The National Money Transmitters Association

The NMTA's Daily News Clippings

Thursday, November 16, 2017

Top Stories

NMTA Logo Featured Publications

Billions of value left on the table through industry's incorrect pricing
[Newsletter] - Nov 2017 - FX Cintel - Pricing is the biggest lever a business has to drive profitability. For money transfers, consumer behaviour is strongly influenced by the price of the service (the price being a combination of a provider's ...

GDPR - Three Practical Steps To Embark On Your Journey
[Newsletter]  - Nov 2017 - Chartwell Compliance.Com - Chartwell Compliance provides a one-stop shop of consulting, testing and outsourcing services in the areas of regulatory compliance, state MSB licensing, financial crimes prevention ...

Nov 15, 2017 - In yesterday's issue, the following question was posed: What Is Driving Remittances to the (LAC) Region? How likely is it that the United States will impose a new tax on remittances?

Denial of [Correspondent] Banking Services

'Looming' issue of de-risking in the region remains high on CFATF agenda
[Opinion, Caribbean] - Nov 15, 2017 - Jamaica Observer.Com - Executive Director of the Caribbean Financial Action Task Force (CFATF), Calvin Wilson says de-risking or the loss of correspondent banking relations is looming largely across ...

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

Africa

W. Africa to enhance measures to combat money laundering, terrorism ...
[Opinion] - Nov 16, 2017 - Business Day Online.Com - West African countries are set to enhance measures to combat money laundering and terrorism financing in the sub-region. This is the aim of the meetings of the Intergovernmental ...

AML Compliance Trends

House bill would better target money laundering, terrorism financing
[Opinion] - Nov 15, 2017 - Homeland Prep News.Com - Aaron Martin - Financial institutions would have more latitude to share suspicious activity reports when money laundering or terrorism financing is suspected, and the Treasury ...

Advanced analytics: A primer for AML compliance professionals
[Opinion] - Nov 16, 2017 - Bobs Guide.Com - Andrew Simpson - "Advanced analytics" along with words like machine learning, artificial intelligence (AI), supervised and unsupervised techniques, and anomaly detection have quickly ...

US Companies Dodge $70 Billion a Year in Offshore Tax Havens
[Opinion] - Nov 15, 2017 - News Week.Com - Anita Ramasastry - The papers provide a sneak peek at how major companies and wealthy individuals-political oligarchs and celebrities-stash their money. This is a veritable who's who of the global ...

Anti-Corruption

Trump administration deals a blow to international anti-corruption efforts
[Opinion] - Nov 15, 2017 - Think Progress.Org - Casey Michel - Months ago, in one of his first official acts as president, Donald Trump approved a measure repealing a requirement that mandated American oil and gas majors disclose how much ...

U.S. foreign bribery cases fast-tracked due to statute of limitations ruling...
Nov 16, 2017 - Reuters.Com - Richard Satran - A recent decision by the U.S. Supreme Court that places a five-year limit on payments of disgorgement will require the Securities and Exchange Commission to speed up its pending FCPA cases ...

It Takes a Prosecutor: How to Inoculate Your Company From Compliance Risk
[Opinion] - Nov 16, 2017 - CFO Innovation.Com - Cesar Bacani - So what do CFOs need to know? First of all, recognize that you and your organization may be subject to the FCPA even if your company is not a US business, says Lord. ...

Are changes coming to the DoJ corporate monitor program?
[Opinion, Subscription Required] - Nov 15, 2017 - Compliance Week.Com - DeAnn Orie - In a speech before the NYU Program on Corporate Compliance & Enforcement in early October, Deputy Attorney General Rod Rosenstein said he would ...

Also See:
Oct 6, 2017 - WP.NYU.Edu - Rod J. Rosenstein

U.S. Justice Dept. Official: Corporate Compliance Is 'More Sophisticated'
[Opinion, Subscription Required] - Nov 15, 2017 - Blogs.WSJ.Com - Samuel Rubenfeld - Corporate compliance programs have matured amid the rise in U.S. anti-foreign bribery enforcement over the years, a top U.S. Justice Department official ...

New Solomons PM commits to anti-corruption
[Ongoing Story, Solomon Islands] - Nov 16, 2017 - Radionz.Co.Nz - Dateline Pacific - The new Solomon Islands prime minister Rick Hou says he is committed to passing the anti-corruption bill recently tabled in parliament. Opposition to this legislation ...

Asset Forfeiture

Raul Labrador Questions Jeff Sessions
Nov 15, 2017 - News Radio 1310.Com - Bill Colley - Civil Asset Forfeiture is a government program designed to combat illegal drug activity and organized crime. The idea is to seize money and property from criminals and direct it back to law...

CFPB

Richard Cordray is resigning as Consumer Financial Protection Bureau chief
Nov 15, 2017 - LA Times.Com - Jim Puzzanghera & James Rufus Koren - The nation's top consumer financial watchdog will step down this month, sparking concern from advocacy groups - and relief from financial firms - that the federal ...

Also See: 
Nov 15, 2017 - USA Today.Com - Adam Shell 

Nov 15, 2017 - Lompoc Record.Com - Ken Sweet 

[Opinion] - Nov 16, 2017 - Washington Examiner.Com  

Hensarling Responds to News of Cordray Resignation 
[Press Release, Opinion] - Nov 15, 2017 - Financial Services.House.Gov -  House Financial Services Committee Chairman Jeb Hensarling (R-TX), the sponsor of the House-passed Financial CHOICE Act, issued the following statement today in ...

CFPB Finally Acknowledges Arbitration Rule "Has No Force or Effect"
[Opinion] - Nov 15, 2017 - Nat Law Review.Com - Two weeks after President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule, the CFPB has formally acknowledged ...

Why we need to save the Consumer Financial Protection Bureau
[Opinion] - Nov 15, 2017 - Beaumont Enterprise.Com - Jeff Sovern - Republicans in Congress and the White House have been very blunt about their desire to gut the Consumer Financial Protection Bureau - and the threats to it are mounting...

Company Announcements

Visa Adds More Banks To B2B Connect Network
Nov 16, 2017 - Pymnts.Com - Visa, the payments company, announced Wednesday (Nov. 15) that it is enabling bank-to-bank test transactions with a handful of partners, including Commerce Bank in the U.S., Shinhan Bank in South Korea ...

Doha Bank signs agreement for e-Remittance service to Nepal
Nov 16, 2017 - Gulf-Times.Com - Doha Bank has signed an agreement with Citizens Bank International, one of leading commercial bank in Nepal, for e-Remittance services. Doha Bank Group chief executive officer Dr R Seetharaman and ...

American Express Introduces Blockchain-Enabled Cross-Border B2B Payments
[Press Release] - Nov 16, 2017 - Business Wire.Com - American Express today announced the introduction of blockchain-enabled, business-to-business cross-border payments. The American Express FX International Payments (FXIP) ...

TransUnion Expands Credit Access to More Americans with Acquisition ...
Nov 15, 2017 - Payment Week.Com - TransUnion announced today the acquisition of FactorTrust, a provider of alternative credit data, analytics and risk scoring information that empowers lenders to make more informed decisions...

Compliance - Other

SEC task force to crack down on abuse of retail investors
Nov 14, 2017 - On Wall Street.Com - Kenneth Corbin - As the SEC charts a new course under Chairman Jay Clayton and his top lieutenants, enforcement actions against advisors serving Main Street investors could be on the rise, officials warn...

FATCA

Recent Developments Under FATCA, U.S. Withholding Tax, and GIR...
[Old Article] - Sep 2017 - Crowe Horwath.Com - Randall M. Cathell & Howard Wagner - FATCA was primarily enacted to combat tax evasion by U.S. persons holding investments in offshore accounts. FATCA withholding became effective in 2014 ...

Financial Inclusion

The long road to cashless India
[Opinion] - Nov 16, 2017 - Live Mint.Com - NITI Aayog chief executive officer Amitabh Kant recently spoke of debit cards, credit cards and ATMs becoming redundant in the next three to four years. Since demonetisation, the government has ...

Financial Services

€1.3 trillion of financial services contracts at risk from Brexit
[Opinion, Ireland] - Nov 16, 2017 - Irish Times.Com - Eoin Burke-Kennedy - Up to €1.3 trillion worth of financial services contracts are at risk from the UK crashing out of the EU without a deal, Fine Gael MEP Brian Hayes has warned. Mr Hayes ...

Mahindra Comviva and Econet Wireless Emerge as the Most Innovative Fintech.
[Press Release] - Nov 16, 2017 - Pr News Wire.Com - Mahindra Comviva, the global leader in providing mobility solutions, and Econet Wireless, Zimbabwe's largest mobile operator has jointly won the AfricaCom Award in the 'Fintech Innovation Award' ...

Africa: Global Finance and E-Trade Giants Threat to African Players
[Opinion] - Nov 15, 2017 - All Africa.Com - Moses K. Gahigi - Experts are warning that global financial and e-commerce giants will take over the African market if the continent's players do not innovate and come up with models that address ...

Artificial Intelligence, Automation for Financial Services
[Opinion] - Nov 14, 2017 - Finextra.Com - Jose Pierre - It is no longer a question that Emerging technology, such as robotic process automation (RPA) and, cognitive computing will have great impact on our businesses in years to come and ...

Fines, Crimes & Cases

BoT pays 727m/- to FBME depositors
Nov 16, 2017 - Daily News.Co.Tz - THE Deputy Minister for Finance and Planning, Dr Ashatu Kijaji has said 727m/- has been paid to people with savings at the FBME bank, whose business licence was revoked and placed under liquidation by the Central...

U.S. begins distributing $770 million to Madoff victims
Nov 15, 2017 - Jewish Ledger.Com - The U.S. Department of Justice began distributing $772.5 million in recovered funds to some 24,000 victims of Bernie Madoff's Ponzi scheme. The sum, which is being returned eight years after the former ...

Guyana

No need for parliamentary-appointed AML Authority - Attorney General
[Opinion] - Nov 15, 2017 - Demerara Waves.Com - Denis Chabrol - Guyana intends to scrap the idea of having an Anti-Money Laundering and Countering of Financing of Terrorism Authority because government has widened the involvement of wide ...

Lithuania

Amendments to Order Regarding Criteria for Money Laundering & Suspicious ...
[Subscription Required] - Nov 16, 2017 - Payments Compliance.Com - On November 16, 2017, Order no. V-160, which was enacted earlier this month by the Financial Crime Investigation Service under the Ministry of the Interior of the Republic of ...

Mobile Money Transfer

Mobile money could pave way for economic stability in emerging economies...
[Opinion, Study] - Nov 16, 2017 - Bdaily.Co.Uk - The rapid adoption of Mobile Payment Services, more commonly known as "mobile money", across emerging economies could be the key to boosting macroeconomic development and lifting ...

New Zealand

NZ Post expects anti-money laundering laws to drive adoption of RealMe
[Opinion] - Nov 16, 2017 - Reseller.Co.Nz - Rob O'Neill - Changes to anti-money laundering legislation next year are likely to accelerate the adoption of identity verification, said David Roberts, NZ Post's RealMe business development manager...

Philippines

IMF urges changes to bank secrecy law
Nov 16, 2017 - Manila Times.Net - Mayvelin U. Caraballo - The International Monetary Fund (IMF) has lauded the inclusion of casinos under the Philippine anti-money laundering (AML) rules but said the system could be strengthened further if ...

Remittances & Immigration

In Reversal, Immigration Agency Will Consider Delayed DACA Requests
[Opinion] - Nov 15, 2017 - NY Times.Com - Liz Robbins - After nearly 100 applications to renew permits that let immigrants stay and work in the United States legally were rejected because they had been delayed in the mail, the United States ..

Justice Department: New Illinois immigration law could endanger grant funding
[Illinois] - Nov 15, 2017 - Chicago Tribune.Com - The U.S. Department of Justice is threatening to pull millions of dollars in funding from Illinois after Republican Gov. Bruce Rauner signed an immigration measure into law this summer...

Diaspora Sends Record High Remittances To Croatia
[Croatia] - Nov 15, 2017 - Total-Croatia-News.Com - Around 1.3 billion euros were sent by Croats living abroad in 2016. In 2016, Croats living abroad sent to Croatia 1.3 billion euros, or 53 million euros more than in 2015, according to data from ...

Virtual Currencies

It Begins: The First ICO-Related Securities Litigation Has Been Filed - and ...
[Opinion] - Nov 15, 2017 - Lexology.Com - On October 25, Plaintiff, Andrew Baker filed a proposed class action against Dynamic Ledger Solutions, Inc. ("DLS") and several other related entities ("Defendants") regarding an initial coin offering ...

Frequently Asked Questions on Virtual Currency and CFTC Jurisdiction
Nov 15, 2017 - Lexology.Com - On October 17, 2017, the Commodity Futures Trading Commission's (CFTC) newly formed financial technology (fintech) innovation group, LabCFTC, released its first fintech primer, "A CFTC Primer on Virtual ...

French regulator calls for caution with regard to Bitcoin hype
Nov 16, 2017 - Finance Feeds.Com - Maria Nikolova - Less than a month after the French financial markets authority AMF opened a consultation into initial coin offerings (ICOs), warning of the risks associated with such projects ...

SocGen CEO: Bitcoin's Anonymity Hinders Its Future
[Opinion] - Nov 15, 2017 - Crypto Coins News.Com - Francisco Memoria - Frederic Oudea revealed that he was a fan of blockchain technology, but that he believes virtual currencies are too risky, presumably for governments. The banker ...

Beyond bitcoin: the open blockchain
[Opinion] - Nov 16, 2017 - Blue Notes.Anz.Com - Mark Ebeling - Bitcoin may be hogging all the crypto limelight right now, with a skyrocketing value and frenzy of interest from global traders and emerging startups.  But cryptocurrency is only one ...

MasterCard has filed a patent on its own blockchain-based money transfer...
Nov 15, 2017 - Tech Crunch.Com - John Biggs - In about 2014, most bitcoin companies quickly pivoted to the "next big thing": blockchain. Among them were the financial and fintech houses that were eager to avoid SEC scrutiny of their ...

MAS issues guidelines on digital token offerings
[Opinion, Singapore] - Nov 15, 2017 - Today Online.Com - The central bank has issued a paper on digital token offerings on Wednesday (Nov 15), to provide a "general guidance" on what could or could not be regulated in relation to the tokens...

Also See:
[Opinion] - Nov 15, 2017 - Coin Telegraph.Com - Lisa Froelings

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

Quote of the Day

"It is better to lead from behind and to put others in front, especially when you celebrate victory when nice things occur. You take the front line when there is danger. Then people will appreciate your leadership."

- Nelson Mandela

Word of the Day

Luminary: /ˈluːmɪn(ə)ri/

  • A person who inspires or influences others, especially one prominent in a particular sphere.
-----------------------------
 
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!