The National Money Transmitters Association

The NMTA's Daily News Clippings


Friday, March 17, 2017

Top Stories - Denial of [Caribbean Correspondent] Banking Services
 
EU wants to advance common agenda with CARICOM in global fora
[Opinion] - March 16, 2017 - Nation News.Com - The Caribbean Community (CARICOM) on Wednesday accredited a new Ambassador of the European Union (EU), with the new envoy advocating for the relationship to more ...

"The countries of the EU should be guided by this established position," he said, adding that blacklisting of CARICOM member states triggered other harmful actions such as de-risking, and the withdrawal of correspondent banking services that has the potential to disconnect the small economies of CARICOM from the global economy. - CARICOM Secretary-General, Ambassador Irwin LaRocque.

Also See:
[Opinion] -  March 17, 2017 - Insight Crime.Org - Mimi Yagoub
              
Top Stories - Proposed OCC Fintech Charter

NYDFS steps up war of words with OCC over fintech charter plans
[Ongoing - Opinion] - March 16, 2017 - Finextra.Com - New York's State Department of Financial Services (NYDFS) has re-ignited its war of words with the Office of the Comptroller of the Currency (OCC) over plans to offer bank charter ...

Top Story - El Salvador

Salvadorans concerned for future of remittances from US
[Video] - March 16, 2017 - News Video.Su - In Intipuca, El Salvador, the money sent back from family members living in the United States has helped transform the town into a modern and dynamic community. But residents now ...

Top Stories - United Kingdom

Anti-money laundering regime: cutting red tape review
[Publications] - March 16, 2017 - Gov.Uk - Department for Business, Energy & Industrial Strategy - Review of the UK's Anti-Money Laundering and Counter Financing of Terrorism regime. This report is a summary of views and evidence ...

Also See:
[Paper] - March 16, 2017 - Gov.Uk

[Paper] - March 16, 2017 - Gov.Uk

UK aims for consistency with supervisor of AML supervisors
[Subscription Required] - March 17, 2017 - Money Laundering Bulletin.Com -A new Office for Professional Body Anti-Money Laundering Supervision (OPBAS), announced on 15 March, will aim to better align the risk based approaches ...

"HMT has issued the draft money laundering regulations, which are the first new MLR since 2007. They follow very closely, or exactly replicate, the text in the 4th MLD. HMT has also issued a consultation document looking at the way in which the MLR are supervised. There are presently many supervisors, for example, HMRC covers MSB, HVD, estate agents, etc. But there are also supervisors for accountants, lawyers, etc. In all more than 25 supervisors for MLR, which is considered too many. The major suggestion in the consultation is a proposed office of ML supervision, which will create a level playing field across all supervisors. This will help MSBs, because at present the FCA-regulated banks don't understand how we are supervised, and so it becomes one of the (unstated) reasons not to bank us." - Many thanks to Mr. Dominic Thorncroft, Chairman, AUKPI

Top Story - In Nepal, a Fragile Economy, Remittances are 22% of GDP

"Govt mulling more stringent AML/TF rules"
March 17, 2017 - The Himalayan Times.Com - The government is mulling over introducing more stringent rules in the near future to minimise chances of money laundering. "We will soon have regulations like prohibition of cash transaction ...

Also See:
March 17, 2017 - Kathmandu Post.Ekantipur.Com
 
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AML Compliance Trends


BSA/AML and OFAC Compliance: Top 10 Issues...
[Opinion] - March 16, 2017 - Nat Law Review.Com - The more things change, the more they stay the same. Such is the case with the challenge of complying with the Bank Secrecy Act (BSA) and anti-money laundering (AML) and economic ...

Anti-Corruption

Updated Status of the DOJ FCPA Pilot Program
[Ongoing] - March 16,. 2017 - Nat Law Review.Com - The FCPA Pilot Program was introduced on April 5, 2016 as a one year experiment that sought to 'motivate companies to voluntarily self-disclose FCPA-related misconduct ...

ACCA partners FG on anti-corruption
[Nigeria] - March 16, 2017 - Niyitabiti.Net - THE Association of Chartered Certified Accountant, ACCA, and the Federal Government have commenced moves to organise capacity building programmes on anti-corruption and flood prevention...

Bribery, corruption risks to persist in 2017: Study
[Opinion] - March 17, 2017 - Deccan Herald.Com - Compliance professionals the world over believe that bribery and corruption risks are likely to persist this year, showed a joint study from Kroll and the Ethisphere Institute. ...

Antigua and Barbuda

PM rebuffs US report
March 17, 2017 - Antigua Observer.Com -  Elesha George    - A 2017 US State Department report that gave a scathing assessment of Antigua & Barbuda, has been fiercely rebuffed by Prime Minister Gaston Browne. ...

Bermuda

AML-ATF Ministerial Advisory 1/2017
March 15, 2017 - Gov.Bm - Minister of Legal Affairs Issues New Advisory on the Risks Relating to Deficiencies in Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Systems and Controls in Specified Jurisdictions ...

CFPB

The Battle Over the CFPB Continues
[Ongoing] - March 16, 2017 - lexology.com - With the new administration taking over in January, Republicans have made it a priority to effect change at the CFPB but have been met by a new obstacle. In February, the U.S. Court ...

Compliance - Other

How big data can address credit unions' compliance mandates
[Opinion] - March 16, 2017 - CU Journal.Com - Linda Straub Jones & Jeffrey A. Jones  - Credit unions are just as subject to the collateral damage of complex and ever-changing regulations as too-big-to-fail financial institutions ...

Company Announcements

Paytm Canada: a route to a money transfer business?
March 17, 2017 - Media Nama.Com - Nikhil Pahwa - Paytm has launched a bill payment app in Canada, allowing Canadians to pay for utility bills using its app, including phone, cable, electricity, water and Internet bills, as well as property ...

Events

New Corporate Criminal Offence of Failure to Prevent the Facilitation of ...
[Upcoming Risk Assessment Workshop dated April 26-27, 2017 - London] - Match 17, 2017 -  Legal and Practical Insight to Help You Understand Your Risks and Ensure Compliance. Do not Miss the Risk Assessment Workshop ...

FATCA

Tax reform must reverse draconian expat rule
[Opinion] - March 16, 2017 - Origin-Nyi.The Hill.Com - Nigel Green - Almost unknown inside the United States, FATCA has been wreaking havoc with global financial markets and making life hell for eight million or more Americans ...

Keeper of the gate
[UK-Old Opinion] - March 6, 2017 - ICSA.Org.Uk - Andre Nagelmaker & Steffen Ruigrok - The Common Reporting Standard (CRS), Foreign Account Tax Compliance Act (FATCA) and Ultimate Beneficial Ownership (UBO) Register all aim to ...

FinCEN

FinCEN Targets South Florida's Skyline
[Ongoing Story, Real Estate] - March 16, 2017 - lexology.com - 2016 brought forth much discussion regarding "know your customer," "customer due diligence," and beneficial ownership transparency, including the lack thereof, in "all cash" real estate transactions. Last year began with the first Geographic Targeting Orders1 ...

Fines, Crimes & Cases

BREAKING: Pastor, Tech Expert Guilty Of Bitcoin Bank Bribery Scheme
[Subscription Required] - March17, 2017 - Law 360.Com - A Manhattan federal jury Friday morning convicted New Jersey pastor Trevon Gross and Florida tech expert Yuri Lebedev on charges that they schemed to co-opt a small ...

Indonesia

Financial services industry vulnerable to cyber-attacks: Fortinet
[Opinion] - March 17, 2017 - The Jakarta Post.Com - Viriya P. Singgih - The United States-based network security company Fortinet has stated that Indonesia's financial services industry is vulnerable to cyber-attacks due to its obsolete ...

Kuwait

MP calls for monitoring expat money transfers
March 16, 2017 - Kuwait Times.Net - Shiite MP Khalil Al-Saleh yesterday called on authorities to impose tighter monitoring on huge money transfers by expatriates, which he said amounted to KD 21.2 billion between 2010 and 2014. ...

Mobile Money Transfer

Mobile Remittances to Africa: Mobile and Financial Services Converge
[Press Release] - March 16, 2017 - CEO.Ca - The number of mobile money users in Africa is still seeing significant growth, however, that is not all. Mobile money services are also evolving, with the next natural step arguably being mobile ...

North Korea

SWIFT cuts off last N. Korea banks from global finance system
March 17, 2017 - The Malay Mail Online.Com - SWIFT, the inter-bank money transfer system, said today it has cut off the last North Korean banks on the network, as international pressure mounts on Pyongyang over its nuclear and ...

Philippines

Monetary Board approves amendments to AML rules for banks
[Ongoing] - March 17, 2017 - GMA Network.Com - The policy-setting Monetary Board has approved amendments to the Bangko Sentral ng Pilipinas's (BSP) Anti-Money Laundering-Combating the Financing of Terrorism ...

Taiwan

Cabinet launches Anti-Money Laundering Office
March 17, 2017 - Taipei Times.Com - Chen Wei-han - The Executive Yuan yesterday launched its Anti-Money Laundering Office to clamp down on money laundering and improve the nation's financial transparency. ...

United Kingdom

UK Gambling and Money Laundering
[Opinion] - March 16, 2017 - Online Casino Profiles.Com - How will UK Gambling and EU anti-money laundering directives be affected by new legislation which comes into effect on 27th June 2017? ...

Uganda

Uganda strengthens anti-money laundering law to avoid blacklist
March 17, 2017 - Monitor.Co.Ug - Mark Keith Muhumuza - Uganda is racing against time to avoid the possibility of being blacklisted by the Financial Action Task Force on money laundering (FATF), something that would have overriding implications ...

Virtual Currencies

China's bitcoin transaction may come under tighter rules
March 17, 2017 - Shanghai Daily.Com - Leng Cheng - China'S central bank issued draft rules to regulate the country's bitcoin industry and is now seeking feedbacks from major exchanges, a latest move indicating regulator's tighter ...

Also See:
March 17, 2017 - True Viral News.Com

IRS should not trample on Bitcoin users
[Opinion] - March 16, 2017 - ATR.Org - Celeste Arenas - Bitcoin users face increasing pressure from the IRS to disclose private information unrelated to taxation purposes. This follows a recent IRS summons against the Bitcoin trader ...

Blockchain And Secured Lending In Canada
[Opinion] - March 16, 2017 - Mondaq.Com - Blockchain, the peer-to-peer distributed ledger technology introduced in 2008 to support Bitcoin, has lately attracted attention for its potential uses in areas unrelated to the virtual ...

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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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