The National Money Transmitters Association
 
NMTA's Daily News Clippings

Friday, March 16, 2018

Top Story

March 16, 2018 - Mondo Visione.Com - The Financial Stability Board (FSB) today published two reports as part of its work to assess and address the decline in correspondent banking relationships (1) a progress report on the FSB action plan ...

Also See:
[Report] - March 16, 2018 - FSB.Org

[Report] - March 16, 2018 - FSB.Org

[Report] - March 16, 2018 - FSB.Org

New Zealand

Latest assessment of ML and terrorism financing risks published
[Ongoing Story] - March 15, 2018 - Police.Govt.Nz - This week the New Zealand Police Financial Intelligence Unit (the FIU) published an updated assessment of the money laundering and terrorism financing risks that the country faces ...

Also See:
[Report] - March 15, 2018 - Police.Govt.Nz

United Kingdom

FCA publishes financial services culture discussion paper
[UK] - March 12, 2018 - Securities Lending Times.Com - The Financial Conduct Authority (FCA) has published a discussion paper on transforming culture in financial services, which presents views from academics and industry thought leaders. ...

[Discussion Paper] - March 12, 2018 - FCA.Org.Uk

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AML Compliance Trends

The peculiarities of US financial system make it ideal for money laundering
[Opinion] - March 16, 2018 - Qz.Com - Chuck Grassley & Sheldon Whitehouse - The lifeblood of criminal enterprises all over the world is revenue. Money fuels terrorists, transnational criminal organizations, and crooked kleptocrats. ...

AML controls failing to detect terrorists, cartels, and sanctioned states
[Opinion] - March 14, 2018 - Reuters.Com - Regulators are holding financial institutions responsible for the real-life consequences of anti-money laundering (AML) failures. Firms must reconfigure their transaction monitoring programs ...

Cyber criminals using complex financial system, study shows
March 16, 2018 - Computer Weekly.Com - Warwick Ashford - Cyber criminals are responsible for up to 10% of the total illegal profits being laundered globally, which UN figures indicate equates to about $200bn a year, a study shows...

Money-Laundering: Related Links
[Use Full Links] - March 2018 - UNODC.Org - Rapid developments in financial information, technology and communication allow money to move anywhere in the world with speed and ease. This makes the task of combating money-laundering ...

Anti-Corruption Around the World

Engaging civil society to tackle corruption: Three ideas for activists to ...
[Opinion] - March 16, 2018 - Voices.Transparency.Org - Corruption represents a major obstacle to reaching the 17 goals that 193 countries have committed to achieve under this ambitious global development agenda. Corruption hampers ...

WEF Launches Tech for Integrity Platform in Anti-Corruption Drive
March 16, 2018 - Modern Diplomacy.Eu - The World Economic Forum's Partnering Against Corruption Initiative (PACI) has launched a Tech for Integrity platform to accelerate anti-corruption efforts and reduce the time needed to make ...

Greece Must Continue Anti-Corruption Fight, Official Warns
[Opinion] - March 15, 2018 - Greece.Greek Reporter.Com - John Smith - Greece has been advised to clean up its act on corruption and transparency by the Council of Europe. In particular, the Greek government needs to tighten up ...

AU Declares 2018 As Anti-Corruption Year
[Africa] - March 16, 2018 - Modern Ghana.Com - The African Union (AU) has tagged 2018 as the African Anti-Corruption year, aimed at elevating the efforts and activities that key players are deploying and implementing in fighting corruption on the ...

Constitutional amendment undermines judiciary, no progress in anti-corrup...
[Subscription Required] - March 15, 2018 - Hurriyet Daily News.Com - The Council of Europe's Group of States Against Corruption (GRECO) has noted "a worrying lack of progress" in Turkey regarding preventing and combatting corruption, stressing ...

Anti-Corruption committee 'silly' in face of pressing problems
[Kuwait] - March 14, 2018 - The National.Ae - Naser Al Wasmi - The Kuwaiti government's decision to remedy the country's corruption problems by forming a review committee is "silly", opposition MPs have told local media. ...

CFPB

House bill would change CFPB structure
March 15, 2018 - Auto News.Com - Hannah Lutz - A bipartisan House bill introduced Monday seeks to change the Consumer Financial Protection Bureau's single-director leadership structure into a bipartisan commission...

Also See:
March 14, 2018 - Globe News Wire.Com

March 13, 2018 - Congress.Gov

Consumer protection bureau isn't doing much protecting
[Opinion] - March 14, 2018 - Dante Ramos - In the Trump administration's fight with Senator Elizabeth Warren and the Consumer Financial Protection Bureau, "freedom" is just another word for letting dodgy companies make money by using people...

Company Announcements

UnionPay International Launches Mobile Payment Service Platform to ...
March 14, 2018 - Pr News Wire.Com - UnionPay International has recently launched UnionPay International Mobile Payment Service (hereinafter referred to as UMPS), which enables commercial banks, retailers, mobile phone manufacturers ...

Denial of [Marijuana] Banking Services

Murkowski backs bill cannabis industry could bank on
March 15, 2018 - News Miner.Com - Alaska Republican Sen. Lisa Murkowski and a bipartisan group of senators are pushing legislation that would allow legal marijuana businesses to use banks to store profits, something previously not allowed ...

Financial Services/Fintech

EC Speech Outlines Goals of FinTech Action Plan
[Europe] - March 16, 2018 - JD Supra.Com - Kevin Wong - The European Commission ("EC") published a speech on February 27, 2018 given by Vice President Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services ...

[Speech] - Feb 27, 2018 - Ec.Europa.Eu

FinTech Australia welcomes new report which outlines growth in fintech ...
March 16 2018 - Finextra.Com - Australia's fintech industry association today welcomed a new report which finds that small to medium enterprises (SMEs) are continuing to turn to fintech and other non-bank lenders for their growth fund...

Bahrain counts on fintech, Saudi ties to revive indebted economy
March 16, 2018 - The News.Com.Pk - In smart new offices with Gulf views, a dozen firms work on digital currencies, blockchain-based payments and other financial technology. Bahrain FinTech Bay, inaugurated last month, is part of the kingdom ...

Risks and rewards of fintech in Singapore
[Opinion] - March 16, 2018 - Business Times.Com.Sg - Robert Palatnick - The term "fintech" has seen widespread use since the 2000s, but some of the technologies it encompasses have existed for decades. For example, the science of cryptography ...

FinCEN

FINCEN Advises That Participation in a Foreign Tax Regularization Program ...
[Ongoing Story, Opinion] - March 13, 2018 - JD Supra.Com -  Jessica Case Watt - The Financial Crimes Enforcement Network ("FinCEN") recently advised that a financial institution is not required to file a Suspicious Activity Report ("SAR")...

Also See:
[Letter] - Feb 21, 2018 - FinCEN

Fines, Crimes & Cases

BSA/AML Failures Prove Costly
[Opinion] - March 16, 2018 - Lexology.Com - Recent enforcement actions demonstrate just how expensive failures with regard to Bank Secrecy Act and anti-money laundering (BSA/AML) compliance can be and how intentional conduct...

Isle of Man

Crime knows no borders: Why new anti-money laundering law is needed...
[Opinion] - March 16, 2018 - IOM Today.Co.Im - The Isle of Man needs robust laws to fight crime in the digital age. That was the message from the MHK guiding new anti-money laundering legislation through the House of Keys...

Mobile Money Transfer

Sub-Saharan Africa dominates in global mobile money industry - GSMA
[Opinion] - March 15, 2018 - It Web Africa.Com - Matshelane Mamabolo - Last year, mobile money transactions in the region reached US$19.9 billion - 63% of the global figure. In 2017 the global mobile money industry processed transactions ...

Remittances & Immigration

Trump's trade and immigration policies could trip up California's growing ...
[Opinion] - March 16, 2018 - CNBC.Com - Jeff Daniels - California's economy is strong, but it could be tripped up by fallout from President Donald Trump's trade and immigration policies, according to economists...

Is Immigration Good for Immigrants?
[Opinion] - March 16, 2018 - National Review.Com - Luma Simms - As of mid January, there were five immigration proposals before Congress; here they are gathered in one chart so we can easily compare them. If we could reduce all the arguments ...

Trump's Proposed Border Wall Is Too High, 'Obnoxious' in a Civilized Society
[Opinion] - March 16, 2018 - Insider.Foxnews.Com - Rep. Nancy Pelosi (D-Calif.) denounced President Trump's proposed border wall prototypes as too high and said the barrier has no place in a "civilized society." The House minority leader ...

Also See:
[Opinion] - March 16, 2018 - LMT Online.Com - Glenn Kessler  

[Opinion] - March 16, 2018 - The Atlantic.Com - Priscilla Alvarez

[Opinion] - March 16, 2018 - National Memo.Com - Steve Chapman

United Kingdom

CLC remind firms about AML guidance
March 16, 2018 - Todays Conveyancer.Co.Uk - The Council for Licensed Conveyancers (CLC) has reminded practices that they should have now fully implemented the requirements of the Money Laundering Regulations 2017...

Virtual Currencies Around the World

CFTC Gives Notice Of Supplemental Authority Related To Virtual Currency
March 15, 2018 - Eth News.Com - Matthew De Silva - Just two days after being granted a preliminary injunction in its case against Patrick McDonnell and Coin Drop Markets, the CFTC used that ruling to give notice of supplemental authority ...

New asset class: Wyoming is headed for a digital currency makeover
[Opinion] - March 15, 2018 - Crypto-Lines.Com - Philip Maina - Before the law on cryptocurrency was passed, Wyoming state used to be very hostile to cryptocurrencies. The world's largest cryptocurrency exchange, Coinbase, had ...

Cybercrime Profits: Up to $200Bn Laundered Each Year
March 16, 2018 - Infosecurity-Magazine.Com - Phee Waterfield - Virtual currencies have become the primary tool used by cyber-criminals for money laundering, according to research by the University of Surrey. ...

Also See:
March 16, 2018 - Help Net Security.Com

Is Iceland becoming the next cryptocurrency hub?
[Opinion] - March 16, 2018 - IB Times.Com.Au - The European Commissioner for Digital Economy and Society has finally addressed reports that cryptocurrency mining may be happening within European Union countries. According to ...

Bank for International Settlements warn Central Banks on Issuing Digital ...
[Ongoing Story] - March 16, 2018 - Brink Wire.Com - In its inaugural report on central bank digital currencies, the BIS's Committee on Payments and Market Infrastructures (CPMI) and Markets Committee analyse the potential impact of CBDCs on ...

French Regulatory Agency Blacklists 15 Cryptocurrency And Crypto-Asset ...
March 16, 2018 - Coin Telegraph.Com -  Aaron Wood - The French stock market regulator, The Autorite des Marches Financiers (AMF), announced in a press release that they have added 15 cryptocurrency and crypto-asset investment ...

Singapore Central Bank's take on blockchain - The future of international ...
March 16, 2018 - AMB Crypto.Com - Vinod KA - In the age of cryptocurrencies, Singapore Central Bank initiates a project called 'Project Ubin' in two phases. The first phase focused on the digitization of the Singapore dollar as data on a ...

Coinbase: No Need For New Cryptocurrency Regulator
[Opinion] - March 14, 2018 - Forbes. - Ted Knutson - There's no need for Congress to establish a new cryptocurrency regulator or a new regulatory system, Coinbase said today. "Federal regulators already have sufficient authority," said Mike Lempres...

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Word of the Day

"Human greatness does not lie in wealth or power, but in character and goodness. People are just people, and all people have faults and shortcomings, but all of us are born with a basic goodness."

- Anne Frank

Quote of the Day

Unequivocal: / un·equiv·o·cal / [Adj.]
  • Leaving no doubt; unambiguous.
  • Unquestionable
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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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