The National Money Transmitters Association

The NMTA's Daily News Clippings


Thursday, August 10, 2017

Top Stories

Denial of [Correspondent] Banking Services

Report: Banking sector slide continued in 2016
Aug 8, 2017 - Cayman Compass.Com - The number of Class B banks registered in the Cayman Islands fell from 172 in 2015 to 148 last year, the largest decline since 2004, according to the Economics and Statistics Office's 2016 annual economic ...

Company Announcements

Western Union Partners Liverpool FC on Money Transfer
Aug 10, 2017 - Business Post.Ng - Dipo Olowookere - A multi-year partnership deal has been signed between Western Union Company and Liverpool FC of England. The deal will see Western Union, a leader in global payment and money transfer ...

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Anti-Corruption

China calls for expanded anti-corruption cooperation with Canada
Aug 10, 2017 - Tribune India.Com - China wants to expand its anti-corruption cooperation with Canada, Chinese Foreign Minister Wang Yi told his Canadian counterpart, a country which Beijing says has been a popular destination for dirty ...

National Police to Form Anti-Corruption Corps
[Indonesia] - Aug 9, 2017 - En.Tempo.Co - The anti-corruption corps to be formed by the National Police is not aimed at taking over the role of Corruption Eradication Commissions (KPK). "Note that the unit will not KPK's rival. It will serve ...

Anti-Corruption: FG urged to tighten Beneficial Ownership laws
[Nigeria] - Aug 9, 2017 - Daily Trust.Com.Ng - Abbas Jimoh & Eniola Ekun - The Federal Government has been urged to fast-track the processes of reviewing the Corporate Affairs Commission (CAC) Act to ensure that the Beneficial Ownership...

[State] Asset Forfeiture

It's time to reform civil asset forfeiture
[Opinion, Wisconsin] - Aug 9, 2017 - HNG News.Com - Civil asset forfeiture is the procedure by which law enforcement agencies can seize assets and property they suspect were the proceeds of a crime, purchased with the proceeds of a crime ...

Events

One Day Common Reporting Standard Course
[Upcoming Conference, Dec 7, 2017 - London] - Aug 9, 2017 - Business Wire.Com - The introduction of US FATCA in 2010 saw a clamp down on US citizens evading tax, an initiative that was to change the face of the fight on financial crime ...

Financial Inclusion

Uganda: Banks Told to Promote Youth Entrepreneurship
Aug 10, 2017 - All Africa.Com - Edna Kyokunzire - For banks to deepen financial inclusion and encourage entrepreneurship among the youth, they need to critically understand that particular target audience, the managing director ...

Financial Services

How To Live Forever In The Financial Services Space
[Opinion] - Aug 10, 2017 - Pymnts.Com - Slow and steady doesn't win the financial services race. If you're not ahead, you're behind, especially if you're playing on the global stage. From user interface technology to security and risk ...

Fines, Crimes & Cases

BTC-e Controls Just 55% of Customer Funds, Faces Penalties From FinCEN
Aug 9, 2017 - The Merkle.Com - JP Buntinx - Ever since the BTC-e exchange shut down unexpectedly, there have been very few updates on the matter. The alleged operator of the exchange remains in custody. A new document regarding ...

CBA boss admits 'vulnerabilities' left bank exposed as he defends failure to ...
[Australia] - Aug 9, 2017 - Daily Telegraph.Com.Au - Jennifer Sexton - THE boss of Australia's biggest bank has admitted that criminals were quick to exploit gaps in its systems, as he struggled to explain how more than...

DOJ's Aguirre says no easy way out for Comelec chief
[Philippines] - Aug 9, 2017 - Business Mirror.Com - Joel R. San Juan - The Department of Justice (DOJ) said on Wednesday it would still pursue the possible graft and money-laundering case against Commission on Elections (Comelec) ...

Malta

Malta could face infringement procedure
Aug 10, 2017 - Independent.Com.Mt - The European Commission has sent a letter to the Maltese government asking why it failed to transpose the fourth anti-money laundering directive into law, which is aimed at making it ...

Money Transfer Business

Top reasons US consumers transfer money highlight pmts opportunities...
[Report] - Aug 9, 2017 - Banking Tech.Com - With competition for cross-border payments heating up, new data from currency exchange website XE, part of Euronet Worldwide, shows that US residents are transferring money internationally ...

Papua New Guinea

Chamber Urges Govt Compliance
Aug 9, 2017 - Post Courier.Com.Pg - Michael Arnold - With the PNG government confronted with one of the largest accumulations of debt since independence, a great amount of pressure has now been placed on the new government, to provide ...

Philippines

Philippines exits dirty money review: global watchdog
Aug 10, 2017 - News.ABS-CBN.Com - The Asia-Pacific Group on Money-Laundering, a global watchdog, said the Philippines and 6 other jurisdictions "exited" its review following "significant compliance" in tightening their regulations. ...

Remittances & Immigration

Why Deepak Chopra opposes Trump's Mexican border wall 
[Opinion] - Aug 10, 2017 - Market Watch.Com -  Deepak Chopra & Kabir Sehgal & Paul Avgerinos - The world now knows what Donald Trump has long understood - Mexico isn't going to pay for his proposed border wall...

South Africa

SA 'on track' to satisfy Financial Action Task Force
Aug 10, 2017 - Business Live.Co.Za - Linda Ensor - SA's system of financial regulation is expected to meet the expectations of the Financial Action Task Force when the organisation meets in October, says Treasury deputy director-general ...

United Kingdom

The FCA publishes report on new technologies and AML compliance
Aug 9, 2017 - Burges-Salmon.Com - Adrian Shedden - On 2 August, the FCA published its report on 'new technologies and anti-money laundering compliance '. The report is intended to increase the FCA's understanding of emerging ...

Also See:
[Report] - Aug 2, 2017 - FCA.Org.Uk

Money Laundering Regulations 2017 now in force
Aug 9, 2017 - Lexology.Com - The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26 June 2017; implementing the EU's Fourth Money Laundering Directive ...

Virtual Currencies

Practical Examples Of How Blockchains Are Used In Banking And The Financial...
Aug 10, 2017 - Forbes.Com - Bernard Marr - While there are still several hurdles to overcome before blockchain transforms finance and banking as we know it, the potential cost and labor savings it could create for the global financial market ...

Blockchain and Retail: Four Opportunities
[Opinion] - Aug 9 , 2017 - Forbes.Com - Nikki Baird - Bitcoin, blockchain, distributed ledgers, cryptocurrencies - you could almost forget about IoT and big data, with the way people are talking about blockchain these days...

Bitcoin's Civil War
[Opinion] - Aug 9, 2017 - Palisades Hudson.Com - Larry Elkin - What does the world need less than a computer-generated currency called bitcoin? I'd say two computer-generated currencies called bitcoin. But for at least the time being ...

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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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