The National Money Transmitters Association
 
NMTA's Daily News Clippings

Monday, May 21, 2018

Top Stories

Denial of [Correspondent/Caribbean] Banking Services

The PM's take on de-risking
[Opinion] - May 19, 2018 - Antigua Observer.Com - Prime Minister Gaston Browne recently released a 24-page report on the topic of de-risking, entitled "Ending De-Risking in the Caribbean. Eliminating Risks for the World." In it, he ...

Also See:
[Report] - May 2018 - Antigua Observer.Com

Event

TPPPA Spring Conference 2018
[Upcoming Conference, June 13-15, 2018 - Minneapolis, Minnesota] - May 2018 - Paragon-Events.Cvent.Com - Join the TPPPA in Minneapolis, MN as we hear from Regulators, Rule Makers, Law Enforcement agencies and Industry Experts! ...

Please note: NMTA members who would like to attend should contact me for a discount code the TPPPA has graciously offered. -Ed.

NMTA Logo  NMTA Member Featured Publication - FXCintel

Inside RationalFx: Xendpay A Dual Branded Approach
[Newsletter] - May 2018 - FXCintel - As the international payments world rapidly expands, a growing area of focus has been the challenge of KYC and AML regulations. As discussed with Chris, new technology has the potential to make ...

State Matters

[Illinois] - May 18, 2018 - Chambana Sun.Com - With no objections or questions on his three bills at the April 18 Senate floor debate, the Senate passed legislation regarding money transmitters, agribusiness and first responders...

Also See:
[The Bill] - May 2018 - Ilga.Gov

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AML Compliance Trends

FinCEN Grants a 90-Day Exemption from the Beneficial Ownership Rule ...
[Ongoing Story] - May 18, 2018 - Jd Supra.Com - The Financial Crimes Enforcement Network (FinCEN) issued an administrative ruling that provides covered financial institutions with a 90-day exemption from the beneficial ownership requirements ...

Should banks be punished for helping law enforcement track bad guys?
[Opinion] - May 21, 2018 - Washington Examiner.Com -  Joseph Lawler - Banks that get penalized by regulators for helping law enforcement track bad guys through their accounts could get a reprieve in the form of new legislation. ...

Money Laundering on the U.S. Doorstep
[Opinion] - May 21, 2018 - Global Radar.Com - Dominic Suszek - Today this precinct entertains cartel members from some of the most notoriously corrupt countries in the world, a list that includes the likes of Colombia, Mexico, Brazil, and China.  ...

Anti-Corruption Around the World

Multinationals and US sanctions: the very long arm of American law
[Opinion] - May 18, 2018 - The Bull.Com.Au - Punishing global corruption, The 1977 Foreign Corrupt Practices Act, which prohibits bribing foreign officials to win business, can apply to foreign companies that are traded on Wall Street ...

African nations wage war on offshore corruption
May 20, 2018 - ENCA.Com - Former British prime minister David Cameron called Nigeria "fantastically corrupt", but his country ranks among the top destinations for stolen assets from African countries...

Ukrainian: Parliament to consider bill on Anti-Corruption Court this week
May 21, 2018 - Ukrinform.Net - The Bloc of Petro Poroshenko (BPP) faction in parliament emphasizes that the law on the High Anti-Corruption Court must comply with the Constitution, and its clauses cannot restrict state sovereignty...

Ghana can do better in corruption fight
[Opinion] - May 20, 2018 - Ghana Web.Com - Ghana already, has in place well-structured anti-corruption institutions. We, however, need stronger will from the people at the family, community and national level to enable them work efficiently...

What would make the corrupt sing?
[Opinion, Malaysia] - May 21, 2018 - Malaysia Kini.Com - Animah Kosai - Now that the new government has announced its drive to reduce corruption, what should it do? While I would not advocate a witch-hunt, there are some cases which ...

PSACG Leads Private Sector In War Against Corruption
[Ghana] - May 21, 2018 - Peace Fm Online.Com - The Private Sector Anti-Corruption Group (PSACG), an initiative of the UK Ghana Chamber of Commerce (UKGCC), has bemoaned the deep-seated corruption in leading state institutions ...

Bermuda

Stand up to larger countries
[Opinion] - May 18, 2018 - Royal Gazette.Com - Scott Neil - Bermuda has a right to speak up and protect its world-leading brand in the face of larger countries and organisations pressuring smaller jurisdictions to accept their...

CFPB

Big money, political muscle on display in payday lending clash
May 20, 2018 - My Day Ton Daily News.Com - Payday lending stores dot the landscape of Ohio's small towns, suburban strip malls and inner-city thoroughfares. To hear one side tell it, they give their customers - many with bad credit ...

Also See:
May 18, 2018 - Truth-Out.Org - Sam Knight

May 17, 2018 - Pilot Online.Com - Ken Sweet

May 18, 2018 - Dodd Frank Update.Com

Company Announcements

Transactive Systems gains FCA e-money licence; partners with ClearBank...
May 21, 2018 - Finextra.Com - Transactive Systems, the international instant payments provider has been authorised by the Financial Conduct Authority as an Electronic Money Institution to issue e-money and provide payment ...

Grab partners Maybank to launch mobile wallet in Malaysia
May 21, 2018 - Channel News Asia.Com - Ride-hailing firm Grab will partner with Malayan Banking Bhd (Maybank), Malaysia's biggest bank, to drive the usage and adoption of its GrabPay mobile wallet, the companies said in a statement on ...

M1 launches enhanced mobile remittance service
May 21, 2018 - Telecom Asia.Net - Dylan Bushell-Embling - Singapore's M1 has launched an enhanced mobile remittance service named M1 Remit that uses the MyInfo government digital authentication service. ...

Cyprus

Government needs to take US sanctions warning seriously
[Opinion] - May 20, 2018 - Cyprus-Mail.Com - A couple of weeks ago, Cyprus was paid a visit by the US Treasury Department's Assistant Secretary for Terrorist Financing Marshall Billingslea, who met the Finance Minister, Foreign Minister ...

Europe

Momentum Gathers Behind Pan-European AML Authority
[Subscription Required] - May 21, 2018 - Payments Compliance.Com - Paul Saunders - As calls grow for a pan-European financial crime authority particularly in the wake of controversy in Estonia, Malta and Latvia - legal experts have pointed to ...

Events

ACAMS 6th Annual AML Risk Management Conference
[Upcoming Conference, June 8, 2018 - NY] - May 2018 - ACAMS Conferences.Org - The Certified Anti-Money Laundering Specialist (CAMS) designation denotes a superior level of understanding of international AML/CTF principles. ...

Financial Inclusion

Long term guidance key to leveraging technology for financial inclusion...
[Opinion, Nigeria] - May 18, 2018 - Biometric Update.Com - Chris Burt - Many people do not even posses the documents they would need to establish proof of address, Cooper notes, meaning their inclusion in the financial system is blocked by a ...

Gains in Financial Inclusion, Gains for a Sustainable World
[Opinion] - May 18, 2018 - World Bank.Org - Financial inclusion may sound like an esoteric concept, but its meaning is more than real for the 1.2 billion people who have gotten access to a financial account since 2011, including more than half a billion ...

Women & Banking: India's financial inclusion suffers from a gender gap
[Opinion] - May 19, 2018 - Financial Express.Com - Findex 2017 estimates that 77% of Indian women now own a bank account against respective 43% and 26% in 2014 and 2011. On this basic measure of financial inclusion, females are more financially ...

Fintech

How banks are learning from fintech companies
[Opinion] - May 20, 2018 - Manila Times.Net - Cora Llamas - When emerging financial technologies such as mobile payments and alternative lenders started cropping up in the developed countries, industry observers had predicted a ...

Africa Accelerated: How Digital transformation is accelerating growth...
[Opinion] - May 21, 2018 - It News Africa.Com - The explosion of digital continues to gain momentum and digital, data, design and the emergence of the fintech sector are all fast becoming the driving force behind this. ...

The Disruptive Rise of FinTech
[Opinion] - May 20, 2018 - Tech Native.Io - Financial technology (fintech) start-ups have drastically changed the way we go about our everyday lives. From payments and investment management, to digital currency and lending, fintech ...

Artificial intelligence: the new power in financial services
[Opinion] - May 21, 2018 - D Of Online.Co.Uk - Franck Coison - In financial services, robotic process automation (RPA) is increasingly common. This technology is perfect for automating relatively simple, repetitive tasks. In contrast, ...

Fintech Poses Big Threat to Banking Sector-CBN Governor
[Opinion, Nigeria] - May 21, 2018 - Business Post.Ng - Modupe Gbadeyanka - Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has admitted that financial technology (fintech) companies pose big threats to the banking industry ...

Fines, Crimes & Cases

Rabobank Bank Sentenced for Obstructing Regulators, Forfeits $368 Million...
May 20, 2018 - Stl.News - Rabobank, National Association, a California subsidiary of the Netherlands-based Coöperatieve Rabobank U.A., was sentenced Friday, May 18th before U.S. District Judge Jeffrey T. Miller for conspiring to impair...

Geopolitics, the ghost factor over a possible fine against Halkbank
May 19, 2018 - Hurriyet Daily News.Com - The famous "Iran sanctions evasion case" in New York, which started off as the "Zarrab case" then turned into the "Atilla case," finally ended with the sentencing of Mehmet Hakan Atilla, the deputy ...

'Holy of holies' - Inside the financial crime database that sprung a leak
May 18, 2018 - Market Watch.Com - Steve Goldstein - "The FinCEN database is basically regarded as the holy of holies when it comes to information about money laundering, funding terrorism, and other financial crimes. The idea ...

SEC, FINRA Fine Brokerages With AML Violations: Enforcement
[Ongoing Story] - May 18, 2018 - Think Advisor.Com - Emily Zulz - The Securities and Exchange Commission settled charges against broker-dealers Chardan Capital Markets LLC and Industrial and Commercial Bank of China Financial Services  ...

Hong Kong

Six-month extension for Hong Kong's Fraud and Money Laundering...
May 20, 2018 - SCMP.Com - Niall Fraser - A groundbreaking task force which aims to haul Hong Kong's fight against money laundering into the 21st century has been handed a six-month extension to its year-long trial status...

Iran


Iran sanctions: Back to the future
[Sanctions] - May 2018 - pwc.com - Last week, the Trump Administration announced the US's withdrawal from the Joint Comprehensive Plan of Action (JCPOA)1, a multilateral agreement providing Iran with sanctions relief in exchange for halting its ...

Jamaica

Use your votes to protect yourselves and Jamaica
[Opinion] - May 20, 2018 - Jamaica Observer.Com - Bruce Golding - The Jamaican Diaspora continues to be a source of immense pride to us back home. It is exceptional in the depth of its patriotism the extent to which it cherishes its identity ...

Latvia

New anti-money laundering chief wants law changes, more money for staff
May 18, 2018 - LSM.Lv - Znotiņa, a lawyer by training, will be replacing Viesturs Burkāns, who has been heading the Kontroles dienests (Control department, KD) for the past twenty years, including the last decade when a series of massive ...

Malta

The cause of good governance
[Opinion] - May 21, 2018 - Times Of Malta.Com - Financial services providers, and their customers, have to balance the need to abide by new data protection regulations and financial rules that require data aimed at preventing financial crime ...

Pakistan

Cheapest to remit money to Pakistan: World Bank
May 19, 2018 - Times Of Oman.Com - Pakistan was the cheapest country to send remittances from Oman during the first quarter of the year, according to data from the World Bank. The average cost of sending money to Pakistan during the ...

Remittances & Immigration

Families in Asia-Pacific Could Benefit Much More from Growing Remittances
[Opinion] - May 19, 2018 - Indepth News.Net - Around US$6 trillion in remittances are expected to be sent to developing countries by 2030: over half of these flows will arrive in the Asia Pacific regions, very often in small towns and ...

Singapore

Fraud, Money-Laundering on the Rise in Singapore
[Opinion] - May 20, 2018 - Financial Tribune.Com - Singapore regulators launched two papers with best-practice recommendations for financial institutions to combat money laundering and terrorism financing. The move comes soon after the Monetary ...

United Kingdom

Control of UK companies remains shrouded in mystery
[Opinion] - May 21, 2018 - Global Legal Post.Com - According to new research over 57,000 UK companies are not declaring ownership, compromising fight against money laundering. Over 57,000 British businesses have not correctly declared People ...

Breaking Bad to the Paradise Papers: all you need to know about money ...
[Opinion] - May 21, 2018 - The Guardian.Com - Juliette Garside - In British law, money laundering is defined as the process of concealing, disguising, converting, transferring or removing criminal property. It is an offence to launder your ...

London is a 'laundromat' for Russia's dirty money, UK report warns
[Opinion] - May 21, 2018 - CNBC.Com - London is being used as a "base for the corrupt assets" of individuals linked to Russian President Vladimir Putin and the Kremlin, the U.K.'s foreign affairs committee said in a report published Monday...

Virtual Currencies Around the World

Mainline financial institutions consider digital currency options
May 18, 2018 - Baltimore Post Examiner.Com - David Jackson - The cryptocurrency market continues to garner major headlines and is attracting the interest of major banks and hedge funds. Financial conservatives are not about to rush into ...

Coinbase Talks to U.S. Regulators About Acquiring Federal Banking License
May 20, 2018 - Coin Frenzy.Io - Syed Ali Mudassar - The Wall Street Journal reported on May 18, Coinbase which is a major U.S. cryptocurrency exchange and wallet, addressed regulators about getting a government managing banking charter. ...

Also See:
May 21, 2018 - Smartereum.Com - Salomon Iyke

Why Gibraltar's crypto gambling regulation is important and what to...
[Opinion] - May 20, 2018 - Oracle Times.Com - Gibraltar is one of the world's biggest gambling hubs. The industry enjoys very low taxes and some of the biggest names in the industry have their success roots in this Mediterranean U.K overseas ...

Bitcoin Magazine's Week in Review: Blockchain's Big Gathering
[Newsletter] - May 19, 2018 - Bitcoin Magazine.Com - Shawn Gordon - This week's news was dominated by stories out of Blockchain Week and the Consensus 2018 conference held in New York City. There was free beer served from an ID-validating ...

Norway Considering Central Bank-issued Digital Currency
May 20, 2018 - Bits Online.Com - Nick Marinoff - The central bank of Norway, Norges bank, is looking to possibly develop its own cryptocurrency as a way of enhancing its monetary infrastructure. The institution released a working ...

National Government Digital Currencies Versus Globally Distributed ...
[Opinion] - May 20, 2018 - Coin Telegraph.Com - Rainer Michael Preiss - Many governments are worried about the mass adoption of cryptocurrencies and hence are considering the merits of creating a central bank digital currency (CBDC). ...

J.P. Morgan Launches Digital Currency Strategy
May 20, 2018 - Smartereum.Com - Princess Agnew - J.P Morgan is taking digital currencies very seriously by appointing the head of a fintech based firm in London - Oliver Harris to create a digital currency strategy for the firm, this was ...

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Quote of the Day

"You must not lose faith in humanity. Humanity is an ocean; if a few drops of the ocean are dirty, the ocean does not become dirty."

- Mahatma Gandhi

Word of the Day

agape: /ə-ˈgāp / [adjective or adverb]
  • Being in a state of wonder
  • Wide open in surprise or wonder.
Also (Rare):
 
Agape (äˈɡäˌpā) is a Greco-Christian term referring to love, "the highest form of love, charity" and "the love of God for man and of man for God".

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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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