The National Money Transmitters Association

NMTA's Daily News Clippings

Monday, May 14, 2018

Top Stories

AML Compliance Trends

May's Days See CDD And GDPR Take Effect
[Overview, Ongoing Story] - May 14, 2018 - Pymnts.Com - May 11 marked a watershed moment of sorts when, this past Friday, the final customer due diligence rule via the Financial Crimes Enforcement Network (FinCEN) took effect...

Also See:
[See Checklists] - May 14, 2018 - News.CUNA.Org

Money Transfer Business
[Opinion] - May 12, 2018 - The best feature of being a startup during a bubble is TIME. Investors, usually impatient folks, are doing much better and encouraging startups to focus on growth rather than boring corporate stuff like "revenue...
 
State Matters - South Carolina Regulates Money Transmitters
 
[South Carolina] - May 14, 2018 - SCAG.Gov - South Carolina Attorney General Alan Wilson has announced the creation of the Money Services Division of the Attorney General's Office.  The recently enacted South Carolina Anti-Money Laundering  ...

Also See:  
 
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Anti-Corruption Around the World

UN official urges robust anti-corruption efforts to achieve Africa's sustain...
May 13, 2018 - News Ghana.Com.Gh - Emphasizing on the adverse effects of corruption on governance, development, and peace and security, the UN Special Adviser on Africa, Bience Gawanas, has underlined the need for Africa to invest in ...

Also See:
May 13, 2018 - New Times.Co.Rw

New government to emphasise anti-corruption policy
[Malaysia] - May 13, 2018 - Nst.Com.My - Kuala Lumpur: The newly-formed Pakatan Harapan (PH) government will emphasise anti-corruption policy in its administration."There will be an anti-corruption movement," Prime Minister ...

Iraqis keen to elect new gov't to fight widespread corruption
May 13, 2018 - Xinhua Net.Com - Millions of Iraqis headed Saturday to polling stations across the country to elect the next parliament, with hopes that the election can make a difference to their lives after unrelenting chaos, violence and ...

Govt sees chances of reaching agreement with IMF
[Ukraine] - May 14, 2018 - UKR Inform.Net - The Ukrainian government has every chance of finding a common approach with the IMF to establish criteria for forming the price of natural gas, Minister of the Cabinet of Ministers Oleksandr Sayenko ...

Kazakh anti-corruption strategies show signs of progress, official stresses
May 14, 2018 - Astana Times.Com - Raushan Shamsharkhan - Kazakhstan's anti-corruption strategies are showing early signs of progress, a top official at the country's Agency for Civil Service Affairs and Fighting Corruption said...

CFPB

Why consumer protection still matters
[Opinion] - May 14, 2018 - CU Insight.Com - Sarah Marshall - The CFPB has been a controversial agency since its inception in 2010 under the Dodd-Frank Act. Financial institutions have not been a fan of its work, as more and more regulation ...

Company Announcements

Santander to launch UK digital bank
May 14, 2018 - Mortgage Solutions.Co.Uk - Owain Thomas - The Spain-based lender has previously announced it was working on four areas of innovation within its global group to produce new business platforms. One of these will be ...

Deloitte partners with Fintech Scotland
May 14, 2018 - Economia.ICAEW.Com - Danny McCance - Fintech Scotland, established by the Scottish government, financial services sector and the University of Edinburgh to represent the country's fintech community, said the strategic...

Cybersecurity

Cybersecurity: It's More than Just Technology
[Opinion] - May 14, 2018 - Data Center Frontier.Com - Through the combination of physical protection, quality assurance and team solidarity, companies can confidently overcome the cyber dangers we know about today and stay a step ahead of ...

Europe

The global "dirty money" bank that proves banks are beyond the law
[Opinion] - May 14, 2018 - News.Com.Au - Candace Sutton - Drug cartels, mafia, celebrities and the European aristocracy: when it comes to laundering 'dirty money' world giant HSBC is king and proof it may actually be impossible to regulate banks...

EU tightens money laundering rules to counter terrorist financing
May 14, 2018 - Xinhua Net.Com - The Council of the European Union (EU) on Monday adopted a directive strengthening EU rules to prevent money laundering and terrorist financing. The adopted directive is an amendment of directive ...

FATCA

Facing down complexity - Creating a global framework for compliance
[Opinion] - May 14, 2018 - Risk.Net - TMF Group discusses how in-house general counsels can help Asia-Pacific-based organisations navigate an increasingly complex regulatory landscape by creating a global subsidiary compliance ...

Fewer Americans Renounce Citizenship, But Taxes Still Drive Them
[Opinion] - May 14, 2018 - Forbes.Com - Robert W. Wood - For the first time in five years, the number of Americans who renounced their citizenship fell slightly in 2017 (5,133) from the previous year (5,411), which had been a record ...

Countries That Have Signed Up To FATCA
May 14, 2018 - I Expats.Com - Lisa Smith - Agree or disagree with the Foreign Account Taxation Compliance Act (FATCA), the tax network between America and more than 100 other countries is going strong...

Financial Inclusion

It's Time To Act On Financial Inclusion For A Sustainable Future
[Opinion] - May 14, 2018 - Forbes.Com - Rupert Scofield - Interestingly, when Larry Fink, the chairman and CEO of BlackRock, released a letter earlier this year calling for CEOs to start accounting for the social impact of their companies, his ...

Can open banking empower customers?
[Opinion, India] - May 13, 2018 - With India's push to digital and new payment systems, we should be watching how Open Banking shapes up and how it overcomes multiple barriers while entering this technological utopia...

Fintech

Top five regulatory concerns currently facing financial institutions
May 14, 2018 - World Finance.Com - Tony Clark - Financial institutions are subject to an ever-growing set of regulations, putting immense pressure on staff to comply with each requirement. Non-compliance is not an option...

Fin-Wrech: How FinTech upended the banking sector
[Opinion] - May 14, 2018 - KCW Today.Co.Uk - Over the past 12 months, traditional banking sector jobs have waned in the face of a strong jobs market. According to recruitment site "Joblift", job advertisements for traditional banking sector jobs ...

India

Govt, regulators mull challenge-proof definition for shell companies
May 13, 2018 - Times Of India.India Times.Com - As multiple agencies and regulators probe suspected use of 'only-on-paper' firms for financial irregularities, the government is looking to put in place a proper definition for 'shell companies' ...

Mexico

Five Or More Mexican Banks Suffer Unauthorized Transfers
[Opinion] - May 14, 2018 - Pymnts.Com - Lorenza Martinez, head of Banxico's payment system, said late last week that five or more Mexican financial groups saw "unauthorized transfers" during the past few days, but wouldn't call it a hack...

Nigeria

Constraints of the Nigerian mobile money ecosystem: A study
May 14, 2018 - Guardian.Ng - Olayinka David-West - Despite the increased relevance of Digital Financial Services (DFS) in closing the financial exclusion gap, more than 40 percent of Nigeria's adult population remains excluded. In a 2016 ...

NASS under pressure to pass Financial System Strategy Bill
May 14, 2018  - Daily Nigerian.Com - The Chartered Institute of Bankers of Nigeria, CIBN, has been pressuring the National Assembly to pass the Financial System Strategy, FSS, bill into law to promote financial inclusion and strengthen ...

Remittances & Immigration

As California defies federal immigration policy, calling itself a sanctuary...
May 14, 2018 - Mercury News.Com - Scott Wilson - For nearly two decades, Alameda County sheriff's Sgt. Don Laventure has kept inmate records at what was once one of the nation's largest jails, a campus of low cement buildings set ...

Jeff Sessions is exerting unprecedented control over immigration courts...
May 14, 2018 - Vox.Com - Dara Lind - The attorney general is poised to issue decisions that could determine the fate of tens of thousands of immigrants. The fate of tens of thousands of immigrants' court cases could rest in...

Singapore

Best practices to help financial institutions combat money laundering...
May 14, 2018 - The Edge Markets.Com - The Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Industry Partnership (ACIP) has recommended a set of best practices for financial institutions to guard...

Also See:
[Paper] - May 11, 2018 - Amazonaws.Com

United Kingdom

Britain's Revenue and Customs Agency: A Central Piece of the Country's...
May 14, 2018 - RUSI.Org - David Artingstall & Anton Moiseienko - Her Majesty's Revenue and Customs (HMRC), which is best known as Britain's tax collection agency, is also in the forefront of the fight against money laundering ...

Virtual Currencies Around the World

South Korea's Top Financial Watchdog Joins Probe Into Cryptocurrency ...
May 13, 2018 - Coin Telegraph.Com - Helen Partz - South Korea's top financial regulator the Financial Services Commission (FSC) joined the ongoing probe into local cryptocurrency exchanges Sunday, May 13. The FSC will now be ...

U.S. Crypto Regulatory Fight Has Everything But Rules...
[Opinion] - May 14, 2018 - Washington Post.Com - A chunk of Washington has been working to figure out what to make of cryptocurrencies. For some, the question is how to regulate the digital assets; for others, it's how to cash in on them by ...

Also See:
May 14, 2018 - Market Watch.Com - Greg Robb

Ukrainian Authorities May Legalize Cryptocurrency as Financial Instruments
May 14, 2018 - BTC Manager.Com - Ogwu Osaemezu Emmanuel - While most nations of the world have established a stance on digital currencies, the government of Ukraine has yet to decide on how to handle its crypto space. However, it ...

ECB wants banks to segregate any virtual currency business
May 14, 2018 - Reuters.Com - Banks should ring-fence any business they do with virtual currency (VC) such as Bitcoin and post "adequate" amounts of capital against it, a European Central Bank board member ...

Thailand Puts New Law into Place to Regulate ICOs and Cryptocurrencies
May 14, 2018 - Live Bitcoin News.Com - Rebecca Campbell - Thailand's ministry of finance has put into place today a new law that aims to control and regulate cryptocurrencies and initial coin offerings (ICOs). The country's Securities ...

The Digital Currency of Facebook Will Not See the Light of Day Soon
May 14, 2018 - Smartereum.Com - Princess Agnew - A lot of tech companies have made it clear that they want to create their own digital token of cryptocurrency. Telegram has ready done that, LINE wants to do so, and now Facebook is ...

FinTech, Blockchain, ICOs, Currencies
[Opinion] - May 14, 2018 - Ber News.Com - Chris Garrod - On November 22nd 2017, Bermuda's Premier David Burt, held a press conference regarding the potential impact of blockchain on Bermuda's economy. In summary, he said that the Island ...

Cryptocurrency Regulation: New Laws, Big Changes Coming
May 12, 2018 - Live Trading News.Com - Paul Ebeling - There are Asian countries feeling the effects of inadequate cryptocurrency regulation, and others, like India, China and SKorea, have taken an uncertain or hostile stance to cryptocurrency...

Japan struggles to hamper int'l cryptocurrency money laundering operations
May 14, 2018 - Mainichi.Jp - Loose overseas regulation of virtual currencies has prompted increased money laundering among some designated Japanese organized crime groups, with the Mainichi Shimbun confirming one case where a total ...

Zimbabwe

Zimbabwe central bank bans cryptocurrencies
May 14, 2018 - Public Finance International.Org - Simone Rensch - Zimbabwe's central bank has banned cryptocurrency trading and processing, its governor has said. The Reserve Bank of Zimbabwe bank has given financial institutions ...

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Quote of the Day

"Desire is the key to motivation, but it's determination and commitment to an unrelenting pursuit of your goal - a commitment to excellence - that will enable you to attain the success you seek."

- Mario Andretti

Word of the Day

Caveat: /ca·ve·at/ [Noun] [Latin]
  • A warning enjoining one from certain acts or practices
  • A explanation to prevent misinterpretation
  • A modifying or cautionary detail to be considered when evaluating, interpreting, or doing something
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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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