The National Money Transmitters Association
A Rich Resource for Intelligence on the Money Transfer Industry

Today's Daily News Clippings!

Friday - April 28, 2017 - Full Edition

Mexico Assembles Team for All-Out Legal Assault on Border Wall
April 27, 2017 - CNS News.Com - Mark Browne - Mexico's foreign secretary is planning an all-out legal assault on any future construction of a border wall by the U.S., to include filing suits in U.S. and international courts over possible ... Read More ...

Also See:
Trump to tax remittances to Caribbean countries to fund wall
[Video - Brief Mention] April 27, 2017 - Caribbean National Weekly.Com

Jamaica keenly monitoring US border wall funding proposal
[Ongoing] - April 28, 2017 - Jamaica-Gleaner.Com

New federal bill would allow banking for marijuana businesses
April 27, 2017 - The Cannabist.Co - Alicia Wallace - Marijuana businesses can't openly bank and congressman Ed Perlmutter, D-Colo., is hoping to change that. Perlmutter on Thursday introduced the SAFE Banking Act, legislation that ... Read More ...

"The bill is a reintroduction of the Marijuana Businesses Access to Banking Act, which was first introduced in 2013 - and again in 2015 - and subsequently languished."

Also See:
H.R.2076 - Marijuana Businesses Access to Banking Act of 2015
April 28, 2015 - - House - Financial Services; Judiciary
Safe Harbor
Licensed money transmitters need and deserve a bill to grant a similar, limited, conditional safe harbor to banks that wish to bank us. -Ed.
"Marijuana Businesses Access to Banking Act of 2015 This bill provides a safe harbor for depository institutions providing financial services to a marijuana-related legitimate business insofar as it prohibits a federal banking regulator from: (1) terminating or limiting the deposit or share insurance of a depository institution solely because it provides financial services to a marijuana-related legitimate business; or (2) prohibiting, penalizing, or otherwise discouraging a depository institution from offering such services.
A federal banking regulator may neither recommend, motivate, provide incentives, nor encourage a depository institution to refuse to offer financial services to an individual, nor downgrade or cancel financial services offered to an individual, solely because the individual: (1) is a manufacturer, producer, owner or operator of a marijuana-related legitimate business; or (2) the depository institution was not aware that the individual is the owner or operator of a marijuana-related legitimate business.
A federal banking regulator may not take any adverse or corrective supervisory action, solely because of the business involved, on a loan made to an owner or operator of: (1) a marijuana-related legitimate business, or (2) real estate or equipment that is leased to a marijuana-related legitimate business.
Immunity from federal criminal prosecution or investigation is granted, subject to certain conditions, to a depository institution that provides financial services to a marijuana-related legitimate business in a state or one of its political subdivisions that allows the cultivation, production, manufacture, sale, transportation, display, dispensing, distribution, or purchase of marijuana. Neither the depository institution nor its officers, directors, nor employees may be held liable under federal law or regulation solely for providing such financial services or further investing income derived from those services.
The Department of the Treasury must require any suspicious activity report filed by a financial institution regarding a marijuana-based business to comply with specified guidance of the Financial Crimes Enforcement Network."

Money Transfer Goes Social: What the Facebook Land Grab Means
[Opinion] - April 27, 2017 - Pay Before.Com - Drew Sullivan - Facebook Messenger is a communication tool spun out of the traditional Facebook app. It enables a user to reach out directly to other users ... Read More ...

Apple wants your iPhone to make money transfers - report
April 28, 2017 - Trusted Reviews.Com - Apple is mulling the idea of building its own money-transfer service, and is actively talking to industry leaders about the move, apparently. That's according to reputable tech site Recode, ... Read More ...

The Fight For The $400 Billion Business Of Immigrants Sending Money Home
[Opinion] - April 28, 2017 - fast - Ben Schiller - "Dollars wrapped with love." That's how Dilip Ratha describes remittances-the money immigrants send home to their families and friends. "There are ... Read More ...

Remittances to Caribbean, Latin America up in 2016
[Opinion] - April 28, 2017 - Stabroek News.Com - The Caribbean and Latin America were notable exceptions to a broader global trend of reduced remittances last year with the World Bank reporting a 6.9 per cent ... Read More ...

ItzCash partners with Prabhu Money for Indo-Nepal remittances
April 28, 2017 - Finextra.Com - ItzCash, India's largest digital payments company and the leading player in domestic remittances, has further ventured into cross-border remittances through its collaboration ... Read More ...

Washington updates money transmitter law to include virtual currency
April 27, 2017 - Fintech.Cooley.Com - Josh Garcia - On April 17, the state of Washington enacted a new law that, among other things, formally adds virtual currency to its money transmitter law. The new law incorporates virtual ... Read More ...

Also See:  
West Virginia Lawmakers Complete Bitcoin Money Laundering Bill
April 28, 2017 - Coin Desk.Com - Stan Higgins

Will Bitcoin disrupt the remittance industry?
[Opinion] - April 28, 2017 - It Proportal.Com - Fred Schebesta - The digital age has seen the rise of new players shaking up the money transfer market. From banking to peer-to-peer platforms, is Bitcoin the next to make its ... Read More ...


Advanced, One-On-One NMTA Compliance Training


Calibrate Your BSA/AML Knowledge

These questions were originally developed for the One-On-One Training, but it occurred to me, if one knows the answers already, why sit through the training?
So, if you would like to sit for the test, just become an Individual NMTA Member [annual dues: $295]. NMTA Corporate Members may sit for the test at no additional charge.
You will receive all the answers in writing, to study in advance, and I will give you one hour of one-on-one test preparation over Skype, included. The tests contain the questions I think every compliance professional should know the answers to.
The test will be given orally, over Skype. Afterwards, I will also ask you to look up certain reference documents on the web, under observation. If you pass, you will receive an Achievement Certificate.
If you think you would like some tutoring before taking the test, please check out the One-On-One NMTA Training, and call me with any questions you may have.

Now here is that pop quiz for all you BSA/AML geeks:
   BSA/AML Literacy Test
These are the core questions. For extra credit, have a look at these:
   Additional Questions


Agent 3-In-1 Supervision Package

NMTA White Paper Released 12/15/2015
"How to Bank MSBs and Payments Companies"
   En Español:
   Recomendaciones Para Bancarizar MSBs

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