The National Money Transmitters Association

The NMTA's Daily News Clippings


Wednesday, February 15, 2017

Top Story - Denial of [Correspondent] Banking Services

Derisking is causing significant banking problems for 2/3 of US nonprofits
[Opinion] - Feb 14, 2017 - Devex.Com - Sophie Edwards - Derisking by banks is making it difficult for nonprofits working internationally to send and receive money, causing projects to be delayed and even canceled, a new report has found...

Top Story - Mexico

Mexican Breadwinners Fear Paying For Trump's Border Wall
[Opinion, Older Story] - Feb 8, 2017 - KPBS.Org - Jean Guerrero - Remittances to Mexico reached a record $27 billion last year, representing the largest source of foreign income for the country after auto exports.

Top Story - Debunking the Myth That 'Banking is Always Better'

February 12, 2017 - Alex Morrell, Business Insider - University of Pennsylvania professor Lisa Servon went to work as a teller at a check-cashing store to find out why customers use the service. 

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AML Compliance Trends

Authorities should disclose info about efforts to stop banks laundering...
Feb 15, 2017 - Transparency.Org - Transparency International Secretariat - Transparency International today said bank regulators need to publish much more information about whether banks are doing what's required by law to stop ...

Also See:
[Report] - Feb 15, 2017 - Transparency.Org - Transparency International

AI Meets AML: How Analytics Improve Compliance and Cut Costs
[Opinion] - Feb 14, 2017 - Fico.Com - Scott Zoldi, Andrew Jennings & Brian Kinch - Today most of the financial institutions use rules-based transaction monitoring and KYC systems to fight money laundering. There are two main disadvantages ...

Also See:
[Opinion] - Feb 13, 2017 - Fico.Com - Scott Zoldi, Andrew Jennings & Brian Kinch

Bangladesh

Lower remittance inflow worries BB governor
Feb 15, 2017 - The Financial Express-Bd.Com - Bangladesh Bank (BB) governor Fazle Kabir expressed on Tuesday his concern over an increased volume of non-performing loans (NPLs) in the banking system and a sustained downward trend ...

Banks

Community banks hopeful as lawmakers target financial rules
[Opinion] - Feb 13, 2017 - Jsonline.Com - Joyce Rosenberg - Community banks and small businesses are optimistic about changes the Trump administration and Congress have promised to laws that tightened supervision of the banking industry ...

CFPB and the Trump Effect

Catherine Rampell: Don't curb consumer financial protection
[Opinion] - Feb 15, 2017 - Chippewa.Com - The White House may be in chaos, but at least Congress is addressing the issue Americans care about most: making it easier for the finance industry to rip them off...

Also See:
[Opinion] - Feb 15, 2017 - St L American.Com - Erin Goodyear

Feb 14, 2017 - Reuters.Com - Lisa Lambert

Feb 14, 2017 - The Hill.Com

Say goodbye to the controversial CFPB consumer complaint database?
[Opinion] - Feb 14, 2017 - Housing Wire.Com - Brena Swanson - The Consumer Financial Protection Bureau's consumer complaint database might not make it too much further past the one-millionth-complaint threshold due to a Republican-led . . .

Prepared remarks of CFPB Director Cordray at the Financial Literacy ...
[Remarks] - Feb 14, 2017 - CU Insight.Com - The commission continues to be a valuable forum for promoting financial literacy and a catalyst for improving the financial well-being of consumers. Today, we will be discussing two issues. ...

What America's Community Banks Need From a Dodd-Frank Overhaul
[Opinion] - Feb 14, 2017 - Fortune.Com - Frank Sorrentino - As the Trump administration continues to reassess and rework much of the previous administration's policies, the fate of the largely debated Dodd-Frank...

Also See:
[Opinion] - Feb 14, 2017 - M Call.Com
[Opinion] - Feb 14, 2017 - Bloomberg.Com - David Shipley

[Opinion] - Feb 15, 2017 - Huffington Post.Com - Sarah Nadav

Company Announcements

PayPal Buys TIO To Get Access To The Unbanked
Feb 15, 2017 - Pymnts.Com - PayPal Holdings announced Tuesday (Feb. 14) that it has acquired TIO Networks, the cloud-based multichannel bill payment processing company, for $2.56 a share, or $233 million....

TDB launches new NZ-Tonga money transfer service
[Tonga] - Feb 15, 2017 - Matangi Tonga.To - Tonga's economy is heavily dependent on remittances from Tongan communities overseas, but transferring money to Tonga has become challenging, Tonga's Prime Minister Hon. 'Akilisi Pohiva said ...

FXCC enables CNY money transfers via Netbanx Asia
Feb 15, 2017 - SMN Weekly.Com - Juana Wells - Clients across Asia, and China in particular, can use the new payment method to fund their accounts or make withdrawals in Chinese Yuan (CNY) at no fee. This is the first money transfer...

MTS launches mobile money service
Feb 14, 2017 - Telecom Paper.Com - Russian mobile operator MTS has introduced its new 'Wallet MTS Money' service for customers to access financial services from MTS as well as earn bonuses and discounts. The new service will combine ...

Events

Hiding in Plain Sight: Is Your KYC Process a Spotlight or a Blindfold?
[Upcoming Webinar to be held on Feb 23, 2017] - Feb 14, 2017 - Events-Na7.Adobe Connect.Com - To meet Anti-Money Laundering (AML) program requirements, financial institutions must first fully understand the customer under KYC...

FinCEN

FinCEN proposing SAR data fields revisions
[Ongoing] - Feb 15, 2017 - Bankers Online.Com - FinCEN has published at 82 FR 9109 in the Federal Register a notice and request for comments on a proposed update and revisions to the collection of information filings by financial institutions required ...

Also See:
Feb 2, 2017 - Federal Register.Gov - FinCEN

{Note: Comments are due by April 3, 2017}

France

The Sanctions Committees of the French Financial Regulators: Overview ...
[Older Story] - Feb 3, 2017 - Reed Smith.Com -  Daniel Kadar & Ron Shalit - In 2016, the French financial regulators, the ACPR and the AMF, continued to pay particular attention to infringements in matters of anti-money laundering and anti-terrorism...

Hong Kong

Hong Kong takes aim at middlemen in wake of Panama Papers scandal
Feb 14, 2017 - Euro News.Com - Michelle Price - Hong Kong is beefing up its anti-money laundering and corporate disclosure laws in a move that some financial crime specialists say could lead to the exodus of  billions of dollars in assets ...

Kenya

Cyber-crime warning timely
[Opinion] - Feb 14, 2017 - Business Daily Africa.Com - In cautioning banks to be wary of possible cybercrime risks they face with the establishment of own mobile money transfer transform, the Central Bank of Kenya (CBK) has done the right thing...

OFAC

Another Reason To Always Run Compliance Screenings Even If You Are A ...
[Opinion] - Feb 14, 2017 - Jdsupra.Com - Doreen Edelman - While OFAC's jurisdictional claim in the above case is particularly novel and the facts particularly unique, foreign companies should take note of it since it signals that OFAC is ....

Pakistan

Ending money laundering and terrorist financing in Pakistan
[Opinion] - Feb 14, 2017 - Tribune.Com.Pk - Joanna Reid - What do criminals do with their money? Once profits have been made from illegal arms sales, smuggling, drug trafficking or prostitution rings, where does that money go? Invariably the ...

Publications - Other

The industry move to e-money; PayPal & AML
[Newsletter] - Feb 2017 - Campaign-Archive 2.Com - FXcompared Intelligence - Payment companies are increasingly moving beyond simply facilitating transfers and into new product spaces such as servicing online retailers and issuing ...

Trinidad & Tobago

Laws to catch white-collar criminals coming soon
Feb 15, 2017 - Guardian.Co.Tt - Attorney General Faris-Al Rawi has vowed to roll out a "number of reforms" that will not require a three-fifths majority to be passed in Parliament soon, saying "enough is enough" and the ...

The Trump Effect

Risks under Trump's potential tax proposals
[Opinion] - Feb 15, 2017 - B World Online.Com - Donald Trump was catapulted to the US presidency on a crusade to "Make America Great Again," and since his inauguration has attempted to deliver on that pledge. He has already ...

Top bank regulator the first Fed domino to fall under Trump
[Opinion] - Feb 13, 2017 - The Hill.Com - Stephen Stanley - Friday's resignation letter from Federal Reserve Governor Daniel Tarullo represents the first domino in what is likely to be a series of changes at the central bank that will ...

United Kingdom

Data Pool or Paper Push? The FCA's new REP-CRIM
[Opinion] - Feb 14, 2017 - Lexology.Com - By requiring most firms subject to the Money Laundering Regulations ('MLR') to fill out a new Financial Crime Return (REP-CRIM), the FCA is trying to find out about their perceptions of and ...

Virtual Currencies

Philippines: Central Bank Will Regulate Bitcoin, Virtual Currencies
Feb 15, 2017 - Crowdfund Insider.Com - Jessica Pham - The central bank in the Philippines laid down regulations last week for virtual currencies, including bitcoin. Bangko Sentral ng Pilipinas (BSP) was prompted by the surge in the number ...

Lawmakers consider regulating currencies like Bitcoin
Feb 14, 2017 - KFYR Tv.Com - Max Grossfeld -  State lawmakers are taking the time to consider a study to figure out the feasibility and desirability of regulating virtual currency in North Dakota. Virtual currencies, like Bitcoin, are forms of ...

Bitcoin: How to Improve Your Privacy
[Opinion] - Feb 14, 2017 - Eastern Daily.Com - As the world of Cryptocurrrency and in this case Bitcoin grows wider, more cases of hacking have been reported by Bitcoin users. Some cases have involved small amounts while others have involved ...

Nigeria is Following Venezuela's Bitcoin Trend
Feb 14, 2017 - Value Walk.Com - Nigeria is Following Venezuela's Bitcoin Trend - The ability of Bitcoin to resist inflation, its characteristic independence towards government legislation among several other qualities, makes it an automatic safe ...

Blockchain and Bitcoin round-up: 15 February 2017
Feb 15, 2017 - Banking Tech.Com - Antony Peyton - Japan's largest Bitcoin exchange Bitflyer has finished a new ¥200 million ($1.75 million) funding round from Dai-ichi Life Insurance Company, Mizuho Capital and SMBC Venture Capital...

Bitcoin's Growth in the U.K. Continues to Be Stifled by Banks
[Opinion] - Feb 14, 2017 - Crypto Coins News.Com - Lester Coleman - Banks in the United Kingdom are turning a deaf ear to bitcoin exchanges, despite the government's pro-blockchain position, according to financial writer Roger Aitken ...

Also See:
[Opinion] - Feb 12, 2017 - Forbes.Com - Roger Aitken

ESMA Publishes Report on Distributed Ledger Technology
Feb 14, 2017 - Jdsupra.Com - Kari Larsen & Michael Selig - the European Securities and Markets Authority ("ESMA") released a Report on Distributed Ledger Technology ("DLT") (also known as "blockchain" technology) Applied to Securities ...

Also See:
[ESMA Report] - Feb 7, 2017 - ESMA.Europa.Eu - ESMA

Blockchain Association of Canada: A New Vision Beyond Bitcoin
Feb 14, 2017 - Bitcoin Magazine.Com - Jessie Willms - Interest in blockchain technologies in Canada is growing rapidly as new fintech startups and blockchain ventures are launched and governments indicate they are interested ...

The Worlds Most Advanced Cryptocurrency Software, BitBay ...
[Press Release] - Feb 14, 2017 - PR News Wire.Com -  BitBay, the cryptocurrency software suite offering unbreakable smart contracts was keeping a low profile for some time but has now resurfaced; stronger than ever. ...

Crypto-token crowdfunding: the next big thing in alternative finance?
[Opinion] - Feb 14, 2017 - The Investment Observer.Co.Uk - Miranda Wadham - With the growth of crowdfunding showing no sign of slowing, new innovations are beginning to take hold of the sector. One of these combines crowdfunding with ...

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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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