The National Money Transmitters Association

The NMTA's Daily News Clippings

Thursday, October 12, 2017

Top Stories

Regulation and Financial Services

The Uniform Regulation of Virtual-Currency Businesses Act (URVCBA) was released by the Uniform Law Commission on October 9, 2017.

The ULC believes that in the absence of an overarching federal payments regulatory framework, state laws need to be harmonized to the extent possible. -Ed.


The Data Portability Landscape Is Changing Globally And The U.S. Financial ...

[Opinion] - Oct 11, 2017 - Forbes.Com - Keri Gohman - Our world is changing, and data is the new currency. Large legacy financial institutions control most of the data in the financial world of a consumer or small business, and these ...

Also See:
[Opinion] - Oct 11, 2017 - Forbes.Com - Randy Bean

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Anti-Corruption

Anti-Corruption Update: A Global Perspective
[Report] - Oct 4, 2017 - Jd Supra.Com - Anticorruption conventions and legislation have global reach and introduce compliance demands on companies to prevent bribery. If your business operates on the global market, there is a risk that ...

Anti-Corruption Bill to include confiscation of Assets Policy
[Bahamas] - Oct 11, 2017 - The Bahamas Weekly.Com - Matt Maura - The Minnis Administration will introduce new and revised legislation to combat official corruption in The Bahamas as part of its legislative agenda, Prime Minister...

'It's Hard Time Ghana Stepped Up Anti-Corruption Fight'
[Opinion, Ghana] - Oct 12, 2017 - Modern Ghana.Com - The President of the Christian Service University College, Professor Samuel Afrane, has called for intensification of the anti-corruption fight to protect the national purse. He said the abuse ...

How President Buhari has turned anti-corruption war into a complete joke
[Opinion, Nigeria] - Oct 11, 2017 - Pulse.Ng - Last week, while addressing representatives of several civil society organisations in Abuja, Vice President Yemi Osinbajo laid some of the blame for the government's fairly unsuccessful anti-graft ...

Australia

How Europe's far right fell in love with Australia's immigration policy
[Opinion] - Oct 12, 2017 - The Guardian.Com - In October 2015, six weeks after Tony Abbott was deposed as Australia's prime minister in a fit of intraparty backstabbing, he arrived in London to give the Margaret Thatcher memorial lecture ...

Bangladesh

Bangladeshis to enjoy partial PayPal facilities, for now
[Opinion] - Oct 11, 2017 - Dhaka Tribune.Com - Ibrahim Hossain Ovi - Bangladeshi users will only be able to receive their earnings through PayPal once it is inaugurated, which means its services will be limited in the country. The most popular online ...

CFPB

Why The Final Payday Lending Rules Are Far From The Last Word
[Opinion] - Oct 11, 2017 - Pymnts.Com - Last week, after five years of debates, discussions, arguments and waiting, the Consumer Financial Protection Bureau's (CFPB) final rules for payday lending dropped. As one might expect after such ...

Also See:
Oct 11, 2017 - E Credit Daily.Com

Oct 12, 2017 - Texas Tribune.Org - Matthew Choi

[Opinion] - Oct 11, 2017 - Financial Reg News.Com - Dave Kovaleski

Payday loans rule could lead to cheaper alternatives
[Opinion] - Oct 11, 2017 - Freep.Com - Susan Tompor - Consumers who are caught in a financial squeeze might one day be able to skip the payday loan store and turn to banks and credit unions for lower-cost, quick-fix loans. ...

Overcoming Regulatory Barriers to Serving the Underserved
 [Opinion] - Oct 11, 2017 - Cei.Org - Iain Murray - How many people are pushed to the fringes of the banking system by Dodd-Frank regulations? How will the CFPB's new regulations prevent the underserved from accessing financial services? ...

Company Announcements

TransferTo hails demand for international transfers
Oct 11, 2017 - Mobile World Live.Com - Kavit Majithia - Mobile remittance hub TransferTo revealed "record growth" across its International Money Transfer business, with more than 6.3 million transactions processed across the network ...

Intel launches AI-driven anti-money laundering solution
Oct 12, 2017 - PC World.Idg.Com.Au - Fergus Halliday - Intel has announced it'll work with financial institutions to fight money laundering with its new AI-driven Intel Saffron Anti-Money Laundering Advisor. "With today's launch, Intel ...

Fintech Select Ltd. Launches Foreign Remittance Program for New Transact...
Oct 12, 2017 - Globe News Wire.Com - Fintech Select Ltd. ("Fintech Select" or the "Company")  is pleased to announce that it signed a non-binding letter of intent (the "LOI") with Phone Cards Plus ("Phone Cards") to provide remittance ...

NIB launches RIA Money Transfer
[Ghana] - Oct 11, 2017 - My Joy Online.Com - The National Investment Bank (NIB) has launched RIA Money Transfer to add to its array of international money transfer services. This aims to provide its numerous customers unlimited access to ...

Alibaba launches $15 billion overseas R&D drive
Oct 12, 2017 - Money Control.Com - China's top e-commerce firm, Alibaba Group Holding Ltd, is launching a USD 15 billion drive to build overseas research hubs as the deep-pocketed firm looks to compete with global leaders in e-commerce ...

Pi Pay, ABA in digital deal
Oct 12, 2017 - Khmer Times Kh.Com - Pi Pay and ABA Bank yesterday signed a partnership agreement to link Pi Pay mobile wallets to ABA bank accounts, bringing a new level of convenience and integration to their mobile banking ...

Goldmoney Inc. selects SafeCharge to further expand its Online and Mobile ...
Oct 11, 2017 - Lse.Co.Uk - SafeCharge, a leader in advanced payment technologies, today announces it has been selected by Goldmoney Inc. ("Goldmoney"), a precious metal financial service and technology company traded on the Toronto Stock ...

Danske Bank terminates MobilePay in Norway; enters talks with Vipps
Oct 11, 2017 - Finextra.Com - Danske Bank is to terminate its MobilePay app in Norway and throw its weight behind the rival Vipps service. Vipps, originally developed by DNB Bank, and MobilePay have been competing for two years for market ...

Compliance - Other

American politicians' efforts to control Chinese firms amount to a dangerous...
[Opinion] - Oct 2017 - Economist.Com - WARS are fought with weapons, but also with money. To understand the global balance of power in the coming decades, it helps to pay attention to the commercial subplot of the North Korean crisis. For the first ...

Cybersecurity

New York State Taxation Department offers cyber security tips
Oct 12, 2017 - Orchard Park Bee.Com - In recognition of National Cyber Security Awareness Month, the state Department of Taxation and Finance is sharing tips to help taxpayers detect scams, protect sensitive information and report suspicious activity...

FATCA

Tax Simplification Should Include Repeal of FATCA
[Old Opinion] - March 21, 2017 - ATR.Org - After more than 30 years, comprehensive, pro-growth tax reform may finally be signed into law in 2017. This is an opportunity to cut taxes for American families and businesses across the board ...

Financial Inclusion

A 'regulatory lab' for financial inclusion
[Opinion, India] - Oct 12, 2017 - Live Mint.Com - Smita Aggarwal - In a recent report, the Reserve Bank of India's (RBI) household finance committee found the average Indian household keeps just 5% of its wealth in financial assets....

Societe Generale Explains Some Challenges Of Financial Inclusion in Africa
[Opinion, Africa] - Oct 11, 2017 - Forbes.Com - Tom Groenfeldt - More than 50% of adults in the world's poorest households still don't have access to a bank account, according to a recent report on financial inclusion from Societe Generale ...

Fines, Crimes & Cases

Proceedings at UK tribunal over alleged violations of AML rules
Oct 12, 2017 - My Joy Online.Com - Myjoyonline.com has chanced upon the proceedings of Wednesday's hearing at the UK tribunal determining a case of possible violations of anti-money laundering regulation...

Wells Fargo's CEO waived arbitration, lawyers suing bank say
Oct 12, 2017 - Reuters.Com - Wells Fargo should not be allowed to compel arbitration of a lawsuit over the bank's practice of opening unauthorized accounts because its chief executive expressly waived arbitration at a ...

Panama Papers law firm Colombia representative arrested in massive tax ...
Oct 11, 2017 - Caribbean News Now.Com - Kenneth Rijock - The Colombian representative of the Panama Papers law firm of Mossack & Fonseca, Juan Esteban Arellano Rumazo, has reportedly been arrested, together with a number of ...

Hong Kong

Banking in Hong Kong? You Might Be Anywhere
[Opinion] - Oct 12, 2017 - Bloomberg.Com - Andy Mukherjee - Hong Kong is needlessly inviting trouble -- and dirty money. That would be the most obvious interpretation of the recent tweaks in the financial center's anti-money-laundering ...

Jersey

Terror financing and money laundering risk assessment to be launched
[Update] - Oct 11, 2017 - Jersey Evening Post.Com - The requirement for Jersey to carry out the in-depth self-assessment was announced early last year by the Jersey Financial Services Commission and will involve not only the regulator ...

Pakistan

FBR's actions on suspicious transactions comply with AML law
Oct 12, 2017 - Federal Board of Revenue (FBR) on Wednesday said action under anti-money laundering law (AML) was taken only on the basis of suspicious transactions reports (STRs), brushing aside the concerns the law was being triggered ...

Is remittance growth back to normalcy?
[Opinion] - Oct 12, 2017 - B Recorder.Com - Remittances for the first quarter FY18 stood at $4.79 billion, up barely 1 percent over last year, dashing hopes of those who were upbeat after the 12 percent growth seen in the two months ...

"Lacunas to be removed from AML Law"
Oct 12, 2017 - Dawn.Com - Federal Board of Revenue (FBR) member policy Dr Mohammad Iqbal on Wednesday assured tax consultants that all lacunas and deficiencies from the Anti-Money Laundering (AML) Law will be removed...

Puerto Rico

House Republicans Put Wall Street Before Puerto Rico, On Financial Services ...
Oct 11, 2017 - District Sentinel.Com - Sam Knight - Twenty-three bills were before the panel on Wednesday, amid a deregulatory frenzy overseen by Chair Jeb Hensarling (R-Texas). Legislation included proposals that would weaken consumer ...

United Kingdom

Anti-money laundering: only 1 in 300 foreign deals triggers a 'red flag'
[Opinion, Real Estate] - Oct 12, 2017 - Estate Agent Today.Co.Uk - Graham Norwood - One one in every 300 property purchases by overseas buyers trigger a so-called 'red flag' with the National Crime Agency - and that's a cause for concern according to...

New Payments Ecosystem of Real-Time Payments
[Opinion] - Oct 12, 2017 - Finextra.Com - In the UK, faster payments are well established, and we have seen new innovations as well as new businesses being built since May 2008. In Singapore, which went live in 2014 with its Fast and Secure ...

UK Crime Unit Reveals Drop In Reports From Payments Sector
[Subscription Required] - Oct 12, 2017 - Payments Compliance.Com - Douglas Clarke-Williams - The UK's National Crime Agency has published a paper on firms' responses to suspicious activity, detailing how enforcement authorities...

Virtual Currencies

Worldcore: Bringing Banking to the Blockchain
[Company Announcement] - Oct 12, 2017 - BTC Manager.Com - Jordan Rosenberg - Worldcore is an established online money transfer service, which has recently announced plans to expand its operation to create an online, blockchain-powered ...

Call Her the Constable of Cryptocurrency
[Opinion] - Oct 11, 2017 - Law.Com - Angela Morris - In 2009, bitcoin emerged as the first digital currency. It runs on open-source software and allows peer-to-peer transactions. Rather than having a centralized bank record a financial ...

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Quote of the Day

"It takes considerable knowledge just to realize the extent of your own ignorance."

 - Thomas Sowell

Word of the Day
 
Lacuna - An unfilled space or interval; a gap.
 
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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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