The National Money Transmitters Association

The NMTA's Daily News Clippings


Friday, August 11, 2017

AML Compliance Trends

The importance of process automation in your anti-money laundering efforts
[Opinion] - Aug 2017 - All Sec Tech.Com - Bank Secrecy Act and Anti-Money Laundering (BSA/AML) are the top regulatory burden for Financial Institutions (FIs) today. They are looking for new technology to address this problem ...

Anti-Corruption

Massive assets freeze in Ethiopia high-level anti-corruption crackdown
[Ethiopia] - Aug 11, 2017 - Africa News.Com - A court in Ethiopia has ordered the freezing of assets belonging to individuals and entities listed in a recent anti-corruption crackdown. The Addis Fortune portal reports that some 210 individuals ...

Is there a culture of honesty in India?
[Opinion, India] - Aug 11, 2017 - Live Mint.Com - As India prepares to celebrate its 70th year of independence, it will do so as a nation that has confounded many sceptics over the decades-first with its technological accomplishments, wiping out ...

Asset Forfeiture

Conservative groups, lawmakers unite to end civil asset forfeiture
[Federal] - Aug 11, 2017 - Personal Liberty.Com - Sam Rolley - Bills currently working through the House of Representatives would put a stop to Attorney General Jeff Sessions' attempts to double down on government theft of property from ...

Asset forfeiture foes in Michigan criticize new Justice Department directive
[Opinion, Michigan] - Aug 11, 2017 - Watchdog.Org - Property-rights and civil-liberties advocates in Michigan vow to continue efforts to reform the state's civil asset forfeiture rules in the wake of the U.S. Justice Department's recent move ...

Also See:
[Opinion, Wisconsin] - Aug 10, 2017 - HNG News.Com -  Diane Graff

[Opinion, Florida] - Aug 11, 2017 - Reflector.Com

CFPB

NBPCA requests more changes and time to comply with CFPB's prepaid ...
Aug 10, 2017 - Banking Tech.Com - US-based Network Branded Prepaid Card Association (NBPCA) submitted its comment letter to the Consumer Financial Protection Bureau's (CFPB) on the bureau's proposed changes to the final prepaid ...

Where Dodd-Frank Didn't Go Far Enough
[Opinion] - Aug 10, 2017 - Bloomberg.Com - There are undoubtedly some areas where the Dodd-Frank financial reform went too far. But as the Trump administration and Republican legislators look for what they can roll back, they should keep in ...

Why Hasn't Trump Fired CFPB's Cordray?
[Opinion] - Aug 10, 2017 - Forbes.Com - John Berlau - Another day, another Trump administration official fired or threatened with firing. That's what political news has seemed like for the past few weeks. But almost as fascinating as the ...

China

Can Chinese Banks Survive the FinTech Revolution?
[Opinion] - Aug 5, 2017 - The Market Mogul.Com - Vito Petan - Mobile payments market in China reached $5,5trn in 2016. Besides almost never using cash in a store anymore, I am paying for my rent, my gym, taxis and bicycles with Wechat pay...

Company Announcements

WhatsApp to allow bank to bank transfer using UPI?
Aug 10, 2017 - Alive For Football.Com - Kerry Garner - With the increased consumer awareness, companies such as Paytm, Samsung and Facebook are now looking to tap this massive segment. For WhatsApp, the discussion for UPI ...

Compliance - Other

Fintech is filling banking's gaps for international supplier payments
[Opinion] - Aug 11, 2017 - Payments Source.Com - In today's connected world, it's much easier for companies to do business with global suppliers, and more companies are doing so. Fortunately, there's a simple way to pay suppliers in ...

OCC Has Banking Sandbox-Like 'Pilot' for Fintechs in the Works
Aug 10, 2017 - Law.Com - Stephanie Forshee - The Office of the Comptroller of the Currency is looking to launch what it calls a bank-run "pilot" that would help support financial technology companies, according to the federal banking regulator's ...

Europe

European Banking Association Publishes FinTech Discussion Paper
Aug 10, 2017 - Nat Law Review.Com - On August 4, 2017, the European Banking Association (EBA) published a discussion paper on its approach to FinTech. To enable a better understanding and insight into the financial services offered ...

Events

AVCU's 2017 Bank Secrecy Act & Anti-Money Laundering Seminar
[Upcoming Seminar, Oct 17, 2017- West Lebanon] - Aug 11, 2017 - Event Brite.Com - Few regulations are as complex and have as many nuances, related anti-money laundering laws, and regulations as the Bank Secrecy Act. Effective ...

Beneficial Ownership - Why the Devil is in the Detail
[Recorded Webinar, Turn Your Volume Down] - Sep 16, 2016 - Bright Talk.Com - Beneficial Ownership and Ultimate Beneficial Ownership (UBO) identification and verification are critical requirements for combating everything from financial crime, tax evasion and ...
Financial Inclusion

Financial Inclusion Strategy to be implemented in 2018
[Ghana] - Aug 10, 2017 - Ghana Web.Com - Director of Financial Sector Division at the Ministry of Finance, Sampson Akligoh has revealed that the sector minister has approved a policy for a financial inclusion strategy which would be implemented ...

Fines, Crimes & Cases

Re-nationalise the Commonwealth Bank now!
[Ongoing Story, Opinion, Australia] - Aug 11, 2017 - Green Left.Org.Au - Jim McIlroy - The case for re-nationalising the Commonwealth Bank of Australia (CBA) is becoming stronger every day. The latest in a string of scandals to hit...

Also See:
Aug 11, 2017 - In.Reuters.Com - Paulina Duran & Swati Pandey

AUSTRAC Commonwealth Bank case: How the money was laundered
Aug 10, 2017 - AFR.Com - Joanna Mather - Young Chinese national Jizhang Lu took shopping bags full of cash to the offices of meat export company CC&B International, where staff counted the money before handing him fake invoices for ...

Isle Of Man

Government publishes financial crime strategy in the wake of international ...
Aug 10, 2017 - IOM Today.Co.Im - The strategy builds on previous work to combat money laundering and terrorist financing, which has been reinforced by the findings of the island's MONEYVAL assessment undertaken in 2016...

Macao

The Macao SAR Government's work on AML/CFT over the last 10 years
Aug 10, 2017 - Portal.Gov.Mo - Macao has obtained an outstanding result in the recent Asia/Pacific Group on Money Laundering (APG) Mutual Evaluation. It must be emphasized that the outcome of the evaluation does not come in a sudden...

New Zealand

New Zealand Ministry of Justice redefines meaning of a "law firm"
Aug 11, 2017 - Australasian Lawyer.Com.Au - A late amendment to New Zealand's Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill has redefined the meaning of "law firm" after an unintended error...

Pakistan

SBP seeking LEAs to curb illegal money transfers
Aug 11, 2017 - The News.Com.Pk - Erum Zaidi - The central bank has sought help of law enforcement agencies to stop money laundering as well as the menace of cash smuggling across borders in a bid to boost remittance inflows to the ...

Philippines

Philippines removed from AML watch after casino inclusion
[Casinos & Gambling] - Aug 11, 2017 - GGR Asia.Com - The Philippines has been removed from an international money laundering watch list after enacting a law that brings the nation's casinos within the scope of the country's Anti-Money Laundering...

Publications - Other

Are online providers still much cheaper?
[Newsletter] - Aug 2017 - Fx Compared.Com - Anyone in the payments space knows international payment providers are engaged in a price war over consumer spot transactions. Online providers such as Transferwise, Azimo, Remitly have used their ...

Remittances & Immigration

Immigration Is Mainly about Values, Not Economics
[Opinion] - Aug 11, 2017 - National Review.Com - Max Bloom - Here's a story. Long before immigration from Mexico was an issue in America, immigration from America was an issue in Mexico. The question in the 1820s was over ...

Trump's new immigration plan would make Americans poorer
[Opinion] - Aug 11, 2017 - VOX.Com -  Matthew Yglesias - A new Trump-embraced proposal by Sens. Tom Cotton (R-AK) and David Perdue (R-GA) to restrict legal immigration while making the overall immigration system more "merit-based"...

A few important facts to consider on immigration
[Opinion] - Aug 10, 2017 - Washington Post.Com - With an aging workforce, immigrants will help our children avoid massive tax increases, because they will be key to maintaining a healthy dependency ratio. In this way, they will help support ...

Russia

Government wants companies to disclose beneficiaries within 5 days in ...
Aug 10, 2017 - En.Crime Russia.Com - Russian Prime Minister Dmitry Medvedev signed a decree obliging legal entities to provide information on their beneficial owners in a certain time. Now, according to the government's decree ...

United Kingdom

Compliance: Overcome the data deficit
Aug 11, 2017 - Finextra.Com - The technology requirements to analyse large data sets have never been more in demand in Financial Services. In 2017 financial institutions are creating vast swathes of data far beyond what we saw just a decade ...

Virtual Currencies

Bitcoins of zero tolerance: digital currency in criminal world
Aug 10, 2017 - En.Crime Russia.Com - Given the absence of a single standard for the regulation of the digital currency, each country independently determines whether operations with bitcoins or any other virtual banknotes ...

Lawmakers want Australia to recognize bitcoin as official currency
Aug 10, 2017 - Calvin Ayre.Com - Jasmine Solana - In Australia, a bipartisan group of lawmakers is pushing to get the country recognize bitcoin as an official form of currency. According to the Sydney Morning Herald, labor and coalition ...

Bitcoin Start-Ups Are Finding Secret Protection in These Offshore Tax Havens
Aug 10, 2017 - The Street.Com - Tanzeel Akhtar - There are a number of Bitcoin and tech companies popping up in places like Gibraltar, the Cayman Islands and the Isle of Man due to the attractive tax benefits and loose regulations...

Zimbabwe

The Diaspora Should Engage In Zimbabwe's Development Instead Of Just ...
Aug 11, 2017 - Zimeye.Net - Dr Masimba Mavaza - Zimbabwe's recent growth, which has been associated with command economy re ects a country that is ripe for economic transformation. However, for Zimbabwe's economies to ...

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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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