The National Money Transmitters Association
 
NMTA's Daily News Clippings

Tuesday, May 15, 2018

Top Stories

Featured Publication

A 'must' read . . . quite a number of great articles. -Ed.

Crossing the Pond? An Overview of International FinTechs Entering the US...
[Newsletter] - May 2018 - Chartwell Compliance.Com - Chartwell Compliance provides a one stop shop of consulting, testing and outsourcing services in the areas of regulatory compliance, state MSB licensing, financial crimes prevention ...
Legislative Matters

CUNA engaged w/ S. 2155 developments, CDD rule hearing 
May 14, 2018 - News.CUNA.Org - CUNA will be engaged in several hearings on Capitol Hill this week, and is continuing its advocacy for the Economic Growth, Regulatory Relief and Consumer Protect Act (S. 2155) as the House ...
OCC Fintech Charter

[Opinion] - May 15, 2018 - Payments Journal.Com - Sarah Grotta - Before Comptroller of the Currency, Tom Curry left his post in May of 2017, he proposed a new type of specialty bank charter designed specifically for non-banking companies ...

Also See:
[Opinion] - May 14, 2018 - Bobs Guide.Com - Michael McCaw

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AML Compliance Trends

Financial Regulatory Developments Focus ...
[Overview, World Wide] - May 15, 2018 - Mondaq.Com - On May 3, 2018, the Financial Industry Regulatory Authority published amendments to FINRA Rule 3310, the anti-money laundering compliance program rule. The FINRA ...

New Standards for Regulatory Compliance...
[Overview] - May 14, 2018 - The-Blockchain.Com - Alex Behrens - Shyft, a leading know-your-customer (KYC) and anti-money-laundering (AML) infrastructure provider, on Wednesday, published a whitepaper outlining the standardization ...

Also See:
[White Paper] - May 2018 - Shyft.Network

Combating fraud and money laundering with graph analytics
[Opinion] - May 15, 2018 - Helpnet Security.Com - Yu Xu - Dirty money and money laundering have been around since the existence of currency itself. On a global level, as much as $2 trillion is washed annually, estimates the United Nations...

Anti-Corruption Around the World

C/wealth fights back against 'tsunami of global corruption'
May 15, 2018 - Journal Du Cameroun.Com - Commonwealth Secretary-General Patricia Scotland has outlined her vision to fight corruption in the Commonwealth.She was speaking at the opening of the 8th Commonwealth Conference of ...

African leaders urged to invest in corruption prevention measures
May 14, 2018 - Pm News Nigeria.Com - Africa needs to invest in corruption prevention strategies to achieve sustainable development that will not leave anyone behind, says United Nations Under Secretary General and Special ...

Afghanistan's Fight against Corruption: From Strategies to Implementation ...
[Report] - May 15, 2018 - UNAMA.UN Missions.Org - Adopting a new anti-corruption strategy and implementing several initiatives in a broad anti-corruption agenda demonstrate Afghanistan's commitment to countering corruption, finds a new...

Also See:
May 15, 2018 - Mena FN.Com

Winning Corruption War Requires Unconventional Steps
[Opinion, Nigeria] - May 14, 2018 - All Africa.Com - Ola Bello - Nigeria needs to focus attention on procedural anti-corruption, embedded in the impersonal application of the law, institution-building, and matching of appropriate ...

Asset Forfeiture

AG Steve Marshall says civil asset forfeiture works fine...
[Opinion, Alabama] - May 14, 2018 - AL.Com - John Sharp - Alabama's civil asset forfeiture program "needs to continue," remains a "vital tool for law enforcement" and "must be preserved," said Attorney General Steve Marshall...

NYPD asset seizure data reveals millions in unclaimed cash and property...
[NY] - May 14, 2018 - AM NY.Com - Alison Fox - The NYPD turned over about 160,000 documents showing the money and property it's seized mainly from arrests, according to an agreement officially reached Monday with the Bronx Defenders. ...

Civil forfeiture erodes our liberties
[Opinion] - May 10, 2018 - SW News Media.Com - The letter published in the guest column of the April 14 edition of Shakopee Valley News paints a one-sided view of Civil Asset Forfeiture. The potential for misuse and even abuse is very real...

Bermuda

Government aims to introduce casino regulation 'without delay'
[Casinos & Gambling] - May 15, 2018 - Casino-Review.Co - Bermuda's minister of tourism, Jamahl Simmons, has confirmed that his department aims to introduce regulations for casino gambling as soon as possible, while blaming former Gaming ...

Company Announcements

Worldline to buy Six Payment Services
May 15, 2018 - Delano.Lu - Margaret Ferns - The French payments firm Worldline is to buy Six Payment Services for a sum of $2.75 billion. According to Worldline, the purchase will involve a share issue along with a cash component €0.28 billion ...

Compliance - Other

IRS Announces New Compliance Initiatives and "Dirty Dozen" List
May 10, 2018 - Winston.Com - The Internal Revenue Service also released its annual "Dirty Dozen" list of tax scams as a caution to taxpayers. These scams range from simple to more elaborate, and may put taxpayers at risk for identity theft ...

Cybersecurity

Taiwan Gets Its Act Together on Cybersecurity
May 15, 2018 - International.The News Lens.Com - Timothy Ferry - Declaring that "information security is national security," President Tsai Ing-wen's administration has made considerable progress fulfilling promises to beef up Taiwan's cybersecurity ...

Parliament this week: Disaster relief, #cybersecurity, data protection
[Europe] - May 15, 2018 - EU Reporter.Co - As national security is increasingly at risk from virtual attacks and online information theft, the foreign affairs committee will vote on an own-initiative report with proposals to improve the ...

Europe

Commission calls for EU crackdown on money laundering
May 15, 2018 - Politico.Eu - Florian Eder and Bjarke Smith-Meyer - EU watchdogs should get greater clarity on the powers to strip lenders of their banking licenses if they are found to be in breach of money-laundering rules, the European ...

FATCA

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...

Still some way to go for greater international tax transparency
[Opinion] - May 15, 2018 - Money Web.Co.Za - The quick implementation of the global exchange of financial information for tax purposes has been described as "remarkable" and even "admirable". However, concerns remain about ...

Financial Inclusion

It's Time To Act On Financial Inclusion For A Sustainable Future
May 14, 2018 - Forbes.Com - Rupert Scofield - An old aphorism tells us that "Money doesn't buy happiness." Easy to say when you have it -- and in abundance. As someone who has fought for the democratization of capital for those ...

Financial literacy: The foundation for a financially inclusive India
[Opinion] - May 14, 2018 - Qrius.Com - Moin Qazi - The Financial Literacy Week event, shepherded by the Reserve Bank of India (RBI), recently concluded a week of learning in financial education. The entire financial sector was ...

Fintech

Financial services risk losing millennials to payment fintech startups
[Opinion] - May 14, 2018 - Payments Source.Com - Jay King - Think about the number of times you've walked into a store in the past month. If that number has dramatically decreased in the past few years, you are not alone...

Are Apple, Amazon and Facebook the future of banking?
[Opinion] - May 15, 2018 - Money.CNN.Com - Matt Egan - Big Tech's experiment with finance is aimed at deepening relationships with customers -- especially younger ones -- making it less likely they'll go through the hassle of taking their ...

Mexican Fintech industry to revolutionize the financial future of Mexico
May 15, 2018 - The Oofy.Com - Aamir Kapoor - The Fintech industry in Mexico is growing at a rapid pace. In many of the cases, the banks were forced to take up the solutions and products which were provided by the Fintech industry. Many ...

Mobile Money Transfer

How to Take Advantage of Financial Technology
[Opinion] - May 15, 2018 - Money.US News.Com - Stacy Rapacon - Advancing technology has quickly worked its way into our portfolios and (mobile) wallets. Given the plethora of mobile banking services and budgeting and investing apps, you ...

Netherlands

Dutch Anti-Money Laundering Rules May Ensnare Senior Managers
May 14, 2018 - BNA.Com - Linda A. Thompson - Netherlands-based senior managers may have to reassess their contracts if they want to avoid being listed as a company's ultimate beneficial owner, a senior tax attorney warns, in light of a ...
Remittances & Immigration

Trump's immigration enforcement is freezing out justice
[Opinion] - May 15, 2018 - Superior Telegram.Com - Sarah Mehta - Since President Trump took office last year, immigration enforcement officers from Immigration and Customs Enforcement and Customs and Border Protection have ...

Differentiate between legal, illegal immigration: India tells UN
[India] - May 15, 2018 - Dd Inews.Gov.In - Differentiate between legal and illegal migration or risk hurting immigrants who follow the law while benefiting criminal human trafficking networks, India has told the UN. ...

State Matters

AG Alan Wilson Announces The Creation of the Money Services Division
[Ongoing Story, South Carolina] - May 14, 2018 - STL.News - 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 AML...

United Kingdom

Britain's Revenue & Customs Agency: A Central Piece of the Country,s AML..
May 14, 2018 - RUSI.Org - David Artingstall and Anton Moiseienko - With the UK government increasingly professing its willingness to clamp down on dirty money, one of its priorities is to ensure that UK-based professional services ...

Cayman Islands 'aggrieved' by 'constitutional overreach' of AML Bill
May 15, 2018 - Captive Insurance Times.Com - The Cayman Islands government is "deeply aggrieved" by the amendment to the UK's Sanctions and Anti-Money Laundering Bill, according to a statement from the Cayman Islands ...

Virtual Currencies Around the World

Bitcoin & cryptocurrency driven drying up of the taxation State
[Opinion] - May 2018 - Cryptoinsider.21 Mil.Com - With the advent of easily accessible, anonymous, p2p financial transactions, tax revenues will dwindle; and the drying up of tax remittances will likely put great stress on the taxation State...

How Japan Is Creating a Template for Cryptocurrency Regulation
[Opinion] - May 11, 2018 - Bitcoin Magazine.Com - Amy Castor - Some countries in Asia are feeling the pain of inadequate cryptocurrency regulation, while others, like India, China and South Korea, have taken an uncertain or hostile stance to ...

Cryptocurrency Brings Rising International Risks
May 11, 2018 - Ropes Gray.Com - The recent boom in initial coin offerings has drawn wide-ranging regulatory scrutiny in the U.S. stemming from concerns that main-street investors are at increased risk of exposure to fraud when investing ...

EU transparency purge may boost bitcoin legitimacy
May 14, 2018 - Nasdaq.Com - Lisa Jucca - A European Union transparency drive may boost bitcoin's legitimacy. The bloc agreed on Monday to force cryptocurrency exchanges to identify users. That will make it harder for criminals to use ...

'Money launderers and other criminals' choose virtual currency...
May 14, 2018 - Business Live.Co.Za - Zimbabwe's central bank on Monday warned against trading in cryptocurrencies, saying virtual currencies such as bitcoin were not regulated in the country. Bitcoin has sparked interest in Zimbabwe ...

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Quote of the Day

"A positive attitude causes a chain reaction of positive thoughts, events and outcomes. It is a catalyst and it sparks extraordinary results."

- Wade Boggs

Word of the Day

Sequitur: /se·qui·tur / [Noun]
  • The conclusion of an inference
  • Consequence
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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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