The National Money Transmitters Association

The NMTA's Daily News Clippings

Wednesday, December 6, 2017

Top Stories

Fintech Regulation Around the World

Fintech at tipping point as regulators start taking sector seriously
[Opinion, New Zealand] - Dec 6, 2017 - NBR.Co.Nz - Paul McBeth - New Zealand's burgeoning fintech sector is coming of age with the likes of the Reserve Bank thinking more deeply about the impact changing technology will have on ...

Mexican Senate passes fintech law
[Mexico] - Dec 6, 2017 - reuters.com - Sheky Espejo - Mexico's Senate on Tuesday approved a bill that would regulate its fast-growing financial technology sector, including crowdfunding and cryptocurrency firms, paving the way for a vote by ...

The Money Transfer Business

Jack Ma expected to fail for third time in bid to acquire MoneyGram
[Opinion] - Dec 5, 2017 - NY Post.Com - Josh Kosman - The Chinese mogul's Ant Financial is expected to fall short this week in its attempt to convince federal regulators to clear the company's $1.2 billion purchase of MoneyGram, The Post ...

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Anti-Corruption Around the World

Fighting the economic cost of corruption
[Opinion, Subscription Required] - Dec 5, 2017 - Compliance Week.Com - Tom Fox - In a speech announcing a new policy regarding Foreign Corrupt Practices Act (FCPA) enforcement policy, Deputy Attorney General Rod Rosenstein, recognized ...

Also See:
[Remarks] - Nov 29, 2017 - Justice.Gov

40 Years Of FCPA: The Rise In International Enforcement
[Opinion, Subscription Required] - Dec 5, 2017 - Law 360.Com -  Cheryl Scarboro & Diana Wielocha -  Leading up to the 40th anniversary of the Foreign Corrupt Practices Act on Dec. 19, this Expert Analysis series features reflections from attorneys who ...

[South Africa] - Dec 6, 2017 - CNBC Africa.Com - The Public Service Commission (PSC) in partnership with the University of South Africa (UNISA) and the United Nations Office on Drugs and Crime (UNODC) cordially invite the members of ...
"International Anti-Corruption Day is commemorated annually on 9 December in recognition of the United Nations Convention against Corruption ..."

[Opinion] - Dec 6, 2017 - Dailyo.In - Shantanu Mukharji - The recent sensational disclosures by Saudi authorities about BNP chairperson and former Bangladesh PM Khaleda Zia's possible complicity in money-laundering, corruption and bribery ...

Also See:
Dec 6, 2017 - Hindustan Times.Com

Dec 6, 2017 - Middle East Monitor.Com

How US Supports Nigeria's Anti-Corruption Efforts
[Opinion] - Dec 6, 2017 - Sahara Reporters.Com - According to the fact sheet, the assistance provided by the US government has been in many areas, including asset forfeiture, anti-money laundering and programmes to support the Nigerian ...

Argentine law on corporate liability and compliance programmes for certain ...
[Upcoming Briefing - January 2018] - Dec 2017 - Financier Worldwide.Com - Several proposals for new anti-corruption regulations have been made by president Macri's administration since he took office in December 2015. Some of these have ...

FCPA and UK Anti-Money Laundering Act Compliance in Estonia
[Opinion, Estonia] - Dec 5, 2017 - Cee Legal Matters.Com - Marko Kairjak  & Birgit Sisask - According to TRACE Matrix 2016 results, Estonia is the third least corruption prone country in the world, minimizing the risk of liability under anti-corruption ...

Canada

Big-money gamblers face new scrutiny at British Columbia casinos
[Opinion, Ongoing Story] - Dec 6, 2017 - Reuters.Com - Julie Gordon - High-roller gamblers will now face more stringent anti-money-laundering standards in British Columbia casinos, the province said on Tuesday, as it unveiled the first set of ...

Also See:
[Press Release] - Dec 5, 2017 - Archive.News.Gov.Bc.Ca

CFPB

Why every American should want a strong CFPB
[Opinion] - Dec 6, 2017 - LA Times.Com - Dennis M. Kelleher - If you have - or ever want to have - a bank account, credit card, debit card, car loan, student loan, home loan, payday loan, credit report or any other financial product of any type ...

Europe

Questions and Answers on the EU list of non-cooperative tax jurisdictions
[Q&A] - Dec 5, 2017 - Europa.Eu - The new list is part of the EU's work to clamp down on tax evasion and avoidance. It will help the EU to deal more robustly with external threats to Member States' tax bases and to tackle third countries that ...

FATCA

FATCA repeal fails, new efforts focus on government agreements
[Opinion, Cayman Islands] - Dec 5, 2017 - Cayman Compass.Com - Tad Stoner - U.S. senators on Friday rejected an amendment to tax-reform legislation that would have repealed the Foreign Accounts Tax Compliance Act, dashing immediate ...

Financial Inclusion

Alex Kong: 'There are 1.6 million unbanked working adults in the UK'
[Opinion] - Dec 6, 2017 - Blogs.LSE.Ac.Uk - Alex Kong - Alex Kong, founder and CEO of TNG, estimates that there are two million people around the world who do not have access to a bank account, including people in the UK. "There are 1.6 million...

'Why tech alone won't accelerate financial inclusion'
[Opinion] - Dec 6, 2017 - New Telegraph Online.Com - Tony Chukwunyem - Contrary to the view in some quarters, technological innovation is not enough to eliminate financial exclusion. Rather, countries must ensure the development ...

Nigeria: Piloting the National Financial Inclusion Strategy
[Opinion] - Dec 6, 2017 - All Africa.Com - Arize Nwobu - Financial inclusion is a main stream topic among policy makers across the globe. In the lexicon of finance and banking, it has been defined as "the delivery of financial services at...

Why banking the world's unbanked in 2017 hinges on data science
[Opinion] - Dec 6, 2017 - IB Times.Co.Uk - Steve Polsky - In a recent report, McKinsey Global Institute revealed that widespread adoption and use of digital finance could increase the GDPs of all emerging economies by 6 percent, or a total ...

Also See:
[Old Report] - Sep 2016 - Mckinsey.Com - McKinsey Global Institute

Fines, Crimes & Cases

Dec 5, 2017 - Iran News Update.Com - The US government's star witness in a huge court case related to the breaching of sanctions against the Iranian Regime has admitted that he paid bribes in order to get released from a...

Lithuania

Lithuania Continues its Fight Against Money Laundering & Corruption
Dec 5, 2017 - Cee Legal Matters.Com - Vilius Bernatonis - Money laundering and corruption are closely related; therefore, they should be tackled systemically. Lithuania's setting in these areas is rather ambiguous - it is ranked among the top...

Philippines

AMLC adopts stricter controls against money laundering
Dec 6, 2017 - Rappler.Com - The Anti-Money Laundering Council (AMLC) stepped up efforts to fight money laundering as well as criminal and terrorism financing. AMLC Secretariat Executive Director Mel Georgie Racela said on Wednesday ...

Trinidad & Tobago

TT on EU blacklist
[Opinion] - Dec 5, 2017 - News Day.Co.TT - Carla Bridglal - Attorney General Faris Al-Rawi yesterday said he already told the country to expect that it would be placed on the latest European Union (EU) report as a, "non-cooperative jurisdiction for tax ...

United Kingdom

Why Brexit Is Finally Driving Costs Decisions
[Opinion] - Dec 6, 2017 - International Banker.Com - Aaron Lipeles - The pace of public announcements has picked up following pressure from the Bank of England for banks to submit plans for coping with a hard Brexit. HSBC has now declared ...

Virtual Currencies

Democratizing Finance: Regtech Leader Coinfirm Beats Presale Goal for AMLT...
[Press Release] - Dec 6, 2017 - Bitcoinist.Com - The blockchain regtech company announces a December 12th start date for public sale of the anti-money laundering compliance AMLT token following a successful pre-sale...

RBI reiterates caution against use of virtual currencies, prohibits Bitcoins
[India] - Dec 6, 2017 - India Info Line.Com - Reserve Bank of India (RBI) on Tuesday, December 5, 2017 reiterated caution to the "users, holders and traders" of Bitcoins about the security related risks associated in dealing with the virtual ...

Digital currencies can hurt the US
[Opinion] - Dec 6, 2017 - Bangkok Post.Com - Leonid Bershidsky - Venezuelan President Nicolas Maduro's announcement that the Latin American country will issue a cryptocurrency called the petro to overcome a "financial blockade" by the ...

Choose: All Bitcoin, or New Zealand
[Opinion] - Dec 5, 2017 - Coin Telegraph.Com - Darryn Pollock - As Bitcoin continues to grow and grow, people try to quantify where it stands in relation to other markets, companies, people, and even countries. As it stands today, Bitcoin is ...

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Quote of the Day

"There is no need for temples, no need for complicated philosophies. My brain and my heart are my temples; my philosophy is kindness."

- Dalai Lama

Word of the Day

Tenet
  • A principle or belief, especially one of the main principles of a religion or philosophy.
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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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