The National Money Transmitters Association

The NMTA's Daily News Clippings


Monday, March 20, 2017

Dear Readers,

Message from the IAMTN

Ms. Veronica Studsgaard and Mr. Mohit Davar will be representing the International Association of Money Transfer Networks (the IAMTN) at the upcoming FATF 'Dialogue with the Private Sector,' the FATF Private Sector Consultative Forum Meeting, Brussels 26-27 March 2015) to discuss issues about de-risking. Says Veronica,

"Migration, financial inclusion and reduction of costs of remittances have been a focus for the G8, G20 and government bodies globally. The recent increase in de-risking by the banks has led to them exiting the remittance industry and closing accounts for a large number of industry participants. De-risking is top of the list for IAMTN."
 
Also see:
 
Godspeed, Veronica and Mohit.

And now, please enjoy today's Clippings!

Regards,

-David
 
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Top Stories
 
CFPB Remittances Rules 

"We are seeking comment on our plan for assessing the remittance rule"
March 17, 2017 - Scott Fulford and Paul Rothstein, CFPB - We released our plan to assess the effectiveness of the remittance rule today. We ask the public to comment on our plan, suggest sources of data, and generally to provide information that would help with the assessment.

Also See:
Denial of [Caribbean Correspondent] Banking Services

[Commentary] - March 20, 2017 - Caribbean News Now.Com - Kenneth Rijock - Several Caribbean commentators have weighed in on a possible fix to the urgent Caribbean correspondent banking situation. I present their theories here in an ...
March 18, 2017 - Winn Fm.Com - LK Hewlett - St. Kitts and Nevis (WINN); OECS member countries are set to benefit from funding recently approved by the Caribbean Development Bank (CDB) to assist the Caribbean in preventing the loss ...

Also See:
[Ongoing] - March 17, 2017 - Jamaicao Bserver.Com
[Opinion In Spanish] - March 20, 2017 - Eldinero.Com.Do - Jairon Severino

Money Transfer Business


March 20, 2017 - Fortune.Com - U.S. electronic payments company MoneyGram International (mgi, -0.79%) has offered to share confidential information with peer Euronet Worldwide (eeft, -0.08%), after the latter made a $1 ...

Somalia
[Opinion] - March 18, 2017 - Hadhwanaag.Ca -  As a result of anti-money laundering regulations in the remittance originating in countries in North America and Europe, the remittance lifeline to Somaliland ...

Proposed OCC Fintech Charter


[Ongoing Story, Analysis] - March 20, 2017 - Lexology.Com - A key banking regulator has published draft licensing standards that could fundamentally change how financial technology companies operate and are supervised in the United States. ...

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AML Compliance Trends

[Opinion - Subscription Required] - March 17, 2017 - American Banker.Com - Lalita Clozel - A Clearing House Association plan to reduce banks' anti-money-laundering compliance costs is drawing fire from other trade groups and ...

Anti-Corruption

[Opinion] - March 20, 2017 - Socialist Worker.Org - The U.S. and other Western countries readily condemn the supposed "lack of transparency" of African regimes. In reality, multinational corporations operating in Africa benefit ...

Bangladesh


[Opinion] - March 20, 2017 - Observer BD.Com - Chairman of the Anti-Corruption Commission (ACC) Iqbal Mahmood on Sunday urged all concerned for taking necessary measures to prevent trade-based money laundering, which he...

Also See:
[Opinion] - MArch 19, 2017 - The Financial Express-Bd.Com

Cayman Islands

[Opinion] - March 19, 2017 - Cayman Compass.Com - For Cayman, the tension between globalism and populism is not an academic argument. As a small territory, what we do in Cayman relative to our financial services industry has ...
March 19, 2017 - Cayman Compass.Com - Brent Fuller - Successive government administrations have been under pressure to pass a law regulating charitable contributions, which have been used in other countries as covers for entities that ...

CFPB


[Subscription Required] - March 19, 2017 - Law360.Com - Mary Zinsner - Reade Jacob On March 17, the U.S. Department of Justice submitted a brief to the D.C. Circuit asserting that the Consumer Financial Protection Bureau's single-director ...

Also See:
March 18, 2017 - Jurist.Org - Steven Wildberger
March 17, 2017 - Assets.Document Cloud.Org 
March 20, 2017 - BNA.Com - Chris Bruce

Company Announcements


[Press Release] - March 20, 2017 - Pr News Wire.Com - Fasoo Inc., the leader in data and application Security, today announced its sponsorship of a Ponemon Institute survey to determine the readiness of financial firms doing business in ...

Compliance - Other


[Opinion] - March 20, 2017 - Payments Source.Com - At the federal level, payments companies are subject to oversight from a host of agencies, including the prudential banking regulators (such as the Office of the Comptroller of the Currency...

Denial of [Marijuana] Banking Services


The same approach could be used for money transmitters. Honoring the state money transmitters license,
[Opinion] - March 19, 2017 - Sean Williams - . Because marijuana is illegal, and most banks are regulated by the Federal Deposit Insurance Corporation, offering banking services to the marijuana industry could be construed as money laundering...

Europe


[Ongoing] - March 18, 2017 - US President Donald Trump's plans to to ease banking regulation is raising eyebrows in Europe. Trump has asked the U.S. Treasury Department to submit a report on possible changes to Dodd-Frank ...
[Ongoing] - March 20, 2017 - GDN Online.Com - Mark Carney, governor of the Bank of England, said Friday that G-20 countries should not fall into "reform fatigue". Carney, who is also Chair of the global financial industry watchdog the ...

Events


[Upcoming eSummit to be held om march 23, 2017 - Gibraltar] - March 20, 2017 - Casino Guardian - KPMG in Gibraltar is also delighted that the IMGL will once again be featuring their renowned eGaming Masterclasses at the eSummit. These will run onsite in breakout rooms, as well as the Ballroom, and cover legal and ...

FATCA


[Opinion] - March 19, 2017 - Cayman Compass.Com - Tad Stoner - The Caribbean Community is looking at spending nearly quarter of a million dollars on a Washington-based consultant to lobby the Trump administration about the FATCA...

Financial Inclusion


[Opinion] - March 20, 2017 - Bobs Guide.Com - Simon Paris - In order to remain relevant, banks and alternative financial services providers need access to comprehensive real-time information to mitigate risk and release more funds into ...

Fines, Crimes & Cases


March 20, 2017 - Lexology.Com - The Italian Data Protection Authority (Garante per la protezione dei dati personali, "Garante") has this month imposed fines of more than €11 million on five companies operating in the money transfers ...

Mobile Money Transfer


[Opinion] - March 20, 2017 - Digi Day.Com - While billions across the world have limited access to financial services, that number is quickly falling. The World Bank reported that between 2011 and 2014, 700 million people became account ...

Philippines


March 18, 2017 - Manila Times.Net -  Mayvelin U. Caraballo - The Bangko Sentral ng Pilipinas (BSP) required its supervised financial institutions to find a balance between their anti-money laundering and anti-terrorist financing regulations...

Also See:
March 17, 2017 - The Standard.Com.Ph - Julito G. Rada

Taiwan


March 20, 2017 - Hubbis.Com - A newly revised Money Laundering Control Act was passed by the Legislature in January and will come into effect on June 28. The agency is designed to improve the government's AML supervision. It will also ...

Also See:
[Opinion] - March 17, 2017 - Bolsa Finanzas.Com Por Enrique Watson

Uganda


March 18, 2017 - Afrika 54 News.Com - 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


[Report] - March 20, 2017 - Econo Times.Com - The People's Bank of China is seeking comments on a discussion paper issued to domestic bitcoin exchanges regarding standardization of Anti-Money Laundering (AML) and Know Your ...

Also See:
March 19, 2017 - Crypto Coins News.Com - Lester Coleman
March 20, 2017 - Computer World.Com.Au - Rohan Pearce  - This year businesses will move from talking about the potential of distributed ledger technology inspired by Bitcoin's blockchain to actually implementing and trialling it, the Australian ...
[Opinion] - March 19, 2017 - Coin Telegraph.Com -  Joseph Young - Blockchain is only one of many technologies within Bitcoin which powers its peer-to-peer protocol. It essentially is like a database that stores, secures and facilitates...
[Opinion] - March 19, 2017 - Zero Hedge.Com - Tyler Durden - I've been very surprised with the amount of vocal support for a Bitcoin Hard Fork - especially from many Bitcoin supporters who believe it is either inevitable or "not a bad ...
March 19, 2017 - DCE Brief.Com - In 2016, Alaska legislators tried and failed to pass a bill that would have required digital currency companies to register under the state's money services licensing regime. At least one member ...
March 19, 2017 - Eurasia Review.Com - Tho Bishop - Blockchain is the technology behind Bitcoin and other cryptocurrencies, a transparent electronic ledger that enables safe, secure, peer-to-peer transactions. Utilizing blockchain ...

[Opinion] - March 17, 2017 - Investopedia.Com - Nathan Reiff - The investment world is as new to digital currencies as central banks and governments are, although the latter have perhaps been quicker to caution against the ...

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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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