The National Money Transmitters Association

The NMTA's Daily News Clippings

Thursday, November 9, 2017

Denial of Banking Services

Maxine Waters Wants Treasury To Beef Up AML Enforcement
Nov 9, 2017 - Pymnts.Com - California Congresswoman Maxine Waters has some questions for the Treasury Department about what it intends to do to beef up security - particularly with regards to anti-money laundering rules ...

". . . Waters requested that . . . a strategy be put in place to defer the costs of "wholesale de-risking and its adverse consequences, particularly for vulnerable populations."
 
To the extent de-risking results from regulatory necessities, any such strategy to address [correspondent banking and other forms of] de-risking, would have to be linked to smarter enforcement and supervision strategies, as illustrated by the following stories. 
 
We must also provide banks with whatever assistance and incentives they may need, to stay in difficult markets - and not withdraw - and still meet their regulators' expectations. -Ed.

FinCEN Fines Texas Bank $2M for Alleged Failure to Vet & Monitor Mexican...
[Ongoing Story, Overview] -  Nov 8, 2017 - Nat Law Review.Com - U.S.-regulated banks are expected to conduct due diligence on correspondent bank accounts at the opening of the account and periodically over the life of the relationship. If the ...

 
[Ongoing Story] - Nov 9, 2017 - Caribbean 360.Com - At least three Caribbean countries mentioned in the recent Paradise Papers leak are seeking to defend their reputations, insisting that they have done nothing wrong...

FinCEN

Kenneth Blanco named FinCEN director
Nov 8, 2017 - Finextra.Com - The U.S. Department of the Treasury announced Kenneth A. Blanco today as Director of the Financial Crimes Enforcement Network (FinCEN), a bureau in Treasury's Office of Terrorism and Financial Intelligence ...

Money Transfer Business

Landor Pulse: PayPal leads as most trusted financial services brand
[Analysis] - Nov 8, 2017 - Landor.Com - Approximately 30 percent of consumers rank PayPal as trustworthy, compared with 25 percent for Visa, 23 percent for Mastercard, and 17 percent for American Express, which has fallen from a 2006 trust ...

Proposed OCC Fintech Charter

Bank of Amazon? Facebook Financial? Regulator could open banking to tech ...
[Opinion] - Nov 9, 2017 - Brisbane Times.Com.Au - Jesse Hamilton - Bank of Amazon. Facebook Financial. Wal-Bank. Amid intense lobbying by financial firms, US politicians for years have rejected attempts by giant retailers to muscle ...

Also See:
[Opinion] - Nov 8, 2017 - Reuters.Com - Michelle Price & David Henry

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Anti-Corruption

Trump Used To Disparage An Anti-Bribery Law; Will He Enforce It Now?
[Opinion] - News.WBHM.Org -     Jim Zarroli - President Trump has called it "ridiculous," a "horrible law" that made it difficult for U.S. companies to compete overseas. But the Foreign Corrupt Practices Act, which bars businesses from paying ...

3 Top Takeaways: Anti-Corruption in Mexico
Nov 8, 2017 - Lexology.Com - Mexico does not have per se an "attorney-client privilege." Like most civil law countries, certain professions - including lawyers - have a "duty to secrecy" to not reveal client information or communications ...

Also See:
Nov 7, 2017 - Lexology.Com

Amendments to China's Anti-Unfair Competition Law Broadens the Scope of ...
Nov 8, 2017 - Lexology.Com - On November 4, 2017, the Standing Committee of the National People's Congress ("NPC") adopted amendments to China's Anti-Unfair Competition Law ("Amended AUCL"). In 1993, the Chinese government ...

Secrecy laws enabling corrupt politicians to go unpunished must be scrapped ...
[Malta] - Nov 9, 2017 - Independent.Com.Mt - "We must end the practice of people in power using secrecy provisions in Anti-Money Laundering Legislation to escape punishment for corruption and keep people in the dark" ...

Trinidad: We must stop criminal empires in prison-AG
[Trinidad and Tobago] - Nov 8, 2017 - St Lucia News Online.Com - Prison officers will be safer once the corruption and operation of criminal empires in prisons are stamped out, Attorney General Faris Al-Rawi maintained yesterday...

Graft suspected in Indonesian anti-corruption monument project
[Indonesia] - Nov 9, 2017 - In.Reuters.Com - An Indonesian prosecutor has named 18 people as suspects in a graft case related to the erection of an anti-corruption monument meant to champion probity in public affairs. ...

Kuwait's court rejects petition against anti-corruption authority
Nov 8, 2017 - Zawya.Com -  The constitutional court, whose rulings are final, yesterday said the law establishing the Anti-Corruption Authority is in line with the constitution and the country's law, rejecting a petition against the authority. ..

Egypt's President backs Saudi anti-corruption purge
Nov 9, 2017 - Gulf Business.Com - Egyptian President Abdel Fattah al-Sisi said on Wednesday he was against military strikes on Iran or the Tehran-backed Lebanese group Hezbollah, saying there was enough turmoil in the Middle East...

Nigeria: Is the Anti-Corruption War Back On Track?
[Opinion] - Nov 9, 2017 - All Africa.Com - Abimbola Akosile - Although the current administration has come under a lot of criticism for its perceived lukewarm stance on high-profile official corruption, contrary to campaign promises and citizens' ...

Enhancing integrity in the Capital - the proposed anti-corruption commission ...
[Opinion, Australia] - Nov 9, 2017 - The-Riotact.Com - Rebecca Vassarotti - Last week was a dramatic week in the Legislative Assembly with a rare no-confidence motion debated, focused on allegations of a 'culture of corruption' that is ...

Asset Forfeiture

Senators Push To Defund Jeff Sessions' Civil Asset Forfeiture Expansion
Nov 8, 2017 - Reason.Com - C.J. Ciaramella - A bipartisan group of senators wants to defund Attorney General Jeff Sessions' expansion of the Justice Department's civil asset forfeiture program, following similar efforts by libertarian-leaning ...

Banks

Basel Committee on Banking Supervision Issues Consultative Document ...
Nov 1, 2017 - Canadian Cybersecurity Law.Com - Brianne Paulin - On August 31, the Basel Committee on Banking Supervision (the "BCBS") published a consultative document on the implications of Fintech for the financial sector. The consultative ...

Also See:
[Consultative Document] - Oct 31, 2017 - BIS.Org

Company Announcements

Financial Services Company Avendus Capital Acquires Mumbai Based PE Firm...
Nov 9, 2017 - Inc 42.Com - Sukanya Mukherjee - Financial services company Avendus Capital has acquired Mumbai-based private equity firm Zodius Capital Advisors. The financial details of the transaction have not been disclosed...

Opus partners with Fenergo to provide streamlined integration and accelerate...
[Press Release] - Nov 8, 2017 - Business Insider.Com - Opus, the leading provider of global compliance and risk management solutions, today announced a partnership with Fenergo, the industry standard for Client Lifecycle Management (CLM) ...

Melissa Enables Real-Time Identity Verification in Global BankingPersonator ...
[Press Release] - Nov 8, 2017 - Business Insider.Com - Melissa, a leading provider of global contact data quality and identity verification solutions, today announced Personator World, its cloud-based identity resolution and verification engine ...

CFPB

When will the CFPB acknowledge Trump revoked the arbitration rule?
[Opinion] - Nov 8, 2017 - Housing Wire.Com - Brena Swanson - President Donald Trump officially killed the Consumer Financial Protection Bureau's arbitration rule earlier this month. However, consumers wouldn't know, especially if ...

U.S. Consumer Financial Protection Bureau Sets Out Principles For Consumer...
[Overview] - Nov 8, 2017 - Mondaq.Com - On October 18th, 2017 the U.S. Consumer Financial Protection Bureau ("CFPB") outlined the principles to be followed ("Principles") when consumers authorize third party companies to access ...

Also See:
Oct 18, 2017 - Consumer Finance.Gov

Cybersecurity

Trump's DHS nominee: Cybersecurity a top challenge for US
Nov 8, 2017 - Washington Examiner.Com - President Trump's nominee to lead the Department of Homeland Security, Kirstjen Nielsen, testified Wednesday that cyberattacks are the greatest threat to U.S. national security, and ...

Everyone has cyber security responsibility, says Euro commissioner
[Opinion] - Nov 8, 2017 - Computer Weekly.Com - Warwick Ashford - Everyone has a role to play in cyber security, including big market players - but if this is not done voluntarily, legislation may be required, says the European ...

Also See:
[Opinion] - Nov 8, 2017 - Oann.Com - Axel Bugge

Ukrainian President signs law on cyber security
Nov 9, 2017 - CISO Mag.Com - Ukraine is sprucing its cybersecurity forte by mandating several basic principles for ensuring a secure cyber haven in the country. President Petro Poroshenko has signed the law which "creates the foundations of a ...

Government outlines cyber security action plan
[Scotland] - Nov 8, 2017 - BBC.Com - The Scottish government has outlined its action plan to protect public organisations from cyber attacks. The strategy was fast-tracked after a global cyber attack in May in which 11 Scottish health boards ...

Cybersecurity is a strategic issue, not just an IT investment
[Opinion] - Nov 9, 2017 - IT News Africa.Com - Paul Williams - As organisations embark on their digital transformation journeys, they are seeking to tap new business opportunities, improve operational efficiencies, and deliver better services to ...

Canadian Securities Administrators Issues Staff Notice Providing Cyber-...
Nov 3, 2017 - Canadian Cybersecurity Law.Com - Kirsten Thompson - On October 19, 2017, the Canadian Securities Administrators ("CSA"), representing provincial and territorial securities regulators, issued CSA Staff Notice 33-321 - Cyber Security ...

Also See:
Oct 19, 2017 - OSC.GOV.ON.CA

FATCA

The Impact Of T, he Common Reporting Standard On Trusts
[Opinion, Free Registration] - Nov 8, 2017 - Mondaq.Com - Nancy Chien - When the Foreign Account Tax Compliance Act (FATCA) was first introduced by the USA, there was a degree of reluctance among some in the finance industry to engage with it...

Financial Inclusion

MasterCard Reveals Financial Inclusion In Africa Still Below Average
Nov 9, 2017 - Modern Ghana.Com - Madam Ann Miles, the Director of MasterCard Foundation on Financial Inclusion, Wednesday said the level of financial inclusion in countries in sub-Saharan Africa is significantly low compared to other ...

Also See:
Nov 8, 2017 - Ghana News Agency.Org

Why India needs to work on financial literacy now more than ever?
[Opinion] - Nov 9, 2017 - My Iris.Com - The topic itself would havesounded alien to most. Financial literacy isnow one of the top priorities for most nations. It is more critical for developing nations like India, where the majority find ...

Government to establish Financial Stability Council
[Ghana] - Nov 8, 2017 - Business Ghana.Com - Government will establish a high-level Financial Stability Council, with the view of strengthening and institutionalising mechanisms for maintaining financial stability, financial sector ...

Zambia Launches Its First National Financial Inclusion Strategy
[Press Release] - Nov 8, 2017 - All Africa.Com - Today, the Government of Zambia launched its National Financial Inclusion Strategy, as well as its Financial Sector Development Policy, and Financial Capability Survey Report with support from the...

ADB, AFI Partner to Increase Financial Inclusion in Asia with New MOU
Nov 8, 2017 - Fin Channel.Com - The Asian Development Bank (ADB) on November 8 signed a memorandum of understanding (MOU) with the Alliance for Financial Inclusion (AFI) to promote greater financial inclusion in the Asia ...

Financial Services

APIs Are Changing Financial Services
[Opinion] - Nov 8, 2017 - Finextra.Com - Ben Goldin - The use of application programming interfaces (APIs) is presenting a world of possibilities to financial institutions. They enable the flow of information between applications and gives ...

Driving Cross-Border Payments Into The Future
[Opinion] - Nov 9, 2017 - Pymnts.Com - Increasingly, firms selling abroad are embracing the belief that there is a business advantage to making products available for purchase in foreign customers' home currencies. Taking the exchange risk and ...

Can fintech save Swiss private banking?
[Opinion, Switzerland] - Nov 9, 2017 - Expatica.Com - Fintech is not a silver bullet for the industry but it is absolutely necessary for banks to go down the road of digital transformation," Matthias Bossardt, head of cyber security ...

Fines, Crimes & Cases

U.S. Justice Department mulls limits on overlapping corporate penalties
Nov 9, 2017 - SIFY.Com - Sarah N. Lynch - The U.S. Justice Department is exploring ways to prevent multiple law enforcement agencies from slapping companies with corporate penalties over the same ...

Silk Road Secret Service Agent Sentenced - Again
Nov 8, 2017 - News.Bitcoin.Com - C. Edward Kelso - A Secret Service agent, key in prosecuting Ross Ulbricht during the infamous Silk Road case, was himself sentenced to prison 7 November 2017 for money laundering crimes while ...

Judge issues gag order in Paul Manafort, Rick Gates money laundering case
[Ongoing Story] - Nov 8, 2017 - USA Today.Com - Kevin Johnson - A federal judge issued a sweeping gag order in the money laundering and conspiracy case against former Trump campaign chairman Paul Manafort and campaign aide ...

Rolls-Royce executives plead guilty to bribery charges
Nov 8, 2017 - Board Agenda.Com - Gavin Hinks - US Department of Justice publishes charges of foreign bribery against three former Rolls-Royce executives and two consultants. Three former Rolls-Royce executives have pleaded guilty to charges ...

IOC suspends Frank Fredericks over French corruption charges
Nov 8, 2017 - Japan Times.Co.Jp - The International Olympic Committee suspended Frank Fredericks as a member on Tuesday, four days after he was charged in a French investigation of suspected bribery in the 2016 Olympic host city vote ...

India

Govt to incentivise online payments to push digital transactions
Nov 9, 2017 - Hindustan Times.Com - The government will push digital payments afresh as they appear to have lost momentum a year after the promotion of cashless transactions was announced as a ...

India's report on tax evasion to be released in OECD meeting
Nov 8, 2017 - Economic Times.India Times.Com - India will release a peer review report on legal steps taken by it to combat offshore tax evasion and enhancing of global cooperation for exchange of information to fight tax crimes at a ...

Malta

PANA report - No badge of honour
[Opinion, Video] - Nov 9, 2017 - Independent.Com.Mt - Malta truly is a surreal place. Yesterday the final report of the PANA Committee - the European Parliament committee set up to look into issue of money laundering and the infamous ...

Also See:
Nov 8, 2017 - Independent.Com.Mt - Julian Bonnici

Remittances & Immigration

How To Solve The Problem Of Illegal Immigration Under Trump
[Opinion] - Nov 8, 2017 - Forbes.Com -  Andy J. Semotiuk - While a good majority, around 60 percent of Americans, are willing to allow illegal immigrants to stay in the United States, subject to some sort of provision to deal with their ...

United Kingdom

Countdown to the FATF Evaluation: The UK's updated National Risk Asses...
Nov 8, 2017 - RUSI.Org - RUSI's Centre for Financial Crime and Security Studies welcomes the UK government's new National Risk Assessment. However, there is a fear that it avoids recognising important systemic weaknesses...

Also See:
[Policy Paper] - Oct 26, 2017 - Gov.Uk

Oct 2015 - Gov.Uk

April 2016 - Gov.Uk

[Closed consultation, Last Updated Aug 2017] - July 20, 2017 - Gov.Uk

Whistle-Blowing Shouldn't Pay Generously, Top U.K. Bankers Say
[Opinion] - Nov 9, 2017 - Bloomberg Quint.Com - Banks in the City of London are against handing financial rewards to whistle-blowers, and ultimately hope to get to the point where they won't need informants...

British shell companies linked to 52 money laundering scandals
Nov 9, 2017 - Reuters.Com - Tom Bergin - British shell companies have been linked to 52 money laundering scandals involving 80 billion pounds ($105 billion) in the past 14 years, according to researchers at campaign group Transparency ...

UK's anti-money laundering system is "failing", Transparency International...
[Opinion] - Nov 9, 2017 - City AM.Com - Catherine Neilan - The UK is at the heart of global money laundering and corruption, because the system designed to prevent abuse is failing, a damning report published today has claimed. ...

Offshore accounts - who has them and why?
[Opinion] - Nov 9, 2017 - Market Watch.Com - Leslie Albrecht - Commerce secretary Wilbur Ross, Bono and the Queen Elizabeth II of England suddenly have a lot in common: They're among the wealthy people who have money squirreled away in ...

Virtual Currencies

Newly Released Virtual-Currency Businesses Act Augurs Increased State ...
Nov 9, 2017 - lexology.com - On October 9, 2017, the Uniform Law Commission released the final version of its Uniform Regulation of Virtual-Currency Businesses Act ("VCBA"). The Act repeatedly references both state money transmission laws ...

How Apple Pay Could Mark Foray into Cryptocurrencies
[Opinion] - Nov 9, 2017 - Crypto Vest.Com - Tedra DeSue - One of the reputations Apple has developed over the years relates to its innate ability to take an idea for something and turn it on its head. Look no further than how it turned mobile phones...

SEC Issues Warning to Social Media Influencers Endorsing Cryptocurrencies
[Recap] - Nov 8, 2017 - Lexology.Com - Last week, the U.S. Securities and Exchange Commission ("SEC" or "Commission") issued a statement questioning the marketing practices of certain cryptocurrency companies and the celebrities and ...

Also See:
[Public Statment] - Nov 1, 2017 - SEC.Gov

How blockchain will change major industries
[Opinion] - Nov 8, 2017 - The Next Web.Com - George Beall - While much of the discussion around blockchain has surrounded bitcoin and its ups and downs, corporations and businesses are quickly waking up to the possibility of using ...

Why hasn't Estonia issued any e-money licences?
[Opinion] - Nov 8, 2017 - Estonian World.Com - Nikolay Demchuk & Eduardo Silva - Interesting, but in the digitally advanced state with tech-savvy people - Estonia - there are currently no companies with e-money licence issued by ...

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Quote of the Day

"Make it a habit to tell people thank you. To express your appreciation, sincerely and without the expectation of anything in return. Truly appreciate those around you, and you'll soon find many others around you. Truly appreciate life, and you'll find that you have more of it."

     - Ralph Marston

Word of the Day

Proclivity:  /pro·cliv·i·ty /

An inclination or predisposition toward something; especially, a strong inherent inclination toward something objectionable.

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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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