The National Money Transmitters Association

The NMTA's Daily News Clippings

Thursday, January 11, 2018

Top Stories
 
AML Compliance Trends / Legislative Matters

US Moves Increase Corporate Ownership Transparency

Jan 10, 2018 - OCCRP.Org - Sinead Carolan - Trying to expose shell companies currently used to disguise or hide illicit wealth, banks, anti-corruption groups, law-enforcement and the US Senate are working to create a national database listing  ...

Also See:
Nov 14, 2017 - Financial Services.House.Gov

Financial Trade Groups Support AML Modernization Bill
[Ongoing Story] - Jan 10, 2018 - Credit Union Watch.Blogspot.In - Keith Leggett - Twelve financial groups on January 4th thanked Reps. Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.) for introducing an anti-money laundering (AML)  ...

Financial-Intel-Sharing Groups Need Diversity
Jan 10, 2018 - Cetus News.Com - Mara Lemos Stein - The budding success of financial-intelligence-sharing partnerships between large banks and law enforcement could hit some hurdles, as failure to include smaller banks may limit the  ...

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Anti-Corruption Around the World

Zuma announces anti-corruption probe

[South Africa] - Jan 11, 2018 - The News.Com.Pk - South Africa's graft-tainted president Jacob Zuma on Tuesday announced a probe into corruption at the highest levels of the state after parliament indicated it would this week deliberate  ...

Case for a federal anti-corruption watchdog grows stronger by the day
[Australia] - Jan 11, 2018 - Brisbane Times.Com.Au - Claims perceived public sector corruption may have wiped up to $72 billion off the Australian economy have further boosted the case for the establishment of a federal anti-corruption watchdog...

BOC forms anti-corruption unit
[Philippines] - Jan 11, 2018 - Canadian Inquirer.Net - Ferdinand Patinio - The Bureau of Customs (BOC) has created a unit mandated to stop illicit acts of some Customs officials and employees from amassing ill-gotten wealth...

Anti-graft supervisory reform set
[China] - Jan 11, 2018 - China.Org.Cn - A key meeting of the country's top discipline watchdog, scheduled to open on Thursday, will further consolidate China's anti-corruption efforts and push forward the reform of the supervisory system, experts...

Government should be commended for tackling corruption
[Opinion, Zimbabwe] - Jan 11, 2018 - Bulawayo 24.Com - Steps taken by Government in fighting all forms of corruption by public officials are very commendable as many of the sectors that are central to the country's  ...

War against corruption must begin at home
[Opinion, Thailand] - Jan 11, 2018 - MM Times.Com - The government has declared ending corruption is a national priority and, of late, it has come up with various anti-graft campaigns. But it should be aware that a key factor for the success  ...

Canada

BC casinos implement new anti-money laundering rules

[Casinos & Gambling] - Jan 11, 2018 - Calvin Ayre.Com - Steven Stradbrooke - British Columbia's beleaguered gambling regulator has implemented new anti-money laundering (AML) rules to cut down on dodgy high-roller habits at its  ...

Cayman Islands

Tick tock goes the Cayman Beneficial Ownership Regime clock

[Opinion] - Jan 10, 2018 - Intertrust Group.Com - At the end of 2017 changes to the Cayman Islands Beneficial Ownership Regime, established on 1 July 2017 were passed making substantive revisions to previous exemptions where certain ...

CFPB

Letter: Rep. Peterson is trying to relax restrictions on payday lenders

Jan 10, 2018 - Inforum.Com - Hilary Ray -  Rep. Collin Peterson, D-Minn., is co-sponsoring legislation to repeal the Consumer Financial Protection Bureau's defense of vulnerable constituents from predatory "payday lenders." Such  ...

Company Announcements

LG Wallet Plans US Launch In 2018

Jan 11, 2018 - Pymnts.Com - LG Electronics, the South Korean technology company, is gearing up to roll out a mobile payment system for U.S. consumers. Citing LG, the Yonhap News Agency reported that the payment system will be launched  ...

TransferWise opens its borderless account to consumers
Jan 10, 2018 - Estonian World.Com - The Estonian-founded money transfer company, TransferWise, has opened its borderless account - formerly only meant for businesses - to private consumers...

Compliance - Other

2017 Year in Review: Data Breaches

[Opinion] - Jan 11, 2018 - Lexology.Com - The year 2017 saw the number of data breaches grow, and the trend is expected to continue and intensify. From Yahoo's announcement that three billion of its user accounts were compromised to  ...

CFIUS Reform: Legislation Proposed to Strengthen National Security Reviews
Jan 9, 2018 - Baker Law.Com -  Lana Muranovic & Kerry T. Scarlott - CFIUS is an inter-agency committee authorized to review the national security implications of transactions that could result in control of a U.S. business by a foreign person. ...

Whistleblower Risks at the Supreme Court
[Opinion] - Jan 9, 2018 - Jdsupra.Com - Matt Kelly -  Later this year, the Supreme Court will rule on whether whistleblower protections under the Dodd-Frank Act apply only to people who report misconduct to the Securities...

Cybersecurity

Why the cybersecurity industry is failing government

[Opinion] - CSO Online.Com - Lloyd McCoy Jr. - One problem is that tech companies still try to force-fit their commercial applications into the federal space. But that's not the only issue. You'd think that after years (if not decades) of government  ...

FBI cyber official urges small businesses to implement 'basic' cybersecurity...
[Subscription Required] - Jan 11, 2018 - Inside Cybersecurity.Com - Joshua Higgins - NEW YORK -- A top cybersecurity official at the FBI is urging small and medium sized businesses to adopt rudimentary cybersecurity protocols to minimize  ...

Denial of [Marijuana] Banking Services

Treasury Blindsided By DOJ's About-Face On Cannabis

[Ongoing Story] - Jan 11, 2018 - Pymnts.Com - When the Justice Department abruptly announced its revocation of the Cole Memo - the set of federal guidelines that allowed the legal marijuana industry to operate at the state level despite  ...

Events

FinTech South Conference Coming to Atlanta May 7-8, 2018

[Press Release, Upcoming event, May 7-8, 2018 - Atlanta, Georgia] - Jan 2018 - PR News Wire.Com - The Technology Association of Georgia (TAG) announces the first FinTech South conference, taking place May 7 and 8 at Mercedes-Benz Stadium. ...

Financial Inclusion

On Microcredit, Entrepreneurship, and America's Unbanked

[Opinion, Video] - Jan 10, 2018 - Fool.Com -  I would like to humbly suggest creating a foundation to provide loans and mentorship to the unbanked poor to improve themselves and their communities by starting small businesses ...

CBN sets fresh targets for banks on financial inclusion
[Nigeria] - Jan 11, 2018 - World Stage Group.Com - Central Bank of Nigeria (CBN) has set state-by-state target for the 21 commercial banks and 942 Micro finance banks in the country to ensure that every Nigerian adult has access to financial services...

Can Uganda Reduce Financial Exclusion to 5% in 5 Years?
[Opinion] - Jan 10, 2018 - IPS News.Net - Nathan Were -  In October 2017, Uganda launched a new five-year National Financial Inclusion Strategy. The strategy seeks to reduce financial exclusion from 15 to 5 percent by 2022 by ensuring that all  ...

Focus more on the clients as financial inclusion grows
[Kenya] - Jan 10, 2018 - Business Daily Africa.Com - Caroline Kariuki - As one of the many definitions of financial inclusion, the World Bank defines the term as whereby, "individuals and businesses have access to useful and affordable  ...

Enabling The World's Largest Digital Inclusion
[Opinion, India] - Dq India.Com - Dr Anand Agarwal - India is unique as the scale here is unparalleled - identity and financial inclusion have impacted almost the entire population base of the second most populous country in the world, while  ...

Partnership agreement to boost financial inclusion
[Fiji] - Jan 11, 2018 - Fiji Times.Com - Filipe Naigulevu - A NEW agreement between Government and a leading banking institution aims to further the provision of banking services to rural and maritime communities...

Fintech

US Banks Rely on Fintech Firms to Overcome Legacy Systems

[Opinion] - Jan 10, 2018 - Payments Journal.Com - egacy systems are preventing nearly two thirds (64%) of US commercial banks from developing Fintech applications, research commissioned by Fintech provider Fraedom has revealed...

Trade Finance Awaits A Boost From FinTech
Jan 11, 2018 - Pymnts.Com - Lenders in the U.S. overwhelmingly plan to expand financing activity this year. According to new research from Magilla Loans, which offers an anonymous search engine data for both home and business loans ...

India

India's biometric programme is putting the identities of a billion people at risk

[Opinion, Privacy] - Jan 10, 2018 - Qz.Com - Ananya Bhattacharya - Over time, telecom companies, banks, insurers, and other corporates also began using Aadhaar to verify identities, supposedly to prevent fraud. Under the  ...

Mexico

Head of Mexico's financial crimes unit resigns: sources

Jan 11, 2018 - Reuters.Com - Stefanie Eschenbacher - The head of the Mexico's Financial Intelligence Unit, a part of the finance ministry tasked with combating and preventing money laundering, resigned on Wednesday, two sources with  ...

Remittances & Immigration

Trump, Republicans face immigration reckoning

[Opinion] - Jan 11, 2018 - CNN.Com - Stephen Collinson & Lauren Fox - The Republican Party's moment of truth on immigration is inescapable. Debate over the fate of hundreds of thousands of undocumented immigrants brought to the  ...

United Kingdom

Theresa May meeting financial services chiefs over Brexit
Jan 10, 2018 - Capital.Com - Richard Reed - Prime minister Theresa May is meeting financial services chiefs from the City of London this afternoon to discuss the impact of Brexit on the industry. The City is worried that thousands of jobs could  ...

Virtual Currencies

After Bitcoin surges, Texas regulators start to scrutinize virtual currency offers

[Opinion] - Jan 10, 2018 - 512 Tech.Com - Dan Zehr - The skyrocketing value of Bitcoin and the lunch of several new virtual currencies in recent months has attracted a wave of new investors and speculators.  It has also attracted the eye of  ...

Fed-backed digital currency is inevitable
[Opinion] - Jan 10, 2018 - American Banker.Com - Wolfgang Koester - From bitcoin's skyrocketing valuations to the harsh, high-profile dismissals of the cryptocurrency to the introduction of bitcoin futures to heightened demands  ...

Five Regulatory Implications for Blockchain Tokens as an "Asset Class"
[Opinion] - Jan 10, 2018 - Nat Law Review.Com - Ling Kong, Edwin C. Laurenson, & Lee A. Schneider - As 2017 fades in the rear view mirror of the speeding car that is blockchain, five significant regulatory issues will likely be speedbumps for  ...

Exploring the Hidden Regulation of Cryptocurrencies
[Opinion] - Jan 10, 2018 - Crypto Slate.Com - Cal Evans - For those of us who have been working in the cryptocurrency market for some time, we have come to both respect and loath the legal and compliance minefield that has been created ...

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Quote of the Day

"A man can be as great as he wants to be. If you believe in yourself and have the courage, the determination, the dedication, the competitive drive and if you are willing to sacrifice the little things in life and pay the price for the things that are worthwhile, it can be done."

- Vince Lombardi

Word of the Day

Chutzpah: [Noun]: ˈhu̇t-spə, \ˈḵu̇t-, -(ˌ)spä
  1. Extreme self-confidence or audacity
  2. Supreme self-confidence
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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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