Weekly Topic Update (Mar 18 to Mar 24)
The vice-chairman of the Depository Trust & Clearing Corporation, Larry Thompson, says forcing different standards on banks and other global financial services could spark the next financial crisis. While Europe has been toughening financial regulations, the U.S. is taking steps to relax them. A lack of coordination on international banking rules could be the "seed” of the next economic downturn, he believes.
Agency Information Collection Activities; Comment Request; Renewal Without Change of Bank Secrecy Act Currency Transaction Reporting Requirements Regulations
FINCEN | AML BSA CTF | Register Notice | 02/09/2018
The Paypers • Deposits • Industry News
Amazon added a rechargeable debit card in Mexico as part of its strategy to encourage shoppers without bank accounts to buy online. Part of the challenge is attracting consumers who are wary of online fraud and don't have access to credit and debit cards. Less than one-third of adults in Mexico own credit cards, according to a 2017 government report. Mexico is the first country where Amazon offers a debit card as it aims to give customers a new method to shop on its website.
Reuters • AML BSA CTF • Industry News
Financial institutions are to blame for the real-life consequences of AML failures, regulators say. In order to turn this around, banks need to reconfigure their transaction monitoring programs to identify the money laundering and terrorism finance methods that are defeating detection scenarios. They argue that adopting an actor-centric, hybrid threat finance model can cut compliance costs, reduce risk, improve regulatory relations and increase the usefulness of suspicious activity reports. Related: Fed Orders ICBC To Tighten AML Checks
MoneyLaundering.com (sub. req.) • AML BSA CTF • Industry News
Industry representatives and lawmakers are in discussions to more effectively regulate cryptocurrencies and other fintech advances without hampering innovation.
Wall Street Journal (sub. req.) • Lending • Industry News
The OCC lifted a 16-year prohibition on partnerships between payday loan chain ACE Cash Express and national banks. The agency's director Joseph Otting is encouraging the offering of more small-dollar consumer loans by banks.