The National Money Transmitters Association
NMTA's Daily News Clippings
Friday, February 16, 2018

Top Stories

Denial of Banking Services

State Regulators: Money Services Businesses Do Not Deserve De-Risking
Feb 15, 2018 - CSBS.Org - State regulators are committed to the responsible oversight of money service business (MSBs) and creating new solutions to keep pace with emerging and evolving risks that may impact the industry. ...

House Hearing
Feb 15, 2018 - Financial Services.House.Gov, 9:30 AM, 2128 Rayburn HOB 
Financial Institutions and Consumer Credit
[Session video begins at 16:40]
Witness List
Mr. Bryan A. Schneider, Secretary, Illinois Dept of FPR, CSBS
Mr. Tim Baxter, President, SwypCo ATM Solutions, National ATM Council
Mr. Jason D. Oxman, CEO, The Electronic Transactions Association
Dr. Manuel Orozco, Director, Migration, Remittances and Development, Inter-American Dialogue (TTF)

De-Risking A 'Competitive Maneuver', U.S. Lawmakers Told

[Correspondent Banking, Subscription Required] - Feb 16, 2018 - Payments Compliance.Com - U.S. banks are shutting accounts of payment companies as a competitive tactic, not only for compliance concerns . . . 

NMTA LogoNMTA Member - Featured Article

Money Service Business Banks & Regulators Enter Multi-State Contract
Feb 14, 2018 - Nat CNC.Com - National Check & Currency - At National Check and Currency, we dedicate 100% of our time, energy, and efforts offering MSB financial services, exclusively. Our commitment to providing the best MSB financial ...


AML Compliance Trends

FinCEN Updates List Of Jurisdictions With AML/CFT Regime Deficiencies...
[Ongoing Story] - Feb 15, 2018 - Mondaq.Com - The Financial Crimes Enforcement Network ("FinCEN") notified U.S. financial institutions that the Financial Action Task Force ("FATF") has updated its list of jurisdictions with strategic ...

Also  See:
Feb 9, 2018 - Fincen.Gov

Nov 3, 2017 - FATF-GAFI.Org

How Bank Secrecy Act Affects Lending To Foreign Borrowers
[Opinion, Subscription Required] - Feb 15, 2018 - Law 360.Com - Kevin Kim - U.S. real estate has become a very attractive investment for overseas investors. This trend has directly affected many financial institutions and nonbank ...

Anti-Corruption Around the World

South Africa: Cyril Ramaphosa to outline anti-corruption strategy
Feb 16, 2018 - The Guardian.Com - Jason Burke - Cyril Ramaphosa will outline his strategy to restore economic growth, fight corruption and tackle entrenched inequality in South Africa in the first major speech of his presidency...

PGO to cooperate with UK's International Anti-Corruption Coordination Center
Feb 16, 2018 - Kyiv Post.Com - Interfax-Ukraine - The delegation of the prosecutor's office of Ukraine completed a working visit to London, during which agreements were reached on cooperation on an ongoing basis with the International Anti-Corruption ...

Leader of Honduras Anticorruption Mission Resigns
Feb 16, 2018 - VOA News.Com - The head of the Organization of American States' anticorruption mission in Honduras resigned Thursday citing a lack of support from the regional body and the Honduran government...

Asset Forfeiture

Civil forfeiture is essential to fighting crime
[Alabama, Opinion] - Feb 15, 2018 - Montgomery Advertiser.Com - Brian McVeigh & Dave Sutton - The Alabama Legislature is considering legislation that would change the way civil asset forfeitures are handled in Alabama. While well-meaning, some ...

Also See:
[Opinion] - Feb 15, 2018 - Yellow Hammer News.Com - Jason Snead


The CFPB's Declaration of Dependence
[Opinion] - Feb 15, 2018 - Pro Publica.Org - Jesse Eisinger - Born as a fiercely independent agency meant to protect citizens, the Consumer Financial Protection Bureau has quickly been subsumed into the Trump administration. Banks ...

Company Announcements

Look Out PayPal: Coinbase Now Powering Payments in Digital Currency
Feb 15, 2018 - Crowd Fund Insider.Com - JD Alois - Coinbase, one of the largest cryptocurrency exchanges in the world, has launched Coinbbase Commerce, a payments platform that allows merchants to accept digital currency anywhere ...

Moneyto Moves To The New Money Transfer Platform By Protobase ...
FEB 15, 2018 - ARKA.Am - The London -based, an international online money transfer company, has moved to ProtoMT, one of the latest products, developed by Protobase Laboratories. By updating the software ...

Compliance - Other

M&A deals in US getting harder to close, not just for Alibaba
[Opinion] - Feb 16, 2018 - Asia.Nikkei.Com - Natsuko Segawa - he U.S. is taking an increasingly close look at the economic and security ramifications when foreign companies attempt to acquire American corporations, a move that is supposedly ...

Financial Inclusion

Digitization and financial inclusion in Kenya
[Opinion] - Feb 15, 2018 - Brookings.Edu - Dhruv Gandhi - On Thursday, January 11, the Africa Growth Initiative at Brookings launched its annual Foresight Africa report, highlighting key priorities for the region for 2018. Chapter five of the report ...

Also See:
[Report] - Jan 11, 2018 - Brookings.Edu

Fines, Crimes & Cases

U.S. Bank Cited by Federal Authorities for Lapses on Money Laundering
Feb 15, 2018 - NY Times.Com - Emily Flitter - U.S. Bank, the fifth-largest commercial bank by assets in the United States, was charged by the federal authorities on Thursday with failing to guard against illegal activity and, in at least one instance ...

Also See:
[Release] - Feb 15, 2018 - Fincen.Gov - FinCEN

U.S. Bancorp hit with $613M in penalties linked to payday lender...
[Ongoing Story] - Feb 15, 2018 - USA Today.Com - Kevin McCoy - The corporate parent of the nation's fifth-largest bank was hit with $613 million in penalties Thursday for disregarding suspicious transactions - including millions of dollars ...

Also See:
[Press Release] - Feb 15, 2018 - Business Wire.Com

Feb 15, 2018 - CNBC.Com - Liz Moyer

PNB fraud: Nirav Modi, Choksi summoned in money laundering case
[India] - Feb 16, 2018 - Hindustan Times.Com - The Enforcement Directorate (ED) issued summons for appearance to Nirav Modi and his business partner Mehul Choksi in connection with its money laundering probe in the alleged Rs 11,400 crore ...

Also See:
[Opinion] - Feb 16, 2018 - Vishal Krishna


Sensible State Coordination Allows Fintechs to Quickly Enter New Markets
[Opinion, Ongoing Story] - Feb 9, 2018 - Lexology.Com - Less than a year after the Conference of State Bank Supervisors (CSBS) announced Vision 2020, an initiative to modernize state regulation for non-bank financial companies, the CSBS revealed...

Also See:
[Opinion] - Feb 15, 2018 - Pymnts.Com

African fintech market expected to be worth $3 billion by 2020
Feb 16, 2018 - Htxt.Co.Za - Brendyn Lotz - Cash is king in Africa, or at least it was until financial technology (fintech) began giving more and more Africans access to financial systems through innovations such as mobile banking...

Money Transfer Business

How TransferWise is Revolutionizing International Money Transfers
[Opinion] - Feb 16, 2018 - News Patrolling.Com - Satya Singh - International money transfer has been the exclusive domain of banks, but UK-based startup TransferWise is fast changing that status quo. The folks at TransferWise say that their startup ...


US concerned over Pakistan's 'deficiencies in implementing AML/CFT Laws
[Opinion] - Feb 16, 2018 - Tribune.Com.Pk - US State Department Spokesperson Heather Nauert has expressed concern about 'Pakistan's deficiencies in the implementation of anti-money laundering and counterterrorism laws'...

Also See:
Feb 16, 2018 - NDTV.Com

Feb 16, 2018 - Reuters.Com - Drazen Jorgic, Michelle Price &  Sumeet Chatterjee

Payment Services

Real-Time payments are at the heart of the new global payments landscape...
Feb 16, 2018 - Bobs Guide.Com - Barry Kislingbury - 2018 will certainly feature in the annals of the history of immediate payments: 3 major schemes - Real Time 1 (EBA RT1) for the processing of SEPA Credit Transfer Instant in Europe, The Clearing ...

Remittances & Immigration

The Congressional Stalemate Over Guns and Immigration Isn't Going Away
Feb 15, 2018 - The Atlantic.Com - Ronald Brownstein - The dim odds that Congress will respond to the Parkland school massacre with meaningful gun control and the flickering prospects it will pass immigration reform both reflect the ...

What's Next From Congress On Immigration
[Opinion, Audio] - Feb 16, 2018 - NPR.Org - The Senate failed to advance legislation to provide a solution for the end of DACA approaching on March 5, but that deadline may not be such a firm cudgel to get Congress to act...


Government seeks to extend mobile money interoperability
Feb 16, 2018 - It News Africa.Com - The Tanzanian government has urged Mobile Money operators, within the country, to register transactions with a central banking infrastructure as authorities seek to extend interoperability to all service ...

Virtual Currencies

Wyoming Welcomes Bitcoin Industry with Blockchain-Friendly Bills
Feb 15, 2018 - Bitcoinist.Com - Adam James - While governments worldwide drag their feet and argue over cryptocurrency legislation, various states in the US are vying to become the blockchain capitol of the country. Arizona aims to allow ...

Also See:
Feb 2018 - Legis Web.State.Wy.Us

Feb 2018 - Legisweb.State.Wy.Us

Feb 2018 - Legisweb.State.Wy.Us

US Treasury Official Pushes for Worldwide Cryptocurrency Regulation Against...
[Opinion] - Feb 15, 2018 - AI-CIO.Com - According to Coindesk, Mandelker addressed how terrorists and other criminals have utilized cryptocurrency to "exploit the financial system," "hide their ill-gotten gains," and "finance their illicit activities."...

Also See:
Feb 15, 2018 - WRAL.Com - Peter J. Henning

Virtual currencies under heightened scrutiny from EU regulators
Feb 16, 2018 - The Paypers.Com - Three European regulators have warned consumers and investors about the risks associated with dealing with virtual currencies. The European Securities and Markets Authority has joined the EBA ...

Legal aspects of digital currencies: A leap into the unknown
[Opinion] - Feb 16, 2018 - Executive-Magazine.Com - Nicole Purin - In the virtual Wild West of the digital economy created by the internet revolution, the emergance realm of cryptocurrency represents an important legal frontier. ...

States, Feds Struggle to Regulate Crypto
Feb 15, 2018 - Markets Media.Com - Rob Daly - The constant tug-of-war between the US Federal government and those of the states has defined most of American history, and this is no different regarding the regulation of cryptocurrencies ...


2018 monetary policy - An objective assessment
[Opinion/Analysis] - Feb 16, 2018 - The Independent.Co.Zw - The 7th of February 2018 saw Reserve Bank of Zimbabwe governor John Mangudya unveiling the 2018 Monetary Policy. The policy came on the back of nationwide euphoria as Zimbabwe ...


Quote of the Day

"Motivation is the art of getting people to do what you want them to do because they want to do it."

- Dwight D. Eisenhower

Word of the Day

Invigorate: / in·vig·o·rate / [Verb]
  • Give strength or energy to.
  • To give life and energy to

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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