The National Money Transmitters Association

The NMTA's Daily News Clippings



Monday, September 11, 2017
 
Top Stories

AML Compliance Trends


The global fight against money laundering
Sep 11, 2017 - Guardian.Ng - It is very comforting that global concern over Money Laundering and Terrorism Financing (ML/TF) reverberated the other day in Valencia, Spain, where the Managing Director of the IMF, Christine Lagarde , used the ...

Denial of Banking Services

HSBC left a MILLION small firms with no bank manager then let call centre...
Sep 6, 2017 - This Is Money.Co.Uk -  James Burton

"Up to 1m businesses are stuck without a bank manager at HSBC - forcing them to deal with anonymous call centre staff who can block their accounts....
"The bank was attacked this week for freezing the accounts of hundreds of entrepreneurs in a botched crackdown on crime....

"Terrified of losing its US banking licence HSBC has introduced stringent checks on companies - including the entirely blameless ones whose accounts were wrongly blocked...."

Also See:
[Press Release, Europe] - Sep 11, 2017 - Real Wire.Com - New data from Corlytics, the global leaders in regulatory risk intelligence, shows that European banks are under disproportional enforcement pressure from US regulators....

Correspondent Banking Declines Amid Regulatory Pressures, Says IMF
Sep 11, 2017 - Pymnts.Com - A new report from the International Finance Corporation, a part of the World Bank Group, finds correspondent banking relationships are down, an unintended consequence of regulatory reform. ...

U.S. Enforcement Guidance 'Helpful But Won't Halt De-Risking'

[Subscription Required] - Sep 11, 2017 - Payments Compliance.Com - Updated enforcement guidance issued by U.S. federal banking regulators is unlikely to prove to be the panacea for payment providers threatened with account closures, legal ...

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Africa


Africa leads world in mobile money and improves financial inclusion
[Report Overview] - Sep 11, 2017 - The Next Silicon Valley.Com - Nitin Dahad - Over the last decade, global mobile money adoption has been driven by growth in Sub-Saharan Africa, according to a recently published GSMA report (the global ...

Also See:
[Report] - Sep 2017 - GSMA.Com

AML Compliance Trends

To truly transform KYC and AML operations adopt AI and ML...
[Opinion] - Sep 11, 2017 - Finextra.Com - Anjani Kumar - In an earlier article entitled "The unquenched longing for a transformed KYC-AML solution" I had talked about the key challenges that financial institutions (FIs) have been facing with regards ...

Survey: Bankers Anticipate Increases in BSA/AML Spending, Staffing
Sep 8, 2017 - Banking Journal.ABA.Com - More than a third of bankers say they expect to spend more money on their Bank Secrecy Act and anti-money laundering programs over the next year, according to a new benchmarking survey by the ...

Anti-Corruption

Civil society to petition government on Anti-Corruption Bill
[Solomon Islands] - Sep 11, 2017 - SIBC Online.Com.Sb - Civil society representatives will petition the government to reintroduce and pass the Anti-Corruption Bill 2016. Members of civil society organisations in the country....

Lawmakers to mull tougher corruption law
[Vietnam] - Sep 11, 2017 - Vietnam News.Vn - The revision of the 2005 Law on Anti-Corruption will provide for the formation of an independent office or agency to monitor major changes in assets or income declared by officials.  ...

Bangladesh

Bankers form anti-money laundering association
Sep 11, 2017 - The Daily Star.Net - Bankers formed an association of anti-money laundering compliance officers with an aim to work closely and effectively with the Bangladesh Financial Intelligence Unit and other regulatory authorities, the ...

CFPB

The CFPB's Final Arbitration Rule Run Amok
[Opinion] - Sep 11, 2017 - The Reg Review.Org -  Alan S. Kaplinsky & Mark J. Levin - The Consumer Financial Protection Bureau (CFPB) issued a final rule this summer that will prohibit financial services companies from including pre-dispute arbitration agreements with class action waivers in their consumer account contracts...

China

China central bank vice governor says financial risks on the rise
[News In Brief] - Sep 11, 2017 - Reuters.Com - China will strictly fend off risks from money laundering and terrorism financing, a People's Bank of China vice governor has said. On Monday, the central bank's website published comments ...

Company Announcements

TerraPay Gets Approval for Cross-Border Money Transfers in South Africa
Sep 11, 2017 - Business Post.Ng -  Modupe Gbadeyanka - Report reaching Business Post confirms that South African Reserve Bank (SARB) has given an approval to world's first mobile payments switch, TerraPay, for the launch of cross-border money ...

Instant international money transfers soon
[India] - Sep 11, 2017 - Live Mint.Com - Vivina Vishwanathan - Kotak Mahindra Bank has tied up with Earthport, a cross-border payments company. The bank has also launched an online platform for remittances. "Now we have a customer-facing portal ...

Compliance - Other

Congress might expand the Patriot Act to areas that have nothing to do with ...
Sep 8, 2017 - Washington Examiner.Com - Jason Pye - Last summer, there was a legislative effort in the House of Representatives to expand the USA Patriot Act, the controversial post-Sept. 11 anti-terrorism law. Thankfully, the effort failed ...

Here's Why US Tax Regulation Is So Complex
[Old Opinion] - Aug 22, 2017 - The Market Mogul.Com - Neil Winward - A recent visit to Pearl Harbor was a powerful reminder of the kind of achievement that is possible when great adversity confronts a nation and leadership summons its people ...

[Sanctions] Denial of Banking Services

China's major banks say 'no' to North Korea
Sep 11, 2017 - AFR.Com - Lisa Murray - Chinese state-owned banks are making it harder for North Koreans to do business, turning away new clients and asking existing customers to close their accounts, as part of the government's response to ...

FinCEN

FinCEN Proposes New Reporting Requirements for Cyber-Events
Sep 2017 - Vorys.Com - The Financial Crimes Enforcement Network (FinCEN) earlier this year issued a proposed rule to change certain data fields on its Suspicious Activity Report (SAR) form. While most of the proposed changes would alter ...

Pakistan

Doing the laundry
[Opinion] - Sep 10, 2017 - Tribune.Com.Pk - Money laundering as a term that many are familiar with but few understand what it means. It is a criminal act, the process of transforming the profits of crime and corruption...

United Kingdom

Brexit causing compliance confusion as quarter of UK finance firms struggle ...
[Opinion] - Sep 11, 2017 - IBS Intelligence.Com - Uncertainty around the UK's general election and Brexit negotiations have meant that nearly a quarter of financial services firms have delayed their regulatory compliance procedures...

Virtual Currencies

Financial Services Regulation
Sep 11, 2017 - Finextra.Com - Digital currencies like Bitcoin and Ethereum are what most people think of when they hear "blockchain", but alternative uses for blockchain and distributed ledger technology (DLT) have taken mainstage as ...

China said to ban Bitcoin, virtual currency exchanges
Sep 11, 2017 - Fin 24.Com - China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the $150bn cryptocurrency market after the country outlawed initial coin offerings last week...

Blockchain and Government: The Balancing Act
Sep 10, 2017 - Huffington Post.Com - Alexander S. Blum - This past Monday, we saw China institute a temporary ban on Initial Coin Offerings and delist many blockchain tokens from publicly traded exchanges. China's decision drove markets into a ...

Ukrainian government is planning to use blockchain technology
Sep 11, 2017 - Techjuice.Pk - Talha Hameed  - Ukraine government just tested the blockchain technology for the first time by auctioning the seized assets. It is expected that state properties and land registries will be managed through ...

What Is the Cryptocurrency Tax Fairness Act?
[Opinion] - Sep 9, 2017 - The Merkle.Com - JP Buntinx - Taxation of cryptocurrency has always been a controversial topic. Particularly in the United States, taxation of Bitcoin has been rather problematic at times. A new proposal by US lawmakers seeks ...

"Thriving of BlockChains and Cryptocurrencies in India"
[Opinion] - Sep 10, 2017 - News Patrolling.Com - Cryptocurrencies are a phenomenon known to many people. These are the digital assets which act as a medium of exchange. In most developed as well as developing countries, these types of virtual...

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Quotes of the Day 
A hero is someone who has given his or her life to something bigger than oneself.
- Joseph Campbell

Word of the Day
 
Odyssey - A long journey. Ever since Homer's epic poem the Odyssey told the story of warrior Odysseus' ten-year journey home from Troy, odyssey has meant any epic journey, with both a literal meaning and a figurative one. 

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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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