The National Money Transmitters Association

The NMTA's Daily News Clippings

Monday, November 27, 2017

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Company Announcements

Steward Bank doles out US dollars through WorldRemit
Nov 26, 2017 - The Zimbabwe Mail.Com - The leading online money transfer company, WorldRemit, is guaranteeing its customers US dollars in cash for collection at Steward Bank branches across Zimbabwe ...

MoneyGram sees robust growth opportunities in the GCC
Nov 26, 2017 - Zawya.Com - MoneyGram, a global provider of money transfer and payment services, expects to see robust growth in business from the GCC region as the regional economies diversify away from oil, Grant Lines, Chief ...
 
Reminder - Upcoming Hearing
 
House Committee Hearing
Wednesday, November 29, 2017 2:00 PM 
Joint Hearing entitled "Legislative Proposals to Counter Terrorism and Illicit Finance" 
Terrorism and Illicit Finance Subcommittee and 
Financial Institutions and Consumer Credit Subcommittee

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Africa

Tracking Noxious Funds: Strategies And Techniques For Whistleblowing...
[Opinion] - Nov 26, 2017 - Sahara Reporters.Com - Kayode Oladele - Africa is estimated to have lost over $1 trillion in illicit financial flows (IFFs) within the past 50 years, with drainage of over $50 billion annually. These outflows, according to ...

AML Compliance Trends

Financial Crime: When Will Banks Have Their Day of Reckoning?
[Opinion, Old Article] - July 21, 2017 - The Market Mogul.Com - Saif Imran - Allowing 'dirty money' or facilitating transactions between criminals is complicity within the crime. The world has reacted and continues to react as many left-wing ...

New money laundering regulations clause is either wrong - or means big impact
[Opinion] - Nov 27, 2017 - Property Industry Eye.Com - David Beaumont - Everyone in estate agency is now conducting ID checks on buyers, given the requirements of the new Money Laundering Regulations that came into force in June...

Anti-Corruption Around the World

Learn rules of doing business abroad
[Opinion] - Nov 27, 2017 - SCMP.Com - The legal pitfalls of doing cross-border business in the United States are not totally uncharted territory. HSBC, for one, can vouch for that, having paid a huge fine five years ago for lapses in compliance ...

Romanians protest against weakening of anti-corruption powers
Nov 27, 2017 - The Guardian.Com -  Daniel Boffey - Romania's centre-left coalition government is facing a fresh wave of demonstrations over claims that it wants to overhaul the justice system to allow high-level corruption to go unpunished...

Also See:
[Opinion] - Nov 27, 2017 - LSE.Ac.Uk

Anti-Corruption War: NJC Panel Gives Fresh Directives To Judges
[Nigeria] - Nov 27, 2017 - Independent.Ng - Paschal Njoku - The National Judicial Council (NJC) committee monitoring corruption cases in courts across the country has indicated that a new practice direction would be issued to judges handling the ...

Anticorruption, data privacy, cybersecurity: why certification matters
[Opinion, Philippines] - Nov 27, 2017 - Business Mirror.Com.Ph - Henry J. Schumacher - As we continue to develop international and local business in the Philippines, in Asean, in Asia and beyond, there will be more and more pressure on companies to ...

Europe vainly tries to force Armenia to eradicate corruption
Nov 27, 2017 - En.Trend.Az - Fuad Aslanov - A one-day anti-corruption conference on Armenia's implementation of the latest recommendations by the Group of States against Corruption (GRECO), the Council of Europe's anti-corruption ...

Can You Separate the Fight Against Corruption from Democracy?
[Opinion, China] - Nov 26, 2017 - National Interest.Org - Trevor Sutton - Earlier this month, Saudi Arabia's Crown Prince, Mohammed bin Salman, made a bold move to consolidate power by orchestrating the arrest of high-level officials and ...

CFPB

The next Trump legal crisis: Who is in charge at the CFPB?
[Opinion] - Nov 27, 2017 - qz.com - Tim Fernholz - Who will lead the only US financial regulator focused on protecting regular people? That's a problem that will need to be solved by the courts, thanks to a legal mess created by president Donald Trump...

Also See:
[Opinion] - Nov 25, 2017 - KCUR.Org - Scott Simon

[Opinion] - Nov 25, 2017 - ABC News.Go.Com - Kevin Pliszak

Leandra English, the woman at the center of a White House battle for control ...
Nov 26, 2017 - Washington Post.Com - Renae Merle - The tug-of-war over leadership of the Consumer Financial Protection Bureau intensified Sunday as a high-ranking agency official sued to block President Trump from installing his pick to temporarily ...

Here's what the new CFPB director should change
[Opinion] - Nov 26, 2017 - Housing Wire.Com - Under Cordray, the bureau declined to outline specific, measurable standards for various regulations, preferring to provide examples of how to interpret regulations through legal action against ...

Factbox: What is the U.S. Consumer Financial Protection Bureau?
[Opinion] - Nov 27, 2017 - Reuters.Com - The U.S. Consumer Financial Protection Bureau (CFPB) has been thrown into disarray by a battle between the White House and Obama-era officials over who gets to run the federal watchdog on an interim ...

Cybersecurity

Trump's New Cybersecurity Rules Are Better Than Obama's
[Opinion] - Nov 27, 2017 - ACLU.Org - Jennifer Stisa Granick - When the government learns about a vulnerability in a piece of software or hardware, it can either stockpile that vulnerability for its own use or disclose it to the relevant ...

De-Risking in Reverse

Only the largest 'corporates' can afford to start their own bank. -Ed.

Regaining Control of Corporate Banking
[Opinion] - Nov 27, 2017 - Chet Kamat - In essence, many corporates have de-risked their banking relationships. Banks are no longer guaranteed the steady flow of transaction revenue that enabled them to remain profitable, even when financial ...

Financial Inclusion

Financial literacy: A key to economic freedom
[Opinion, India] - Nov 27, 2017 - Asian Age.Com - Moin Qazi - Financial services are like clean water and electricity. They are made possible through ideal financial societies that provide safe and convenient ways of managing their everyday simple ...

The unbanked: How startups are taking financial services to the streets
[Opinion] - Nov 25, 2017 - The Spin Off.Co.Nz - Mark Thomas - It's estimated about 2 billion people are 'unbanked' and not using traditional banking services, but Mark Thomas finds startups are creating a new financial services industry - often ...

Financial Services

Minnis: Financial Sector Is 'Dying'
[Opinion, Bahamas] - Nov 27, 2017 - Tribune 242.Com - Rashad Rolle - The financial services sector is "dying," Prime Minister Dr Hubert Minnis said Saturday while stressing the importance of creating new economic pillars. He was speaking ...

EU fires starting gun for banks vs. fintech fight over payments
[Opinion] - Nov 27, 2017 - Reuters.Com - Huw Jones - The European Commission approved rules on Monday to increase competition and toughen up security in how people pay for goods and services across the European Union, pitting banks against ...

Fintech energizes real economy
[Opinion, China] - Nov 27, 2017 - China Daily.Com.Cn - Chen Jia - Chinese financial technology or fintech firms are expected to lead industry innovation and facilitate growth of small and medium-sized enterprises or SMEs in the Asia-Pacific region, ...

Also See:
[Opinion] - Nov 27, 2017 - China Daily.Com.Cn - Chen Meiling

Can FinTech Encourage Millennials to Get Involved in Finance?
[Opinion, Old Article] - Oct 7, 2017 - The Market Mogul.Com - Euan Austin - Today's morose Millennials, criticised for potentially killing the NFL and the napkin industry, are tomorrow's financiers. Worse than killing the NFL and napkin industry, Millennials ...

Fines, Crimes & Cases

Ameris still waiting for all-clear on compliance issues
Nov 27, 2017 - Jax Daily Record.Com - Mark Basch - Nearly a year ago, federal banking regulators told Ameris Bancorp it could not pursue any merger and acquisition opportunities until it settled compliance issues with the Bank Secrecy Act. You ...

KPMG missed more money laundering red flags
Nov 27, 2017 - Channel Africa.Co.Za - KPMG greenlighted three Gupta deals that bore multiple hallmarks of money laundering. In these, suspicious foreign entities paid millions for shares in dormant local shell companies. Our investigations suggest at least ...

CB fines life assurance firm €1m over money laundering and terrorist ...
[Ireland] - Nov 37, 2017 - The Journal.Ie - The Central Bank of Ireland has fined a life assurance company €1 million for four breaches of the Money Laundering and Terrorist Financing Act. Intesa Sanpaolo Life, the life assurance wing of one of Italy's ...

Sacked FIAU official investigated money laundering breach by Malta PEPs
Nov 26, 2017 - Europe.Easy Branches.Com - The former police investigator Jonathan Ferris said he left the police force shortly after an incident in which a minister demanded information on a police investigation. Ferris told ...

Ghana

Remittance agencies urged to use technology to end long queues
[Opinion] - Nov 25, 2017 - Ghana Business News.Com - Remittance agencies have been urged to deploy technology to create convenience for their customers during the Christmas and New Year festivities. Mr Archie Hesse, Chief Executive ....

Kenya

CA forces Kenyan mobile operators to share money transfer infrastructure
Nov 27, 2017 - Telecom Paper.Com - The Communications Authority of Kenya (CA) will force mobile phone operators to share money transfer infrastructure from December, the Standard reported. CA Director-General Francis Wangusi said they had ...

Nigeria

Offshore scandals: Nigeria is paying lip service to tackling dirty money
[Opinion] - Nov 27, 2017 - Business Day Online.Com - First, it was the Panama Papers; now the Paradise Papers. Both were scandals involving prominent people around the world who hide their wealth in tax havens. In both cases, investigative journalists ...

Pakistan

Remittance: Even our saving grace is now letting us down
[Opinion] - Nov 27, 2017 - Tribune.Com.Pk - Ihtashamul Haque - It's just the latest sign of the anti-immigrant hysteria that has swept across Europe and the United States. On our side of the Atlantic, the story just keeps getting grimmer...

Remittances & Immigration

Progressives should do more than defend immigration - we should celebrate it
[Opinion] - Nov 27, 2017 - Salon.Com - Amanda Marcotte - Because the only direction the news seems to tilt in these days is towards depressing, it appears that Germany, which had been the moral leader among Western nations on the subject ...

Virtual Currencies

Singapore emerges as third largest global ICO hub
Nov 27, 2017 - Deal Street Asia.Com - Shiwen Yap - Singapore has emerged as the third largest initial coin offer (ICO) market globally after the US and Switzerland and the leading hub for ICO activity in Asia, as part of a larger disruption to the venture ...

Financial Focus: Ready for Bitcoin?
[Opinion] - Nov 26, 2017 - Norwood News.Org - Anthony Rivieccio - Bitcoin was first introduced in 2008 by an unknown creator going by the name of Satoshi Nakamoto, who communicated only by email and social messaging. Satoshi ...

ICOs Flow Continues As Regulations Fall Around the World
[Opinion] - Nov 26, 2017 - Coin Telegraph.Com - Selva Ozelli - Initial Coin Offering (ICO) is a new way of fundraising enabled by digital currencies and Blockchain technology where participants invest fiat currencies and receive ''tokens,'' ...

Banks and Cryptocurrencies: A Reluctant Relationship?
[Opinion, Old Article] - Sep 27, 2017 - The Market Mogul.Com - Luis Aureliano - Traditional financial institutions have never hidden their displeasure with cryptocurrency and all that it represents in its democratization of the global financial ...

Cryptocurrencies and ICOs - A Rough Global Guide to Regulation
[Opinion] - Nov 26, 2017 - Cryptocoins News.Com - Over the past few years there has been a growing proliferation of cryptocurrencies[1]. For the purpose of this article, we use the term cryptocurrency to refer to any coins, tokens, or other such ...

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Quote of the Day

"There are only two mistakes one can make along the road to truth; not going all the way, and not starting."

- Buddha

Word of the Day

Veracity:/ve·rac·i·ty /
  1. Conformity with truth or fact : accuracy
  2. Devotion to the truth : truthfulness
  3. Power of conveying or perceiving truth
  4. Something true
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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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