The National Money Transmitters Association

The NMTA's Daily News Clippings

Monday, November 13, 2017

Readers Please Note: Today's issue is especially long due to our observance of the Veterans Day holiday on Friday. -Ed.

Top Stories

Denial of Banking Services

Maintaining the Lifeline: Revisiting Derisking, AML/CFT, and Somali Remittances
Oct 13, 2017 - Global Center.Org - The Global Center, Oxfam America, and the Somali Money Services Association (SOMSA) co-hosted a roundtable on the issues of derisking, anti-money laundering/countering the financing of terrorism ...

Also See:
Oct 13, 2017 - Global Center.Org - Press Release

Economist encourages Opposition to support Global forum legislation
[Trinidad and Tobago] - Nov 13, 2017 - Guardian.Co.Tt - Nadaleen Singh - Chairman of the Economic Development Advisory Board (EDAB), Dr. Terrence Farrell called on the Opposition to be supportive of legislation concerning Global Forum [information sharing] ...

FATF

FATF Finalises Information Sharing Guidelines
[Subscription Required] - Nov 13, 2017 - Payments Compliance.Com - Fran Warburton - Global financial crime watchdogs have attempted to address legal barriers to private sector information sharing for anti-money laundering (AML) purposes, producing ...

Also See:
[Final Guidance] - Nov 2017 - Fatf-Gafi.Org

Money Transfer Business

Walmart set to overtake Apple in mobile payments 
Nov 9, 2017 - Mobile Marketer.Com - Robert Williams - The growth of Walmart Pay shows how the retailer has expanded its clout into services the same way it has with manufacturers. It's also worrisome for Apple Pay that it's not available in a ...

Is Banking's PayPal Nightmare A Customer's Dream?
[Opinion] - Nov 13, 2017 - Forbes.Com - Adriaan van Zyl - Forget Amazon, Facebook, Apple and Google. If PayPal decided to become a U.S. bank, it could be the biggest disruption in modern U.S. banking history. Given its extensive customer reach ...

OFAC

Treasury Sanctions Ten Venezuelan Government Officials
[Press Release] - Nov 9, 2017 - Treasury.Gov - Today, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated ten current or former Venezuelan government officials pursuant to Executive Order (E.O.) 13692 ...

-----------------------------

AML Compliance Trends

How foreign investors launder their money in New York real estate
[Opinion] - Nov 13, 2017 - The Week.Com - Ryan Cooper - One of the signature features of the modern age is the bottomless greed of the global economic elite. The richest people in the world - business tycoons, political elites, and wealthy ...

Compliance: 6 months until FinCEN's CDD rule is effective
[Overview] - Nov 13, 2017 - News.CUNA.Org - Credit unions now have less than six months to come into compliance with the Financial Crimes Enforcement Network's (FinCEN) Customer Due Diligence (CDD) rule, effective May 11, 2018. CUNA has ...

FinCEN Expands AML Targeting Orders
[Opinion] - Nov 10, 2017 - Stout Advisory.Com - Ahmed Eltamami - One of the main concerns expressed by law enforcement officials is that shell, or front, companies and offshore bank accounts may be used to facilitate money laundering, terrorist ...

Also See:
[Opinion] - Nov 10, 2017 - Stout Advisory.Com

Anti-Corruption

Private Sector Calls for Anti-Corruption Drive
[Iran] - Nov 13, 2017 - Financial Tribune.Com - T he head of the private sector's main entity lambasted the prevailing corruption and rent-seeking in the country's economic sphere, saying they are the main obstacles to transparency and a ...

Crown Prince marks new era of social justice in Saudi Arabia
[Opinion] - Nov 12, 2017 - Alarabiya.Net - Yousef Al Naimi & Michelle Cioffoletti - Corruption has always been the Kingdom's worst kept secret. Indeed, in many quarters it was almost admired. Having Wasta, which means "connections," was ...

Also See:
Nov 11, 2017 - arab news.com - Ben Flanagan

Enforce anti-corruption laws - Phillips
[Opinion, Jamaica] - Nov 13, 2017 - Jamaica-Gleaner.Com -  Every effort must be made to effectively enforce the nation's anti-corruption laws if Jamaica is to successfully free itself from the death grip of corruption, said Opposition Leader Dr Peter Phillips...

Extraterritoriality and the Rise of Litigation Risk
Nov 9, 2017 - Lexology.Com - What was once the exception is now the rule: Cross-border, multi-jurisdictional investigations are the new normal. Few significant investigations now are confined to only a single regulator, and many now involve ...

Outsiders Can't Clean Up Latin America's Corruption
[Opinion, Latin America] - Bloomberg Quint.Com - Just a couple of years ago, Latin America's fight against political corruption began to break new ground. And perhaps nowhere has the renovation been more dramatic -- and successful ...

Anti-corruption war: A campaign compromised?
[Opinion, Nigeria] - Nov 10, 2017 - Vanguard Ngr.Com - Abdulahi Osi - IT was May 29, 2015 when that speech was made by the then newly inaugurated President Muhammadu Buhari. That punchy line resonated across the country, from the ...

Less transparent anti-corruption draft defended on basis of right to privacy
[Thailand] - Nov 10, 2017 - Nation Multimedia.Com - Constitution Drafting Commissions spokesperson Chartchai Na Chiangmai has said that the CDC decided to write the National Anti-Corruption Commission bill, including clauses to not ...

Cries for Barbados anti-corruption law
[Opinion] - Nov 10, 2017 - Caribbean Life News.Com - George Alleyne - As International Anti-Corruption Day, Dec. 9, draws closer calls are getting louder for Barbados to convert into law the Prevention of Corruption Act that has passed through all ...

Australia

Will the New Payments Platform leave Aussies vulnerable to fraud?
[Opinion] - Nov 13, 2017 - Nestegg.Com.Au - In August, AUSTRAC, the government body in charge of the nation's financial intelligence, alleged that the bank has broken the AML/CTF Act more than 53,700 times. Peter Clark, the acting chief ...

Bangladesh

Govt to revamp taskforces on money laundering
Nov 13, 2017 - New Age BD.Net - Shakhawat Hossain - The government is going to revamp the taskforces for strengthening activities against money laundering and terror financing in the backdrop of growing capital flights from the country and ...

CFPB

Alaska lawmakers protect consumers
Nov 12, 2017 - News Miner.Com - Joe Schierhorn - Our two Alaska senators recently joined a majority in the U.S. Senate in voting to repeal a rule issued this summer by the Consumer Financial Protection Bureau. The rule limited consumers' legal options ...

Company Announcements

MTN Rwanda launches 'Let's go cashless' campaign
Nov 9, 2017 - Telecom Paper.Com -  MTN Rwanda says it will dedicate this year's Mobile Money Month to support efforts towards financial inclusion, New Times reported. Norman Munyampundu, the chief business officer at MTN, said the ...

Orange Spain launches m-payment service for 12 to 17 year-olds
[Subscription Required] - Nov 10, 2017 - Telecom Paper.Com - Orange Spain has announced the launch of a service designed to allow 12 to 17 year-olds to use their NFC-enabled smartphone to pay for goods and services both online ...

Cybersecurity

'Incredibly Damaging': US Cyber Security Ranks Vacant After Massive Hacks
[Opinion] - Nov 13, 2017 - Sputnik News.Com - Many top cybersecurity top posts remain empty, according to White House cybersecurity coordinator Rob Joyce, as the NSA reports disastrous leaks of key assets...

Singapore to refine upcoming cybersecurity bill following public feedback
Nov 13, 2017 - Zd Net.Com - Eileen Yu - Government says it will clarify the definition of critical information infrastructures and duties of such operators as well as licensing requirements of service providers, in the new bill slated to be introduced ...

Government to strengthen surveillance, legal framework to check cybercrime
[Opinion, India] - Nov 13, 2017 - Economic Times.India Times.Com - Concerned over growing incidents of cybercrime, Home Minister Rajnath Singh today reviewed various measures, including strengthening of surveillance and legal framework...

Events

Payments compliance in the post-data breach era.
[Upcoming Webinar, Dec12, 2017] - Nov 2017 - Finextra.Com - Join Finextra, Mitek and leading financial institutions on 12 December 2017 at 15:00 UK time for our webinar, where we will answer critical questions on payments compliance in the ...

FATCA

Hidden fortunes drain national treasuries
[Opinion] - Nov 13, 2017 - Greensboro.Com - Claudia Lange - The United States needs tax reform. However, the GOP tax reform plan is "Paradise" lost for ordinary Americans. The "Paradise Papers," a vast collection of 13.4 million leaked ...

The Paradise Papers: The Impact of Large-Scale Tax Avoidance
[Opinion] - Nov 13, 2017 - The Market Mogul.Com - Olexandr Skoryk - Taxes are used to fund the institutions the public relies on for justice, liberty and promote a minimum standard of living. The opportunity cost of not paying that tax is detrimental ...

Financial Inclusion

Banking on the unbanked
[Opinion, Canada] - Nov 13, 2017 - Korea Times.Co.Kr - Reeta Roy - In a sea of gloomy news, one bright headline appears on the horizon. The World Bank's latest figures on individuals' bank accounts, to be released next spring, are expected ...

A stronger lift for financial inclusion
[Opinion, Singapore] - Nov 13, 2017 - Business Times.Com.Sg - Jamie Lee - THE second Singapore FinTech Festival turned greater attention on financial inclusion this year, amid reports that fintech can help to tackle the unbanked issue in this ...

The Level Of Financial Inclusion in Africa Is Inappreciable â€" Ann Miles
[Opinion] - Nov 10, 2017 - News Ghana.Com.Gh - The Director of MasterCard Foundation on Financial Inclusion, Madam Ann Miles has said, the level of financial inclusion in countries in the sub-Saharan Africa is insignificant with regards to other ...

Also See:
[Opinion] - Nov 10, 2017 - My Joy Online.Com

Financial Services

China widens foreign access to its giant financial sector
Nov 10, 2017 - Zee Biz.Com - China will raise foreign ownership limits in financial firms in a step granting access to a tantalizing multi-trillion dollar financial services market, as the world`s second-biggest economy seeks to position itself ...

Deloitte's Next Blockchain Steps for Financial Services
Nov 9, 2017 - Nasdaq.Com - A new Deloitte report titled " Six Control Principles for Financial Services Blockchains " covers six control principles essential for blockchain adoption on a global scale. The report has been produced by the Deloitte ...

Also See:
[Report] - Oct 2017 - Deloitte.Com

Fines, Crimes & Cases

Lausch confirmed to be Chicago's next U.S. Attorney
Nov 9, 2017 - Chicago.Sun Times.Com - Lynn Sweet & Jon Seidel - The Senate unanimously confirmed on Thursday John Raymond Lausch Jr. to be the next top federal prosecutor in Chicago - a city President Donald Trump has singled out for ...

DOJ announces distribution of more than $770 million to Bernie Madoff victims
Nov 9, 2017 - HITC.Com - The Department of Justice announced Thursday that an initial distribution had begun to more than 24,000 victims of Madoff's Ponzi scheme.  Bernie Madoff 's victims will start to see some monetary relief soon...

Tabcorp anti-money laundering program was 'insufficient', judge says
Nov 10, 2017 - SMH.Com.Au - Nick Toscano - Management at wagering giant Tabcorp "should have done more" to meet the company's obligations to combat money laundering and terrorism financing, a federal judge has found...

Guyana

Guyana now in position to share, receive info. on money laundering and ...
[Opinion] - Nov 13, 2017 - Kaieteur News Online.Com - Head of the Financial Intelligence Unit (FIU), Matthew Langevine speaking on the sidelines of the 46th Plenary and Working Group Meetings of the Caribbean Financial Action Task ...

Hong Kong

Hong Kong should rebrand itself as a low tax haven
[Opinion] - Nov 12, 2017 - SCMP.Com - Peter Guy - As an offshore domicile, Hong Kong is confronted with a genuine opportunity to dominate the compliant tax haven business. Since the global financial crisis, tax fraud and money laundering ...

India

RBI questions dealings under liberalised remittance scheme on laundering...
Nov 13, 2017 - Economic Times.India Times.Com - Amidst the dust and heat around tax havens and black money, the Reserve Bank of India is scrutinising dealings under the liberalised remittance scheme (LRS) that allows resident Indians to invest a ...

Malta

Islamic finance in Malta
[Opinion] - Nov 12, 2017 - Times Of Malta.Com - Nicholas Warren - In 2008, the Malta Financial Ser­vices Authority, Malta's sole regulator of financial services, was the first EU regulator to issue guidelines on Islamic finance, which were updated in ...

Secrecy must be attacked
[Opinion] - Nov 12, 2017 - Malta Today.Com.Mt - Under circumstances where institutions cannot be trusted to undertake their responsibilities, information leaks are not only bound to happen... but they have to happen, if the institutional rot is ever ...

Nigeria

CBN sets clearing rules for banks
Nov 13, 2017 - The Nation Online Ng.Net - Collins Nweze - In the circular titled: Extension of Settlement Banking Arrangement to all Clearing Sessions', Fatokun recalled that the CBN introduced settlement banking framework on April 1, 2014...

Tax: Lagos threatens to shut down head quarters of defaulting company, banks
Nov 12, 2017 - Tribune Online Ng.Com - LAGOS State government threatened that it will commence the process of shutting down the corporate headquarters of organisations in the state who have defaulted in remitting the statutory tax ...

Pakistan

Remittances: GCC remains the concern
[Opinion] - Nov 13, 2017 - B Recorder.Com - Growth in remittances - a lifeline for country's forex reserves - has been losing steam off late. The latest SBP numbers show that 4MFY18 inflows were just two percent up from 4MFY17 aggregates ...

Remittances & Immigration

Trent: Immigration is good - but only if we deal with it correctly
[Opinion] - Nov 13, 2017 - Ottawa Citizen.Com - John E. Trent - When the government of Canada announced this month that it is increasing the number of Canadian immigrants by 10,000 a year to reach 340,000 annually by 2020, it was once ...

How Trump can be Haiti's 'champion'
[Opinion] - Nov 9, 2017 - Washington Post.Com - Now is the moment for Mr. Trump's administration to make good on that promise. It faces a stark choice with enormous repercussions: whether to grant another extension for some 50,000 ...

White House Pressed Unsuccessfully to End Immigration Program
[Opinion] - Nov 9, 2017 - NY Times.Com - Ron Nixon & Eileen Sullivan - The White House unsuccessfully tried to pressure the Homeland Security Department to end a program that allows hundreds of thousands of people from countries ...

Also See:
[Opinion] - Nov 9, 2017 - News Week.Com - Kristina Shull

The fiscal impact of US immigration
[Opinion, Audio] - Nov 9, 2017 - FT.Com - Economist Kim Rueben joins Cardiff Garcia to discuss the fiscal effect of immigration in the US, specifically on education, employment and wage outcomes. It's the third episode in our series on the ...

Singapore

Singapore: The Davos of Fintech
[Opinion] - Nov 13, 2017 - Finews.Com - The fintech community in Singapore and the wider region will be watching carefully when Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) (pictured above) makes his keynote ...

Trinidad and Tobago

Casino tax motion passed
Nov 12, 2017 - News Day.Co.Tt - Corey Connelly - Casino gambling is the number one source of leakage of foreign exchange in this country, Finance Minister Colm Imbert claimed on Friday as he wound up debate on a motion to confirm the ...

United Kingdom

We must close the loophole that tempts illicit finance and money laundering ...
[Opinion] - Nov 13, 2017 - City AM.Com - Richard Osborne - A report from Transparency International UK has revealed how the British systems designed to protect the country from illicit finance are badly failing - and it makes for difficult...

How HMRC's guidance on money laundering rules helps trustees
[Opinion] - Nov 13, 2017 - Professional Pensions.Com - Michael Klimes - Last month, HM Revenue and Customs (HMRC) issued draft guidance to third-parties about how schemes can comply with the new money laundering regulations that came ...

Virtual Currencies

The US: Its Failure to Become Cashless
[Opinion] - Nov 12, 2017 - The Market Mogul.Com - David R. Warwick - America is complacent about cash and conspicuously at odds with the rising number of nations planning to abolish it. Several are pondering issuance of digital sovereign currencies ...

Japan Teaches Western Governments a Lesson in Cryptocurrency Regulation
Nov 13, 2017 - news.bitcoin.com - Kai Sedgwick - Bitcoin is a phenomenon that provokes conflicting emotions in people. Fear. Excitement. Elation. Doubt. For governments tasked with regulating every new thing that comes along, be it ...

European regulator adds to warnings on virtual currencies
Nov 13, 2017 - FT Adviser.Com - Damian Fantato - The European regulator has echoed the concerns its British counterpart on the growth of cryptocurrencies and so-called initial coin offerings. The European Securities and Markets Authority ...

Is Blockchain the key to overcoming crypto's AML challenge?
[Opinion, Subscription Required] - Nov 11, 2017 - Ether In The News.Com - However, in most countries today, one needs to undergo the process of KYC in order to open a new digital wallet. Additionally, thanks to blockchain technology, crypto-currencies ...

Cryptoterrorism: Do Cryptocurrencies Facilitate Terrorism?
[Opinion] - Nov 12, 2017 - The Market Mogul.Com - Aung Zin Phyo Thein - The terrorists of today are innovators - they evolve tactics to adapt to the constant and increasing barriers to their activities placed upon them by security and intelligence...

How Blockchain will change our Life, Economy and the World
[Opinion] - Nov 12, 2017 - Fx Empire.Com - Bob Mason - Blockchain has been around since the evolution of Bitcoin, with many have been somewhat skeptical of Bitcoin creator Satoshi Nakamoto's new virtual currency in the wake of the ...

Blockchain for AML - Harnessing Blockchain Technology to Detect and...
[Opinion] - Nov 10, 2017 - International Banker.Com - Floyd DCosta - The global impact of money laundering is staggering; with related transactions estimated at 2 to 5% of global GDP - amounting to up to $2 trillion. The IMF defines money ...

Threat of Cryptocurrencies Will Lead to Introduction of State-backed Digital...
[Opinion] - Nov10, 2017 - Coin Telegraph.Com - Lisa Froelings - Citigroup chief executive officer (CEO), Michael Corbat, has projected that the threat posed by Bitcoin and other digital currencies in the existing global financial system will give ...

Portugal's Central Bank Director: Bitcoin Isn't a Currency
[Opinion] - Nov 9, 2017 - Cryptocoins News.Com - Francisco Memoria - A currency, to be classified as such, needs to have two fundamental characteristics: The first is to associate itself with the idea of store of value, then, on that currency there ...

How Bitcoin Is Going Mainstream
[Opinion] - Nov 10, 2017 - Nasdaq.Com - Prableen Bajpai - It's been nine years since the white paper titled 'Bitcoin: A Peer-to-Peer Electronic Cash System' surfaced. The idea of a peer-to-peer transaction without an intermediary ...

-----------------------------

Quote of the Day

"If you want to see the true measure of a man, watch how he treats his inferiors, not his equals."

- J. K. Rowling

Word of the Day

Pauciloquent (pɔːˈsɪləkwənt)
  1. Rare using few words in speech or conversation
-----------------------------

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.

Bounced Emails

The bounce problem is unpredictable. If one day you do not receive the DNC, it may have bounced. Try white-listing all emails from the domain "@nmta.us," or SIGN UP again, using an alternate email address.

Did you know?

The DNC is opened in over 500 mailboxes, every business day, but it does cost money to produce. If you find the DNC useful, please support the work. Click HERE to make a Sustaining ($145), or Supporting ($45) donation, and thank you!