingdom of Saudi Arabia (KSA) have been on a decline. It fell eight and a half percent in the first eight months of current fiscal year, lopping 42 percent of the gains seen in the ...

Remittances & Immigration

The stunning new cruelty of immigration enforcement
[Opinion] - March 13, 2018 - Jill Richardson - When undocumented immigrant families are detained, they are being increasingly split up. Not only are whole families being rounded up, but parents are being detained separately from their children ...

Guns and immigration probably aren't going away on the Hill
[Opinion] - March 13, 2018 - Axios.Com - Caitlin Owens - There's little chance that gun or immigration legislation will become a part of a must-pass spending bill later this month, but that doesn't mean Congress won't return to the issues ...

Immigrants Are Key to Australia's Economy
[Opinion] - March 13, 2018 - Bloomberg.Com - Jason Scott and Michael Heath - Over the past three decades Australia has seen its population swell by 50 percent thanks to a flood of immigrant arrivals. Populists are now blaming these ...

State Matters - New California Money Transmitters

Alipay US, Inc., Approved: 2/5/18
Intercamp Express, Inc., Opened: 2/9/18
Prabu Group, Inc. dba Prabu Money Transfer, Approved: 2/5/18
Tinplate Payments, Inc., Approved: 2/5/18

Virtual Currencies Around the World


CFTC Moves to Cement Authority Over Crypto Fraud Cases
March 13, 2018 - Coin Desk.Com - Annaliese Milano - The Commodity Futures Trading Commission is moving quickly to assert its jurisdiction to police fraud in the cryptocurrency industry. Just two days after U.S. Judge Jack B. Weinstein ...

Wyoming Enacts Trailblazing Blockchain And Cryptocurrency Legislation
March 12, 2018 - Wilsonelser.Com - Robert V. Cornish Jr. - During the week of March 5, 2018, Wyoming passed comprehensive legislation crafted to convince blockchain and cryptocurrency businesses to locate within its borders and ...

There Ought Not Be a Law
[Opinion] - March 13, 2018 - Reason.Com - J.D. Tuccille - Treasury Secretary Steve Mnuchin wants limits on virtual currencies, like Bitcoin, that help people keep their financial lives private from folks like him. Senator Dianne Feinstein ...

Banks warned to weigh risks of issuing their own virtual currencies
[Germany] - March 13, 2018 - News-Gazette.Com - A global financial body is warning that central banks should carefully weigh the risks before introducing their own virtual currencies, saying such innovations could risk destabilizing banking ...

Japan Calls on G20 For Common Rules on Cryptocurrency
March 13, 2018 - Cryptovest.Com - Komfie Manalo - Japan will call on leaders of the influential G20 to adopt a common rule on cryptocurrencies, especially in combating money laundering, Reuters reported citing an unnamed government source...

Central bank digital currencies 'uncharted waters': report
March 13, 2018 - Business.Mb.Com.Ph - Agence France-Presse - The creation of digital currencies, like bitcoin, by central banks could revolutionize the global financial system but also carries significant fraud risks, the Bank for International ...

City needs flexible blockchain and cryptocurrency legal framework...
[Opinion, Macau] - March 13, 2018 - Macau Business.Com - The Macau Government should develop a flexible and comprehensive legal framework for the use of blockchain technology, a Russian government digital economy policy advisor tells MNA...

Thailand to draft plans to regulate and tax cryptocurrencies
March 13, 2018 - NH Register.Com - Thailand's cabinet agreed Tuesday to draft a law to oversee cryptocurrency trading, seeking to tax the largely unregulated market. Government spokesman Nathporn Chatusripitak said the ...

Also See:
[Opinion] - March 13, 2018 - Hi Business.Ca - Mam Sait Nyan

Malta: Blockchain And Investment Services
March 13, 2018 - Mondaq.Com - Nicholas Warren and Alistair Cuschieri - Blockchain technology has transformed from a popular buzzword to a technology that is in the process of revamping a wide range of operational and business processes ...

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Quote of the Day

"The joy of life comes from our encounters with new experiences, and hence there is no greater joy than to have an endlessly changing horizon, for each day to have a new and different sun."

- Christopher McCandless

Word of the Day

Elation: [Noun]
  • Great happiness and exhilaration
  • The quality or state of being elated
  • Pathological euphoria 
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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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