The National Money Transmitters Association
 
The NMTA's Daily News Clippings

Wednesday, October 11, 2017

Top Stories

Industry Trends

The Remittance Matrix: Price, Channel And Corridor
Oct 10, 2017 - Mondato - Insight on prices and participants.
 
Regulation of MT Services Around the World

In-Depth: Are Remitters Held Back By Poor Supervision? 
[Opinion, Subscription or Free Trial Required] - Oct 11, 2017 - Payments Compliance.Com, John Basquill - Financial crime experts have suggested that stronger oversight of the cross-border payments industry could discourage banks from terminating relationships ...

Draft Fintech Law bill introduced in Mexico
Oct 10, 2017 - Jd Supra.Com - the Ministry of Finance and Public Credit (SHCP) submitted to the Mexican Federal Commission for Regulatory Efficiency (Comisión Federal de Mejora Regulatoria, COFEMER) the draft bill of the Law Regulating ...

A Global Approach To Local B2B Payments Digitization
[Opinion] - Oct 10, 2017 - Pymnts.Com - Digitization of B2B payments is on the rise, but the trend is challenged by discrepancies across geographic markets, according to the latest World Payments Report by Capgemini and BNP Paribas. ...

Quebec Introduces Much Anticipated Bill 141 to Revise Framework for Quebec...
[Overview] - Oct 10, 2017 - Jd Supra.Com - On October 5, 2017, Quebec's Minister of Finance Carlos Leitão (Minister) introduced Bill 141, An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the ...

Also See:
[Bill 141] - Oct 5, 2017 - Assnat.Qc.Ca

Is RegTech the Silver Bullet to Fighting Financial Crime or is there more to it?
[Opinion] - Oct 10, 2017 - Finextra.Com - Reetu Khosla - The 2016 Global Terrorism Index reported a 650% increase in deaths from terrorism amongst OECD member countries. In this environment, it is no surprise that governments are making ...
 
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Africa

Money cometh to Africa - but why is it so expensive to send?
[Opinion] - Oct 11, 2017 - Iol.Co.Za - Azad Essa - The increase in the cost of sending remittances by migrants and refugees all over the world has raised concerns about those from Africa who left for western Europe. It isn't often I read ...

Anti-Corruption

Lessons from the Telia FCPA resolution
[Opinion, Free Registration Required] - Oct 11, 2017 - Compliance Week.Com - Tom Fox - Last month, the Justice Department and Securities and Exchange Commission announced a stunning resolution under the FCPA, the Telia Company ...

Asset Forfeiture

Amendment aims to end some federal civil forfeitures
[Opinion] - Oct 10, 2017 - Len Connect.Com - Dmitriy Shapiro - U.S. Rep. Tim Walberg, R-Tipton, was joined by two Democrats to make a stand against U.S. Attorney General Jeff Sessions' call to expand the controversial law enforcement tactic ...

Also See:
[Opinion] - Oct 10, 2017 - Muck Rock.Com - Curtis Waltman

Australia

ANZ and Westpac say their clean of money laundering
Oct 11, 2017 - The Ceo Magazine.Com - Joe McDonough - ANZ and Westpac say their clean of money laundering. ANZ and Westpac CEOs both claim to be compliant with anti-money laundering regulations in their House of Representatives opening ...

Also See:
Oct 11, 2017 - AFR.Com - James Eyers

Oct 11, 2017 - News.Com.Au - Colin Brinsden

[Opinion] - Oct 11, 2017 - The Australian.Com.Au - Michael Roddan

Banks
 
Bank Regulators Seek Washington Breakthrough in Basel Talks
Oct 10, 2017 - Bloomberg.Com - Boris Groendahl & Lorenzo Totaro - "It's a negotiation led by central banks," French Finance Minister Bruno Le Maire said in Luxembourg on Tuesday. "Our position is clear. We will have new discussions in Washington," ...

Bahamas

IMF: 65% Bank Asset Fall's 'Modest' Impact
Oct 10, 2017 - Tribune 242.Com - Neil Hartnell - the IMF called on the Bahamas to maintain "strong compliance" with global tax transparency and anti-money laundering demands, including the Common Reporting Standard (CRS) on automatic tax ...

The AG's Flawed Argument
[Opinion] - Oct 10, 2017 - Jones Bahamas.Com - P.J. Malone - The Government of The Bahamas' Attorney General, Carl Bethel made several statements that were contradictory when he accused the former Administration of overreach with ...

Belgian

Belgium issues new law on AML transposing the fourth EU Directive and ...
Oct 9, 2017 - White Case.Com - The Belgian State Gazette published on Friday 6 October 2017 the law of 18 September 2017 preventing money laundering and financing of terrorism and limiting the use of cash (the"Law"). The Law replaces ...

Brunei

AMBD signs MoU with National Bank of Cambodia
Oct 10, 2017 - Borneo Bulletin.Com.Bn - Under the MoU, both agencies agree to cooperate in the exchange of financial intelligence that may assist in the investigation and prosecution of persons suspected of money laundering and terrorism financing ...

Canada

Regulator Memo: Organized Crime Using Vancouver Casinos for Money ...
[Opinion, Casinos & Gambling] - Oct 10, 2017 - Casino.Org - Organized crime in British Columbia's casinos is a "viable threat to public safety," according to a memo sent by Gaming Policy Enforcement Branch intelligence to a minister of the ...

CFPB

OCC reacts to CFPB's final payday loan rule by rescinding its deposit advance...
[Ongoing Story] - Oct 10, 2017 - Jd Supra.Com - Hours after the CFPB released its final payday/auto title/high-rate installment loan rule on October 5, 2017, the OCC rescinded its guidance on deposit advance products.  That guidance, entitled ...

Also See:
Oct 4, 2017 - Consumer Finance.Gov

[Press Release] - Oct 5, 2017 - Occ.Treas.Gov

Business Groups File Federal Lawsuit to Challenge CFPB Arbitration Rule
[Ongoing Story] - Oct 10, 2017 - Nat Law Review.Com - the U.S. Chamber of Commerce, the Texas Association of Business, and various other national and Texas statewide business organizations and trade groups (together, Plaintiffs) filed ...

Company Announcements

Ripple Continues to Grows Reaching Over 100 Financial Institutions
Oct 10, 2017 - Coin Speaker.Com - Ripple enterprise blockchain network now encounters over 100 innovative financial institutions including AirWallex, Bexs Banco, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK and...

Cybersecurity

Pennsylvania Releases Consumer Cybersecurity Guide
Oct 10, 2017 - Gov Tech.Com - Bill O'Boyle - In the wake of high-profile cyberattacks targeting businesses, governments and other organizations, the Wolf administration this week reminded Pennsylvanians to take appropriate steps to protect ...

Improving cybersecurity: national cyber breach law or better business ...
[Opinion] - Oct 10, 2017 - CSO Online.Com - Carter Schoenberg - During this interview, the notion of a national standard was broached by the former CIA and NSA Director and was followed by Richard Clark echoing the need but that the ...

China, U.S. Reaffirm Cybersecurity Consensus
Oct 10, 2017 - Meri Talk.Com - Courtney Viverette - China and the United States will continue to cooperate on cybersecurity issues as outlined in the 2015 consensus by the nations' two presidents. Attorney General Jeff Sessions and Acting ...

Also See:
[Press Release] - Oct 4, 2017 - DHS.Gov

Celebrating 117 Years of Public International Law for Cyber Security
Oct 10, 2017 - Circleid.Com - Anthony Rutkowski -  Today the quest continues among Nation States to develop new cyber security treaty instruments dealing with the same basic requirements faced 117 years ago in a far more complex ...

It's Time For India to Update Its Cybersecurity Policy
[Opinion, India] - Oct 10, 2017 - The Diplomat.Com - Aman Thakker - A central part of the Government of India's development policy is the "Digital India" campaign, aimed at digitally empowering Indian citizens by boosting connectivity...

Cyber security and data privacy in Argentina
[Opinion, Argentina] - Oct 2017 - Financier World Wide.Com - This article will analyse and summarize Argentine regulations regarding cyber security and data privacy and explore internet issues in the context of employment relationships...

Events

FATF FinTech and RegTech Forum, Berlin
[Past Forum, Oct 9-10, 2017 - Berlin] - Oct 2017 - FATF-GAFI.Org - The Financial Action Task Force (FATF) held its second FinTech and RegTech Forum on 9 and 10 October 2017 in Berlin, Germany, chaired by the President of the FATF, Mr. Santiago...

FATCA

Treasury Hints That Regulatory Review May Target FATCA Regulations
[Opinion] - Oct 11, 2017 - Jd Supra.Com -  Matthew D. Lee -  In a report to the President recommending actions to eliminate or mitigate burdens imposed on taxpayers by eight specific tax regulations, the Treasury Department indicated ...

Also See:
[Report] - Oct 2, 2017 - Treasury.Gov

Financial Inclusion

Essentials of financial literacy
[Opinion, Zimbabwe] - Oct 11, 2017 - Herald.Co.Zw - Dr Sanderson Abel -  According to the Finscope studies a large section of population lack access to basic financial services from the formal financial sector. Building knowledge of financial products ...

Fines, Crimes & Cases

Vatican bank launches legal action in Malta over major investment loss
Oct 10, 2017 - Catholic Philly.Com - Carol Glatz - The Vatican bank has initiated legal action in Malta against unnamed third parties because of "significant damages" incurred after a 17-million-euro investment. The bank, formally known as the ...

EU Banks Investigated For Blocking FinTech Access To Customer Data
Oct 10, 2017 - Pymnts.Com - EU antitrust authorities have launched an investigation into whether Dutch and Polish banking associations and their members are blocking FinTech companies from accessing customer account data...

Rogue Bank Loses Fight to Stay Open
Oct 11, 2017 - Asia Sentinel.Com - John Berthelsen - Ayoub-Farid, Fadi and Michael Norbert Saab, the beneficial owners of the Tanzania-based FBME Bank, whose Cyprus unit has been described as one of the most notorious money-laundering ...

Fintech

How the fintech revolution is breaking down financial exclusion
[Opinion] - Oct 10, 2017 - Big Issue.Com - This fintech revolution is challenging traditional banking models and opening the market to payment innovation that is the key to unlocking fairer and more inclusive payment and banking ...

Fintech meets the regulators
[Past Event, Opinion] - Oct 2017 - Banking Exchange.Com - Steve Cocheo - The accelerating growth rate of technology and its impact on the way consumers and business handle their financial needs. This spans everything from credit to payments...

OCC innovation office builds fintech dialog
[Old Story] - Aug 30, 2017 - Banking Exchange.Com - Steve Cocheo - When then-Comptroller Thomas Curry introduced the term "responsible innovation" in a March 2016 speech, he set in motion a process that went on to produce multiple results ...

How fintech could remake central banking
[Opinion] - Oct 10, 2017 - Banking Exchange.Com - Steve Cocheo - "Think of a social media company that is offering payments services without managing an active balance sheet. What label should we stick on that?"...

Ghana

King of Ghana handed £350,000 in cash to British bank official who was then ...
Oct 11, 2017 - Daily Mail.Co.Uk - A top banking executive was fired from his job and investigated by the National Crime Agency after he deposited £350,000 in cash handed to him by the King of Ghana. Ghana International Bank bigwig Mark Arthur ...

Mobile money transactions not affecting our businesses - MFIs
Oct 10, 2017 - Graphic.Com.Gh - Lucy Mensah - They explained that mobile wallets are rather enhancements to their operations because they help in the mobilisation of cash for savings and investments in the various institutions ...

Help Wanted

Federal BSA/AML/OFAC & Consumer Compliance Professional
[Job Openings] - Oct 2017 - Chartwell Compliance.Com - Interested applicants should submit a cover letter and resume to careers@chartwellcompliance.com. The cover letter should address how you meet some of the technical and non-technical ...

Indonesia

Red tape for migrants
[Opinion] - Oct 11, 2017 - The Jakarta Post.Com - Many more Indonesians would want to work overseas if they could. But our citizens must go through twice the number of procedures as their Southeast Asian counterparts, according to a new report ...

Jamaica

Real Estate Board takes aim at non-compliant banks
[Opinion, Real Estate] - Oct 11, 2017 - Jamaica-Gleaner.Com - Avia Collinder -  The Real Estate Board of Jamaica is developing penalties as a way to incentivise the banking sector to report the withdrawals from escrow accounts that developers...

Philippines

Philippines' Duterte orders special bank for overseas Filipinos
Oct 9, 2017 - Reuters.Com - Philippine President Rodrigo Duterte has ordered the creation of a bank catering to Filipinos overseas, the presidential office said on Monday, fulfilling a campaign promise to a sector which catapulted ...

Remittances & Immigration

Did the White House just blow up immigration negotiations?
[Opinion] - Oct 10, 2017 - Vox.Com - Dara Lind - The extensive list of immigration "priorities" the Trump administration sent to Congress on Sunday night - which amounts to a comprehensive immigration-hardliner agenda - is either a ...

Also See:
Oct 8, 2017 - Vox.Com - Dara Lind

[Opinion] - Oct 10, 2017 - Apalach Times.Com - Jill Colvin and Andrew Taylor

[Opinion] - Oct 10, 2017 - Bloomberg.Com

A naturalized citizen's call for moderation on immigration
[Opinion, Colorado] - Oct 10, 2017 - Coloradoan.Com - Arkan Haile - The America of the moment feels a little different, not quite as free or brave. Nativism, xenophobia and isolationism have taken a firm hold of our politics, as reflected ...

Singapore

12% increase in suspicious transactions reported: Commercial Affairs ...
Oct 9, 2017 - Straits Times.Com - Tan Tam Mei - There was an increase in suspicious transaction reports (STR) submitted last year, according to the Commercial Affairs Department (CAD) annual report. Last year, there were ...

United Kingdom

UK Criminal Finances Act 2017 Commences with New Tax Evasion Offences ...
[Overview] - Oct 10, 2017 - Jd Supra.Com - Part 3 of the UK Criminal Finances Act 2017 (the "CF Act") came into force creating new corporate offences for failing to prevent the facilitation of UK or overseas tax evasion.  Similar to the standard set...

Virtual Currencies

Singapore exploring use of blockchain to link National Trade Platform to trade ...
[Opinion] - Oct 11, 2017 - Open Gov Asia.Com - Priyankar Bhunia - Using the example of cross-border trade, he mentioned two areas, which Singapore is exploring applications of DLT: trade finance and trade documentation. In trade finance...

Why is Africa Slow on the Bitcoin Uptake?
[Opinion] - Oct 10, 2017 - Coin Telegraph.Com - Darryn Pollock - There are masses of potential for Bitcoin in Africa. It's a monetary system for the unbanked, it's trustless and far less corruptible, and it can create a new monetary system where there's ...

How Blockchain Technology Made It to Real Estate Business
[Opinion, Real Estate] - Oct 10, 2017 - Coin Telegraph.Com - Andrew Marshall - Every now and then, we get reports of another old-fashioned industry embracing Blockchain and its innovations. Even though this parade is mostly led by ...

Global Regulators Play Bitcoin Whack-a-Mole as Demand Explodes
[Opinion] - Oct 11, 2017 - Bloomberg.Com - Olga Kharif & Camila Russo - Regulators worldwide are finding that it's incredibly hard to control the explosive growth of money tied to no nation. Russian President Vladimir Putin is ...

Central Bank has already warned Kenyans against using Bitcoin
Oct 11, 2017 - Standard Media.Co.Ke - Dominic Omondi - Kenyans aren't the type to get left behind when it comes to global trends. So it doesn't come as a surprise that Bitcoin, a virtual currency, is taking the country by storm just as its ...

The Crypto Gateway Knocking-Off Barriers and Enabling Financial Inclusion
[Opinion] - Oct 11, 2017 - Crypto Coins News.Com - Only a very small percentage of the total world population is aware of Blockchain and cryptocurrencies. Among those who have heard of or are aware of this new technology, only a few are really ...

Global watchdogs unlikely to ban digital currencies - but expect a raft of new ...
[Opinion] - Oct 11, 2017 - SCMP.Com - Enoch Yiu - Global regulators are unlikely to ban digital currencies altogether - but they will bring in tighter scrutiny on the buying and selling of bitcoin and its peers to ensure they comply with AML ...

China's 'Zero Tolerance' Policy on Cryptocurrency Crimes
[Opinion] - Oct 10, 2017 - Investopedia.Com - Nathan Reiff - A state-backed Chinese media organization has voiced prominent support for regulators in the country to take a strong stance against crimes that involve cryptocurrencies...

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Quote of the Day
"For me, my life is like a loan given from God, and I will give this loan back, but with interest."

-Andy Wimmer

Word of the Day

Eleemosynary - eləˈmäsnərē - Relating to or dependent on charity (of an institution).

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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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