The National Money Transmitters Association

The NMTA's Daily News Clippings


Tuesday, March 14, 2017

Top Story

Euronet Worldwide Trumps Ant Financial's Offer to Buy MoneyGram 
March 14, 2017 - US News.Com - U.S. electronics payments provider Euronet Worldwide Inc said on Tuesday it offered to buy money-transfer company MoneyGram International Inc for $15.20 per share, trumping Ant Financial's bid ...
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AML Compliance Trends

FinCEN Final Rule vs 4th EU Money Laundering Directive
[Opinion] - March 14, 2017 - Bobs Guide.Com - Laura Glynn - In May 2016, the Financial Crimes Enforcement Network (FinCEN) issued its long-awaited beneficial ownership rule with respect to customer due diligence requirements....

Artificial intelligence: how it's transforming financial services today

[Opinion] - March 13, 2017 - Information-Age.Com - Nick Ismail - In fact, customer experience represents the single best opportunity financial services firms have to deliver on their priorities, according to a survey by Econsultancy...
 
Deep Dive Due Diligence: Part I - What is Level III Due Diligence?
[Opinion] - March 13, 2017 - Jdsupra.Com - Thomas Fox - A Level I due diligence investigation typically consists of checking individual's and company names through several hundred Global Watch lists comprised of anti-money laundering (AML)...

Anti-Corruption

Disregarded Entity Regs Confirm Global Transparency Push
[Opinion] - March 13, 2017 - Mondaq.Com - Last year, the Treasury Department proposed new reporting requirements for domestic disregarded entities with one foreign owner. The proposed regulations, issued May 10, 2016, greatly...

The future of anti-corruption in Trump's America
[Opinion - Subscription Required] - March 14, 2017 - Compliance Week.Com - Jake Plenderleith -  The United States achieved an 18th place ranking in this year's Transparency International Corruption Perception Index, but the anti-corruption ...

Also See:
[Useful Website] - March 14, 2017 - Transparency.Org

DOJ Announces It Will Extend FCPA "Pilot Program"
[Opinion] - March 13, 2017 - Forbes.Com - Jonathan Sack - The Department of Justice ("DOJ"), Fraud Section's guidance for Foreign Corrupt Practices Act ("FCPA") investigations and prosecutions, commonly referred to as the ...

Also See:
[Older] - April 5, 2016 - Justice.Gov - U.S. Department of Justice

March 10, 2017 - Justice.Gov - U.S. Department of Justice

[Opinion] - March 7, 2017 - Mag Law.Com - Elkan Abramowitz & Jonathan Sack

CFPB

Consumer Protection Progress At Risk
[Opinion] - March 14, 2017 - Morning Consult.Com - Ruth Susswein - Consumers have seen some major improvements in consumer protections, particularly in the past year. Many of those gains have been made by government agencies that...

Though the CFPB Faces Major Reform, Few Know What it is
March 13,. 2017 - DS News.Com - The Consumer Financial Protection Bureau (CFPB) is facing reform from the current administration, even though very few people seem to really know that it does. In February, President trump...

Who Pays for Rolling Back Regulations?
[Opinion] - March 13, 2017 - American Progress.Org - Joe Valenti & Rebecca Buckwalter-Poza - Proponents of this anti-regulatory push claim that regulations are pricey for businesses and suppress economic growth. But all too often they ...

Consumer agency leans on companies to improve credit reporting
[Opinion] - March 14, 2017 - CNBC.Com - Jessica Dickler - A recent report by the Consumer Financial Protection Bureau outlined a number of problems it found with the big three consumer reporting companies along with suggested ...

FDIC Official Plots Changes for Dodd-Frank's Bank Regulations

March 13, 2017 - Them Report.Com - Rachel Williams - A top official with the FDIC offered up a blueprint on Monday that would allow the largest banks to divvy up their financial activities in return for relief from some regulations u...

Also See: 
March 13, 2017 - FDIC.Gov - Federal Deposit Insurance Corporation

March 13, 2017 - FDIC.Gov - Federal Deposit Insurance Corporation

[Old Working Paper] - Feb 15, 2016 - HKS.Harvard.Edu - Marshall Lux &...

[Old Article] - Jan 20, 2017 - Dallas News.Com

Events

Caribbean Gaming Show & Summit lands a new destination: Jamaica
[Upcoming summit to be held on June 14, 2017] - March 14, 2017 - calvin ayre.com - The program of activities at CGS 2017 includes Conference Plenary sessions exploring key issues for the region's gaming industry such as de-risking and AML..

Fiji

AG welcome Nepal anti money laundering delegation
March 14, 2017 - Fiji Times.Com - Lice Movono - FIJI has several initiatives to promote transparency which it is ready to share with other nations in an exchange of best practices. The Attorney-General and Minister responsible for ...

Financial Inclusion

Financial inclusion pays off for CBZ
[Opinion - Zimbabwe] - March 13, 2017 - Daily News.Co.Zw - CBZ'S aggressive drive to mop up unbanked clients under its ambitious financial inclusion programme is paying off as the financial services behemoth has netted more than 170 000 ...

Gov't looking to expand available financial services
[Jamaica] - March 14, 2017 - Jamaica Observer.Com - Balford Henry - Minister of Finance and the Public Service Audley Shaw says that during 2017/18 financial year, the Government will pursue a range of initiatives to deepen the financial sector ...

Fines, Crimes & Cases

Investors Hit Western Union Again Over Fraud Compliance
[Subscription Required] - March 13, 2017 - Law 360.Com - Western Union Co. falsely touted its fraud prevention programs as key assets for the company, causing stock values to drop once news broke that it agreed to pay $586 million for ...

SEC Opens Cease-and-Desist Order Proceeding against Broker-Dealer ...

[Opinion] - March 13, 2017 - Lexology.Com - FinCEN, FINRA and SEC, have increasingly brought actions to bring organizations - and individuals - into compliance with AML / BSA obligations. This enforcement activity is ...

SFC reprimands and fines Zhongtai International Securities Limited $2.6 ...
March 14, 2017 - Leaprate.Com - Valentina Kirilova - SFC has reprimanded Zhongtai International Securities Limited, formerly known as Qilu International Securities Limited (Zhongtai), and fined it $2.6 million for failures in complying with AML ...

Hong Kong

HKSAR Government launches Consultation to extend AML Regulations to ...
[Ongoing] - March 14, 2017 - Lexology.Com - On 6 January 2017, the HKSAR Government issued a consultation document, seeking views on a legislative proposal to expand the Anti-Money Laundering and Counter-Terrorist Financing (Financial ...

Hong Kong's money laundering fight is a fig leaf
[Opinion] - March 14, 2017 - Nasdaq.Com - Lisa Jucca - Hong Kong is under pressure to step up the fight against money laundering. The city is considering forcing private firms to disclose their true owners. That would shed light on a ...

Iran

Iran to join FATF by May: Central bank governor
March 12, 2017 - News United.Online - Valiollah Seif - The intergovernmental FATF, which is the global standard-settcbing body for anti-money laundering and combating the financing of terrorism (AML/CFT), welcomed Tehran's initiative to...

Luxembourg

A Misfired Broadside?
[Opinion] - March 13, 2017 - Delano.Lu - Stephen Evans - EU anti-money laundering rules were introduced in 1991, and they have been tightened regularly since. The Luxembourg authorities are keen to enforce these rules, not least in order to ...

Mobile Money Transfer

2017 Payment Processing Trends
[Opinion] - March 14, 2017 - Nasdaq.Com - Mobile wallets have patiently been waiting to take-off since Apple Pay entered the scene in 2015. Even though there have been a number of competitors, Google Wallet, Samsung Pay, Walmart, and...

The future of Africa's mobile money market
[Opinion] - March 14, 2017 - African Business Review.Co.Za - Joy Braun - Awareness is increasing surrounding the unbanked population of the world. The issue of financial inclusion is gaining more attention and an increasing number of ...
 
Mobile cash headache for law on bankruptcy
[Opinion, Kenya] - March 13, 2017 - Nation.Co.Ke - Abiud Ochieng - When The Old Financial Laws Regarding Implementation Of Bankruptcy Orders Were Applied To An Individual In Kenya'S Traditional Legal Landscape, One Was Not allowed to carry...

AML's Silver Bullet
[Opinion] - March 14, 2017 - Pymnts.Com - As banks and payments companies endeavor to meet anti-money laundering (AML) regulations to avoid hefty fines for non-compliance, easily identifying customers in the digital channel becomes ...

Money Transfer Among Different Mobile Wallets Will Soon Be Possible...
[Opinion] - March 14, 2017 - Trak.In - Anand Karwa - We all know the advantages of using mobile wallets for making transactions digitally. Mobile wallets companies are pushing their usage very aggressively too, but one thing which was ...

New Zealand

AML/CFT net widened - second phase legislation introduced
[Ongoing] - March 14, 2017 - Chapman Tripp.Com - Bradley Kidd, Tim Williams, Penny Sheerin & Asha Trotter - The Bill will extend the AML/CFT Act to include lawyers, conveyancers, accountants, real estate agents, the New Zealand Racing...

Also See:
[Government Bill] - March 2017 - Legislation.Govt.Nz - Hon Amy Adams

OCC

OCC Head Stresses Collaboration in Maintaining Sound International Banking
[Opinion] - March 13, 2017 - DS News.Com - "Collaboration" was a key word used generously in the address given by Thomas J. Curry, comptroller of the currency, to the International Bankers Annual Conference on Monday in Washington, D.C. ...

Pakistan

Move beyond remittances?
[Working Paper - Pakistan] - March 14, 2017 - Brecorder.Com - BR Research - Once a saving grace, remittances have been under pressure since quite a while now; the foreign inflows from expats abroad have trotted down by 2.5 percent year-on...

SBP advises banks on curbing money laundering
March 13, 2017 - Dawn.Com - Shahid Iqbal - The State Bank of Pakistan (SBP) has asked all banks to improve their capacity for control of money laundering, especially by training their staff here and abroad in this respect. ...

South Africa

What to expect from the hearings on financial services
[Opinion] - March 14, 2017 - Business Live.Co.Za - Linda Ensor - The first day of the public hearings into the "untransformed" financial services sector kicks off in Parliament on Tuesday amid heightened calls for radical economic transformation ...
State Matters

Better tech allowing state regulators to oversee non-bank lenders
[Opinion] - March 13, 2017 - The Hill.Com - Charles Cooper - In the public policy debate over how to best regulate financial technology firms, technology itself is one good solution. Today, state regulators apply enhanced regulatory technology...

Uganda

New Interbank Transfer System Launched
March 13, 2017 - All Africa.Com - Dorothy Nakaweesi - Craft Silicon, a Kenyan-based software company on Monday launched an inter-bank transfer system that in the interim will enable Centenary Bank and Finance Trust Bank customers ...

United Kingdom

Fintechs have advantages over established banks, but regulation is a...
[Opinion] - March 14, 2017 - Blogs.LSE.Ac.Uk - Fintech firms may have many advantages over established banks in entering the new market of digital banking. For example many well-known banks have outdated and cumbersome ...

UK financial institutions are unprepared for MiFID II legislation
[Opinion] - March 14, 2017 - Information-Age.Com - Nick Ismail - A study of IT managers, decision makers and risk and compliance managers within UK financial services businesses, has revealed a lack of preparation and understanding of the ...

Cyber crooks carrying out nation state-style attacks
March 14, 2017 - Wakefield Express.Co.Uk - It discusses the trend of criminals copying suspected nation state 'actors' who are given license to attack financial institutions and other organisations - knowing they will be highly unlikely ...

Virtual Currencies

Using Blockchain to enable faster cross border remittance
[Opinion] - March 13, 2017 - Its Blockchain.Com - Hitesh Malviya - Fintech as a whole is rapidly adopting potential applications of the blockchain across the board and many players in the space seem keen to test out what efficiencies can be ...

CoinAgenda Caribbean 2017 recap
[Past conference overview] - March 14, 2017 - Calvin Ayre.Com - The CoinAgenda conference focused on investing in bitcoins, and other crypto-currencies.  While the first day featured presentations from institutional investors, and wealth funds ...

Digital Currency Regulation Heats Up In The EU As Parliament Proposes ...
[Opinion] - March 13, 2017 - Nigeria Today.Ng - Europe is seeking to further tighten its grip on digital currencies including bitcoin. Previously, the European Commission has only proposed strict rules for digital currency exchange platforms ...

How Blockchain will Change the Future of Financial Service Sector?
[Opinion] - March 13, 2017 - Finextra.Com - Tony Xhufi - Blockchains are new technology layers that rewire the Internet and threaten to side-step older legacy structures. Trust resides at the core fabric of the blockchain network which has ...

The Ontario Securities Commission offers clarity on Blockchain based ...
[Announcement] - March 14, 2017 - Brave New Coin.Com - Luke Parker - The Ontario Securities Commission (OSC) announced on Wednesday that Canadian businesses using blockchain technology in their financial products or service ...

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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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