The National Money Transmitters Association

The NMTA's Daily News Clippings


May 19, 2017

Top Stories

Regulation

Financial Services Weekly News - May 2017 #3
[Overview] - May 18, 2017 - Jdsupra.Com -  Matthew Dyckman & Nicole Griffin - The Dual Banking System is Working.  In the April 26 edition of the Roundup, we noted that the Conference of State Bank ...

De-Risking and Virtual Currencies 

[Opinion] - May 18, 2017 - News Day.Co.Tt - Lesley John - Many of the smaller and less economically developed countries in the Caribbean are sadly being abandoned by big banks countries, a move referred to as "de-risking"...

De-Risking - Other

Tighter Banking Regulations Putting Squeeze on UK Charities Working in ...
May 17, 2017 - CNS News.Com - Kevin McCandless - British charities are reporting a squeeze on their work in strife-torn regions of the world amid tighter counter-terror regulations and sanctions, as the banks whose ...

-----------------------------

Africa

Migrant money transfers or development aid?
[Opinion] - May 18, 2017 - DW.Com - For many countries in Africa, money transfers from citizens living abroad are an extremely important source of income - sometimes even more so than development aid. But there ...

AML Compliance Trends

Individual Accountability in AML Cases
[Opinion] - May 18, 2017 - Money Laundering Watch Blog.Com - Peter D. Hardy & Jessica C. Watt - This post discusses individual liability in AML/BSA enforcement, which is an area of increasing attention. Indeed, according ...

The 5 Costliest Financial Regulations Of The Past 20 Years: A Timeline
[Opinion] - May 18, 2017 - Forbes.Com - Frank Holmes - Last year, the Federal Register-the U.S. government's depository of rules and regulations-hit an all-time high of 81,640 pages. Among the industries ...

Geopolitical Concerns Up The RegTech Ante
[Ongoing Story] - May 18, 2017 - Pymnts.Com - A growing number of anti-money laundering professionals think the current geopolitical environment creates new risks and challenges to preventing financial fraud at their companies...

FinCEN Recognizes Law Enforcement Agencies for Use of BSA Reporting
May 17, 2017 - lexology.com - On May 9, the Financial Crimes Enforcement Network (FinCEN) announced its third annual Law Enforcement Awards to law enforcement agencies that use Bank Secrecy Act data provided ...

Compliance Program Oversight - The Board's Overlooked Role
[Opinion] - May 18, 2017 - Jdsupra.Com -  R. Douglas Harmon -  It's long been axiomatic that an effective compliance program cannot exist without a strong ethics and compliance culture, which in turn requires the proper ...

The Renovated Globe Theater and Operationalized Compliance
[Opinion] - May 18, 2017 - Jdsupra.Com - Thomas Fox -  There is much that a Chief Compliance Officer (CCO) or compliance practitioner can learn from Shakespeare. I have often used his plays as introductions to blog ...

U.S. Treasury Secretary says Trump has approved new bank regulator
[OCC] - May 18, 2017 - Reuters.Com - Pete Schroeder -  President Donald Trump has made his selection for the next full-time head of the Office of the Comptroller of the Currency, according to U.S. Treasury Secretary ...

Anti-Corruption

China's new anti-corruption body raises worrying questions about the rule...
May 19, 2017 - Econo Times.Com - Zhiqiong June Wang - Corruption is thought to cost China US$86 billion each year. Widespread corruption at all levels of Chinese society also worsens economic inequality, which could potentially ...

Tanzania freezes assets of anti-corruption official, plans charges
May 18, 2017 - The-Star.Co.Ke - The state-run Prevention and Combating of Corruption Bureau (PCCB) said it had secured a magistrate's order freezing the assets of Godfrey Gugai, its chief accountant. They include six vehicles ...

Turkmenistan preparing new draft law on anti-corruption
May 19, 2017 - En.Trend.Az - Huseyn Hasanov - Preparation of a new version of the law "On Combating Corruption" is underway in Turkmenistan, the country's defense minister, secretary of the State Security Council ...

[State] Asset Forfeiture

How police steal from citizens
[Opinion - Federal] - May 18, 2017 - USA Today.Com - Payton Alexander - Under civil asset forfeiture, police can and have seized cash, cars and even houses from people who ultimately are found innocent - and pocketed the proceeds...

Time to change asset seizure in Illinois
[Opinion - Illinois] - May 19, 2017 - My Web Times.Com - We're not saying the Streator Republican is missing in action. Quite notably he was the only invited official to attend a recent Illinois Valley Community ...

Bangladesh

MCCI suggests remittance bank as inflow dives
May 18, 2017 - The Financial Express-Bd.Com - The Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) has suggested taking encouraging steps for sending remittances through banking channels to prevent the ...

CFPB

Senate Leader Mitch McConnell skeptical of Dodd-Frank reform
May 18, 2017 - .Jdsupra.Com - Daniel Delnero -  In a recent Bloomberg interview, Senate Majority Leader Mitch McConnell expressed skepticism about the Senate's ability to pass meaningful Dodd-Frank reform...

Company Announcements

Paying for transactions with Google Assistant - possible soon
May 18, 2017 - The Tech Portal.Com - Anmol Sachdeva - As announced on the second day of Google I/O 2017, the tech giant is introducing a completely new Google Payment API to ease the checkout experience on e-commerce ...

Europe

Call for EU to have independent assessment of financial criminality
[Opinion] - May 19, 2017 - Cch Daily.Co.Uk - The European Parliament has again rejected a proposed list of countries at risk of money laundering, financing terrorism or promoting tax evasion as being too narrow in scope...

Also See:
May 18, 2017 - Regulation Tomorrow.Com - Simon Lovegrove & Lisa Lee Lewis

Financial Inclusion

Bank of PNG pursues financial inclusion for all
May 19, 2017  - News.PNG Facts.Com - The Bank of PNG continues to pursue financial inclusion to fully cover the rural population, especially the unbanked people in the country. The aim is to cover as much people in terms ...

How Technology Is Closing The Financial Accessibility Gap
[Opinion] - May 18, 2017 - Forbes.Com - Nima Ghamsari - While technology has made great strides in democratizing access to information and transportation, the financial services industry, including mortgages, has been ...

Germany

German anti-money laundering legislation almost ready
[Brief] - May 18, 2017 - Reviewed-Casinos.Com - German federal lawmakers are making good progress on new land and online gambling anti-money laundering laws in order to comply with the Fourth AML Directive, which ...

India

Transparency in Corporate Ownership Key to Breaking India's Financial Secrecy
May 19, 2017 - The Wire.In - Sakshi Rai - Financial secrecy deprives countries, especially developing ones, of key revenue resources by eroding their tax base. India must thus build a robust legal system to lift the veil ...

Malta

Tax compliance and transparency
[Opinion] - May 19, 2017 - Times Of Malta.Com - Christian Pisani - Malta remains a jurisdiction of choice. Its EU-compliant regulatory framework, coupled with a highly-skilled workforce and a competitive tax regime, makes ...

South Africa

Former finance ministers blamed for money laundering, illicit financial flows
May 18, 2017 - Ewn.Co.Za -  Gaye Davis - Former finance ministers, including Pravin Gordhan, have come under fire from both Justice Minister Michael Masutha and National Prosecutions Authority (NPA) head Shaun ...

United Kingdom

Money laundering crimes "slipping through the net" because of cuts
[Opinion] - May 18, 2017 - City Am.Com - Catherine Neilan - Money laundering crimes could be "slipping through the net" because of cuts to the budget at the City of London Police, an accountancy firm has claimed...

MLD5: what's going on?
[Opinion] - May 18, 2017 - Lexology.com - The industry is currently well occupied in implementing MLD4 - without, as yet, the benefit of the final version of the UK implementing legislation or regulatory ...

Virtual Currencies

Trump And Brexit? Corporate Treasurers' Main Concerns . . 
[Opinion] - May 18, 2017 - Crypto Coins News.Com - Lester Coleman - Bitcoin and distributed ledger technology are top of mind for European corporate treasurers meeting at an annual conference in Manchester, U.K., ...

Gibraltar greets Brexit with regulatory framework for blockchain
May 18, 2017 - IB Times.Co.Uk - Ian Allison - The Government of Gibraltar has published proposals for a regulatory framework for distributed ledger technology (DLT) to protect the jurisdiction and also foster innovation ...

Also See:
May 17, 2017 - Gibraltar Finance.Gi

-----------------------------

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.

Bounced Emails

The bounce problem is unpredictable. If one day you do not receive the DNC, it may have bounced. Try white-listing all emails from the domain "@nmta.us," or SIGN UP again, using an alternate email address.

Did you know?


The DNC is opened in over 500 mailboxes, every business day, but it does cost money to produce. If you find the DNC useful, please support the work. Click HERE to make a Sustaining ($145), or Supporting ($45) donation, and thank you!