The National Money Transmitters Association

The NMTA's Daily News Clippings

Tuesday, September 12, 2017

Top Stories

AML Compliance Trends

BAFT: Public-Private Partnerships Needed to Combat Trade-Based Money ...
Sep 11, 2017 - Banking Journal.Aba.Com - A new paper released today by BAFT-ABA's foreign transaction banking subsidiary-called for increased partnerships between public and private entities to help curb the use of trade transactions ...

Also See:
[Subscription Required] - Sep 12. 2017 - Payments Compliance.Com - John Basquill

[Paper] - Aug 2017 - BAFT.Org

Denial of [Correspondent] Banking Services

Payments: where have all the correspondents gone?
[Opinion] - Sep 12, 2017 - Banking Tech.Com - Heather McKenzie - At the recent G20 meeting in Germany, Financial Stability Board (FSB) briefed leaders on its efforts to arrest the decline in correspondent banking relationships...

Correspondent Banking Declines Amid Regulatory Pressures, Says IMF
[Ongoing Story] - 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 ...


AML Compliance Trends

Readiness Checklist for the New Beneficial Ownership Rule
[Opinion, Advisory] - Sep 12, 2017 - APKS.Com - Richard M. Alexander Christopher L. Allen David F. Freeman, Jr. Michael A. Mancusi Brian C. McCormally Kevin M. Toomey - In just eight months, all federally regulated banks, brokers or dealers in securities...

AML/CTF - A decade's experience

[Opinion] - Sep 11, 2017 - Lexology.Com - As the AML/CTF regime approaches its 10th birthday, what are the key issues for the finance industry? From 12 December 2007 reporting entities are required to have in place an AML/CTF program ...


Getting to grips with bribery laws
[Opinion] - Sep 2017 - TTG Media.Com - Bribery and corruption are in the spotlight following stronger measures introduced in April this year to tackle such practices. Aaron Zoanetti, solicitor, commercial at asb law outlines what you need to know...


"Not scared": Australian regulator takes aim at country's powerful banks
[Opinion] - Sep 12, 2017 - Nasdaq.Com - Swati Pandey and Paulina Duran - Australia's corporate regulator took aim at the nation's four major banks, saying the powerful institutions "with a lot of hubris" aren't used to being taken ...


Square Is Becoming a Bank
[Ongoing Story] - Sep 11, 2017 - Investopedia.Com - Rakesh Sharma - Payments processing solution company Square, Inc. is becoming a bank. The San Francisco-based company, which already lends money to small businesses through its Square ...


Consultation on a new retail payments oversight framework
[Ongoing Story] - Sep 11, 2017 - - In particular, the Department is motivated by the need to protect end users from various risks that the Department has identified in the current fragmented regulatory environment where (PSPs) are subject...


Equifax and the CFPB Arbitration Rule: A Tempest in a Teapot
[Opinion] - Sep 11, 2017 - Consumer Finance Monitor.Com - Alan S. Kaplinsky & Mark J. Levin - The recent data breach disclosure by Equifax raised an outcry from consumer advocates trying to link the data breach to the Consumer Financial Protection ...

Company Announcements

Western Union launches online money transfer in Kuwait
Sep 12, 2017 - CPI Financial.Net - Jessica Combes - The transactional website in Kuwait is designed to increase money transfer options, giving customers the choice of a Western Union digital channel and the convenience of sending money any time...

BPI teams up with WorldRemit on digital money transfer
[Philippines] - Sep 12, 2017 - Business.Inquirer.Net - Doris Dumlao-Abadilla - Ayala-led Bank of the Philippine Islands has teamed with leading digital money transfer service WorldRemit to offer a new internet-based remittance service to overseas ...


Poor Handling of Money Laundering Risk Triggers Danish FSA Alarm
[Ongoing Story] - Sep 11, 2017 - Bloomberg.Com - Frances Schwartzkopff  - Denmark was "very close" earlier this year to ending up "in the worst company" amid a review of its anti-money laundering and terrorist financing efforts and more needs to be done...


EU Money Laundering Analysis Offers Lessons for Latin America
[Report Overview] - Sep 11, 2017 - Insight Crime.Org - James Bargent - A new report by the European police agency Europol examines why so much suspect financial activity results in so few money laundering prosecutions, and offers ...


12th Global Money Transfer Summit
[Upcoming Summit, Oct 10-11, 2017 - London] - Sep 2017 - Gmts-Iamtn.Com - The main theme at this year's summit is The future of remittance - technological advances and how they will change the industry. The transitions that the money transfer...

Also See:
[Press Release] - Sep 11, 2017 - Web Wire.Com

Fines, Crimes & Cases

Spain probes ICBC's European unit over money laundering
Sep 11, 2017 - Reuters.Com - Angus Berwick, David Lague, Jesús Aguado - Spain has launched an investigation into the European management of the Industrial and Commercial Bank of China (ICBC) (601398.SS) in Luxembourg as part of a widening ...


Fintech Firms: Reinventing financial services?
[Opinion, Video] - Sep 12, 2017 - Money Control.Com - Fintech Edge is a platform to celebrate and recognise the best innovation from the fintech space. Watch Amit Goel, Co-Founder and MD at Let's Talk Payments talk about how technology along ...


"Financial services are thriving" - FinanceMalta
[Opinion] - Sep 12, 2017 - Times Of Malta.Com - The financial services sector is thriving - as can be seen from the fact that the number of investment services licence holders went up from 149 as at December 2016 to 163 as at June 2017, 60 new...

State Matters - California DBO Bulletin

New Money Transmitter

Bannockburn Global Forex, LLC, Approved:  8/17/17
Intercambio Express, Inc., Approved:  8/14/17
Change of Name

Bancomer Transfer Services, Inc. 
Name changed to BBVA Transfer Services, Inc., Effected: 6/13/17

Trade-Based Money Laundering

Observer: Cyber Crime May be Integrated to Money Laundering Crime
[Opinion, Jakarta] - Sep 11, 2017 - En.Netral News.Com - Cyber crime or information security observer Gildas Deograt Lumy said that Cyber Crime may be integrated into Money Laundering Crime (TPPU). In addition to the TPPU, Gildas also said, the ...

United Kingdom

Tackling the weak links in AML supervision
[Opinion] - Sep Sep 11, 2017 - ION.ICAEW.Com - Michael Izza - In the accountancy sector, unqualified accountants who have a duty to report suspicious activity but aren't members of a professional body are some of the weakest links in the fight ...

Criminal Finances Act 2017 - New Corporate Offences of Failing to Prevent ...
Sep 11, 2017 - Lexology.Com - The United Kingdom's National Risk Assessment of money laundering and terrorist financing in October 2015 identified three priority risks faced by the UK and concluded that a more robust enforcement response is ...

London remains top for financial services
[Subscription Required] - Sep 12, 2017 - The Times.Co.Uk - Katherine Griffiths - London has held on to its position as the world's most attractive financial centre, while New York has fallen amid concerns about President Trump's trade policy...

Consultation on proposed changes to practice rules
Sep 11, 2017 - Law Scot.Org.Uk - We are changing the way in which we supervise our members' AML compliance. The reason for this change is the coming in to force, on 26 June 2017, of the Money Laundering, Terrorist Financing and Transfer of ...

Virtual Currencies

Central Bank breaks silence on virtual currencies
Sep 12, 2017 - Namibian.Com.Na - Ndama Nakashole - The Bank of Namibia on Friday reminded the public that it does not consider virtual currencies as legal tender in Namibia, and virtual currencies are thus not considered equivalent ...

FCA issues total loss warning on Bitcoin boom
[UK] - Sep 12, 2017 - FT Adviser.Com - Damian Fantato - The Financial Conduct Authority has raised concerns about virtual currencies such as Bitcoin, saying investors should be prepared to lose all their money. Initial coin offering issuers accept ...

WSJ, Bloomberg Latest to Claim Bitcoin Exchange Crackdown in China
Sep 11, 2017 - Coin Desk.Com - Rachel Rose O'Leary - Bloomberg and the Wall Street Journal are reporting that China will move to shut down bitcoin exchanges, citing unnamed "informed sources." According to the reports, the ban ...

Blockchain Providing Bridge for Unbanked, Lifting Global Economy
[Opinion] - Sep 11, 2017 - Coin Telegraph.Com - Joshua Althauser - With the increasing price of Bitcoin and Ethereum bringing attention to Blockchain technology, corporations are researching ways the technology could be used to optimize ...

Blockchain's Transformational Potential
[Opinion] - Sep 11, 2017 - Straight Talk.HCL Tech.Com - Basab Banerjee - Blockchain. It's the current buzzword, and not just in financial circles. Indeed, blockchain technology may prove to be a revolutionary way to speed up and verify many...

Quote of the Day
Every day is a winding road. - Sheryl Crow

Word of the Day
Catachresis - Misuse or strained use of words, as in a mixed metaphor, occurring either in error or for rhetorical effect. 


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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