The National Money Transmitters Association

The NMTA's Daily News Clippings


Thursday, May 18, 2017

Dear Readers, 

CFPB Ombudsman Forum Coming Up Soon

The following announcement is to help the CFPB get the word out to money transmitters about an upcoming Forum:
 
Thursday, June 1, 2017, 12:30 p.m. to 5:00 p.m. 
 
Washington, DC - [Address will be provided under separate cover] 

"This CFPB Ombudsman Forum is an opportunity for the CFPB to hear the perspectives of members of industry as we consider process issues they may have with their CFPB interactions. We will include facilitated discussions and may have general sessions, as well as breakout sessions, on topics such as: 

· Compliance management and the consumer complaint process 

· The Consumer Complaint Database 

· The examination process 

· CFPB compliance tools and resources 

· Current process considerations with regulatory compliance 

"We are sharing this tentative topic list now so that participants can begin considering feedback and suggestions. We also plan to have a session at the end of the day to raise any additional topics. 
"This event will be with company compliance officers, or people serving in that capacity, of companies that engage with the CFPB, and would most benefit from joining us for our Ombudsman Forum. [Trade groups will not be participating in this Forum.]

"To ensure a robust discussion, and in keeping with the ombudsman tenet of confidentiality, the Forum will be closed both to the press and to CFPB personnel and we ask that no social media be used during the event. 

"Please RSVP by sending an email to CFPBOmbudsman@cfpb.gov or by calling the CFPB's main number at 202-435-7880." 

And now, please enjoy today's Clippings!

Regards,

-David

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Featured Publications - Other


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Africa

Mobile money could make Africa the new boss
[Opinion] - May 18, 2017 - Banking Tech.Com - Western world has a lot of catching up to do, but are we mature enough to learn from the African nations? The export of services and experience has primarily ...

AML Compliance Trends

You Have Less Than A Year-Will You Be Ready?
[Opinion] - May 17, 23017 - Mondaq.Com - John T. Reichert & Melissa M. York - On May 11, 2016, FinCEN published anti-money laundering rules for entities. These rules will go into effect May 11, 2018. Unlike so many ...

Mobile comms a concern for compliance professionals
[Survey] - May 18, 2017 - finextra.com - The survey of compliance professionals in the financial services industry shows that as the electronic communications compliance landscape becomes more complex ...

The State of Mind of a White Collar Criminal
[Opinion] - May 17, 2017 - Jdsupra.Com - Michael Volkov -  As a chief compliance officer, it is important to consider the mindset of a criminal. Not to complete tasks and accomplish your objectives. Instead, it is ...

Anti-Corruption

FCPA Pilot Program Nets 22 Voluntary Disclosures in Past Year: DOJ
May 17, 2017 - National Law Journal.Com - Sue Reisinger - The U.S. Department of Justice's pilot program for violators of the Foreign Corrupt Practices Act is apparently appealing to companies, with 22 voluntary ...

Minimize the Risk of External Whistleblower Activity
[Opinion] - May 15, 2017 - Jdsupra.Com - The SEC whistleblower program has resulted in numerous Foreign Corrupt Practices Act (FCPA) penalties and announced settlements. In addition, with studies showing that most ...

Also See:
May 12, 2017 - Jdsupra.Com

[Opinion] - May 17, 2017 - Jdsupra.Com - Thomas Fox

Australia

Financial crime's dynamic duo: AUSTRAC & industry
[Opinion] - May 18, 2017 - Blue Notes.Anz.Com -  Guy Boyd - As the threat of money laundering and terrorism becomes clearer, regulators and industry are working more closely together to confront the threat ...

Caribbean

AML/CFT challenges for the Caribbean
[Opinion] - May 17, 2017 - RJR News Online.Com - Curtis A. Ward - A number of Caribbean governments have responded bitterly to the recent negative "evaluation" of their anti-money laundering and countering ...

Caribbean Haven Plans New Bank for China Billions Flow
[Opinion - Caribbean & China] - May 18, 2017 - Alfred Liu - The global campaign against money laundering combined with the Panama Papers made the Caribbean islands of sun, sand and offshore banking a near no-go zone for the ...

Casinos, Gambling & Gaming

Effective Regulation Is Wholly Reliant on Accountability....
[Opinion - Interview] - May 17, 2017 - Casino Guardian.Co.Uk - Keeping gambling fair and safe is the cornerstone of the Gambling Commission's statutory responsibilities. In my view, effective regulation is wholly reliant on ...

CFPB

Financial CHOICE Act . . . Would Impose Heightened Pleading Standards...
[Opinion] - May 17, 2017 - Nat Law Review.Com - On April 19, 2017, the Chairman of the Financial Services Committee of the U.S. House of Representatives, Jeb Hensarling (R-TX), released an updated version of the ...

Making prepaid cards better for everyone
[Opinion] - May 17, 2017 - Tennessean.Com - M. Eric Johnson - The Senate was set to vote recently on legislation to contravene regulations promulgated by the CFPB to provide more protections and legitimacy to the prepaid card ...

Company Announcements

Trulioo, Mitek release ID document verification platform . . .
May 17, 2017 - Biometric Update.Com - Justin Lee - Trulioo has released an ID document verification platform with facial comparison technology to further improve authentication capabilities, which marks ...

Oanda and Western Union team of cross-border money transfer
May 17, 2017 - Finextra.Com - OANDA, one of the world's largest providers of multi-asset trading services and foreign exchange solutions for individuals and businesses, today announced that it has teamed up ...

Digital wallet system set to come to Bermuda
May 17, 2017 - Roya Lgazette.Com - Scott Neil - The Singaporean-based company's cloud-based MatchMove Wallet operating system enables companies and banks to offer customers a mobile wallet solution...

Europe

Organized crime exploiting new technology
[Opinion] - May 17, 2017 - Computer Weekly.Com - European law enforcement is to focus on collaborating with industry around cyber crime as organised crime groups increasingly exploit new technologies, according to a regional crime ...

Backbone needed in Commission's country list to fight money-laundering
May 17, 2017 - Guengl.Eu - The European Commission must present a new list of high-risk third-countries to tackle money laundering after MEPs voted to reject its original proposals at the Strasbourg plenary today...

European banks call for appropriately finalising the regulatory framework
May 18, 2017 - Independent.Com.Mt - European banks, through the Board of the European Banking Federation, last week reaffirmed their commitment to support the European project through actively and responsibly ...

Fiji

Rise in cyber-crime
[Opinion] - May 18, 2017 - Fiji Times.Com - Monika Singh - There is a possibility that tax evaders could be investigated for money laundering. Fiji Financial Intelligence Unit director Razim Buksh revealed this as an option that ...

Events

ACAMS NYC Conference Filling Up!
[Upcoming Conference, June 9, 2017 - NYC] - May 2017 - Acams Conferences.Org - Join your local regulators and nationally-acclaimed experts in New York City for one action-packed day offering applicable solutions to strengthen ...

What Attorneys Need to Know About Cybersecurity and Data Privacy in 2017
[Upcoming Webinar, May 31, 2017] - May 1, 2017 - As an attorney, what can you do to protect yourself, your firm and your client from becoming a victim? And, what do you need to do to keep up with ever-changing requirements ...

Financial Inclusion

How Rwanda Can Leverage Financial Technology to Drive Inclusion
[Opinion] - May 18, 2017 - All Africa.Com - Julius Bizimungu - FinTech is not disrupting traditional financial services providers but complementing them to meet needs of unbanked population. It is playing a significant ...

Financial Services

Regulatory relaxations for Fintech companies in Switzerland
[Opinion - Switzerland] - MAy 17, 2017 - Loyens & Loeff  - In November 2016, the Swiss Federal Council published its Fintech strategy, focusing on promoting innovative forms of financial services. These are the 3 main measures. ...

America's New Millionaires Finding Better Financial Services
[Opinion] - May 17, 2017 - Inc.Com - Automation may be taking over much of the business world, but in the upper reaches of the financial services sector, the human touch still holds considerable value. Now, the personalization ...

Number of whistleblowers in financial services set to double
[Opinion - Ireland] - May 17, 2017 - Irish Times.Com - Jack Power - The number of whistle blowers making protected disclosure reports about suspected breaches of law in the Irish financial services sector is set ...

Ghana

Ghana to implement mobile money interoperability in Nov
May 17, 2017 - Telecom Paper.Com - Ghana Vice President, Mahamudu Bawumia says the government is working to meet its November timeline for the implementation of mobile money interoperability. When rolled out ...

Hong Kong

Implications of Enhanced AML Regulation for MPF/ORSO Trustees
May 16, 2017 - Baker Mckenzie.Com - Sophia Man - On 6 January 2017 the Financial Services and Treasury Bureau (FSTB) issued a consultation on enhancing anti-money laundering regulation of designated non-financial businesses ...

Also See:
[Old Article] - Jan 11, 2017 - Baker Mckenzie.Com - Richard L. Weisman

Money Transfer Business

Western Union: How Payments Have Changed in the Digital World
[Opinion] - May 17, 2017 - Crowd Ink.Com -  Years of rich history, copious competition and huge expansion later, and the company is still thriving as one of the major businesses responsible for money transfers and ...

Could instant global money transfers be just around the corner?
[Opinion] - May 18, 2017 - Mozo.Com.Au - Rebeccah Elley - If you regularly transfer money overseas, whether it's to a loved one back home or for business purposes, you may be frustrated with the amount of time it ...

Big data, Chinese surveillance, and Donald Trump could keep China's biggest ...
[Opinion] - May 18, 2017 - Qz.Com - For months, Ant Financial, the online financial services company spun out of Chinese e-commerce giant Alibaba, has been attempting to buy MoneyGram International, the Dallas...

Also See:
[Opinion] - May 18, 2017 - Pymnts.Com

OCC

America's Most Dangerous Temp
[Opinion] - May 17, 2017 - Prospect.Org - David Dayen - Trump's temporary appointee as chief bank regulator has spent his career helping banks evade regulations-and is exempt from the standard ethical safeguards. ...

United Kingdom

FCA and PRA regulatory fines have already quadrupled last year's total
May 17, 2017 - Fx-Mm.Com - Regulatory fines issued by the UK's Financial Conduct Authority (FCA) this year are already quadruple the level of last year's total, according to data collected and analysed by integrated compliance ...

Virtual Currencies

US National Security Advisor: Bitcoin Needs to Be Understood, Not Feared
[Opinion] - May 17, 2017 - Coin Desk.Com - Michael Del Castillo - A think tank that advises several US government agencies is now exploring the potential threats bitcoin poses to national security. Still in its earliest phases...

Is North Korea Stocking Up on Bitcoin?
[Opinion] - May 18, 2017 - Crypto Coins News.Com - Justin OConnell - Three security firms have reported a connection between WannaCry ransomware and malware used by the Lazarus group, a cyber crime group made up ...

The WannaCry Ransomware Attack Warns of Cyberspace Risks
[Opinion] - May 17, 2017 - Crypto Insider.Com - If you take a look around, you are sure to find at least one device that is connected to the internet. According to the world internet usage statistics, 77.4 percent of people ...

Why central bank-issued digital currency will be good
[Opinion] - May 18, 2017 - Ej Insight.Com - Dr. Winnie Tang - The Hong Kong Monetary Authority (HKMA) announced the commencement of the first phase of study on Central Bank Digital Currency (CBDC) to understand the ...

European Lawmakers Take a Pro-Bitcoin and Pro-Blockchain Stance
May 17, 2017 - Finance Magnates.Com - Avi Mizrahi - Not long ago, whenever European politicians, lawmakers and regulators talked about cryptocurrency it was always in a negative way, linking the technology to cyber crime...

Bitcoin's Link to Crime Is a Growing Worry, Nordea Bank Warns
May 18, 2017 - Bloomberg.Com - Peter Levring - The biggest bank in the Nordic region says this month's ransomware attack underscores the need for lawmakers to look more closely at bitcoin's role in financial crime...

The Cryptocurrency Ecosystem: A New Benchmark Study
[Opinion] - May 16, 2017 - All About Alpha.Com - It is clear by now to even the most hardened skeptic that cryptocurrency, the class of assets of which bitcoin is the paradigm, is much more than a passing fad. Yes, the field may ...

Zimbabwe

Beyond Remittances - Policies and Practice Towards Diaspora
[Opinion] - May 18, 2017 - All Africa.Com - Gift Mugano - The diaspora are variously seen as sources of financial flows, economic opportunities, technology transfer, political support, progressive attitudes, and a good image of ...

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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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