The Board of Directors of the MTRA decided to introduce an annual membership fee to help pay for administrative expenses of the association. For the last fourteen years, MTRA suspended annual fees and relied on volunteers to run the affairs of the association. However, the growth of the money transmission industry and growing complexity required a commensurate regulatory response which placed a demand on MTRA for the provision of more services to its member states, such as training and coordination of regulatory responses. Recently, MTRA engaged the services of an administrator. The Board of Directors determined that there should be an annual fee for each State that maintains a membership in the association to fund rising administrative expenses of the association. The fee was determined to be the nominal amount of $500.00 annually and shall be billed annually in May and paid no later than July 15th.
Remittances: A Gateway to Unbanked Immigrants
The OCC’s Community Affairs Department recently released an edition of the Community Developments Insights which examines the role of banks in providing money transfer services and reviews the goals of banks in offering these products. It describes how banks can use these products to attract unbanked immigrants into the banking system and become providers of a variety of financial products and services that immigrants can use. It addresses some of the key risks and regulatory issues presented by bank involvement in these products, as well as structural and cultural barriers to the growth of bank remittance products. Although immigrants in the U.S. remit funds to countries throughout the world, this analysis addresses the Mexican market because it is the largest and where banks have focused most of their attention. The report can be accessed at: http://www.occ.treas.gov/cdd/Remittances1.pdf
The Power of Plastic: How Banks are using Technology to reach the unbanked
The Office of the Comptroller of the Currency recently released its Fall 2004 Community Developments newsletter focused on technology-driven products and services being offered by financial institutions to reach the unbanked. It can be accessed at: www.occ.treas.gov/cdd/fall04index.html.
Articles and Papers on Money Transmission
You will find below a list of interesting articles and papers on money transmission. They are available on the internet. The information provided can be used in one of the search engines to locate the articles and download.
ARTICLES ON MONEY LAUNDERING, STORED VALUE AND MONEY TRASMISSION
1. Article: EXAMINING THE INCREASE IN FEDEEAL REGULATORY REQUIREMENT AND PENALTIES: IS BANKING FACING ANOTHER TROUBLED DECADE?
Author: John J Byrne, Douglas W. Densmore and Jeffery M. Sharp
Publication: Capital University Law Review
Citation: 24 Cap. U.L. Rev 1
2. Article: MONEY LAUNDERING AND WIRE TRANSFERS: WHEN THE NEW REGULATIONS TAKE EFFECT WILL THEY HELP
Author: Flethcher N. Baldwin, Jr.
Publication: Dickinson Journal of International Law
Citation: 14 Dick. J. Int’l L. 413
3. Article: SPORTS GAMBLING IN THE CYBERSPACE ERA
Author: Anthony N. Cabot
Robert D. Faiss
Publication: Chapman Law Review
Citation: 5 Chap. L. Rev. 1
4. Article: THE ELECTRONIC FUTURE OF CASH: ESSAY “HOW TO REGULATE ELECTRONIC CASH: AN OVERVIEW OR REGULATORY ISSUES AND STRATEGIES”
Author: Simon L Lelieveldt
Publication: The American University Law Review
Citation: 46 Am. U. L. Rev. 1163
5. Article: FINANCIAL INSTITUTIONS FRAUD
Author: Sandra Gramman, Darren Nicholson & Andrew Szygenda
Publication: American Criminal Law Review
Citation: 37 Am. Crim. L. Rev. 551
6. Article: REGULATING ELECTRONIC MONEY IN SMALL-VALUE PAYMENT SYSTEMS
Author: Randall Sifers
Publication: Federal Communications Law Journal
Citation: 49 Fed. Comm. L. J. 701
7. Article: NEW AND CONTINUING CHALLENGES IN FIGHT AGAINST MONEY LAUNDERING
Author: Henry B. Gonzalez
Publication: Fordham University School of Law
Citation: Fordham Int’l L. J. 1543
8. Article: INTERNATIONAL MONEY LAUNDERING LAW ENFORCEMENT & AND THE US PATRIOT ACT OF 2001
Author: Andres Rueda
Publication: Michigan State-DCL Journal of International Law
Citation: 10 MSU-DCL J. Int’l L. 141
9. Article: THE NEW MONEY
Author: Kerry Lynn Macintosh
Publication: Berkeley Technology Law Journal
Citation: 14 Berkeley Tech. L.J. 659
10. Article: THE ELECTRONIC FUTURE OF CASH
Author: Walter A. Effross
Publication: The American University Law Review
Citation: 46 Am. U. L. Rev. 961
1 1. Article: STORED VALUE CARS AND THE CONSUMER: THE NEED FOR REGULATION
Author: Mark E. Budnitz
Publication: The American University Law Review
Citation: 46 Am. U. L. Rev. 1027
12. Article: LEGAL ISSUES IN CYBERSPACE
Author: John K. Halvey
Publication: 1996 The Emory School of Law
Citation: 45 Emory L. J. 959
13.Article: BANKING ON THE NET: EXTENDING BANK REGULATION TO ELECTRONIC MONEY
Author: Catherine Lee Wilson
Publication: Creighton L. Review 1997
Citation: 30 Creighton L. Rev. 671
14. Report: REMITTANCE SENDERS AND RECEIVERS: TRACKING THE TRANSNATIONAL CHANNELS
Author: Roberto Suro
Publication: The Pew Hispanic Center, Washington, D.C.
MTRA 2003 Annual Conference Report
MTRA’s 2003 Annual Conference kicked off on October 19th in Orlando. Located in sunny central Florida, the Hotel Royal Plaza provided an excellent conference site with a variety of nearby attractions. The conference was very well attended and hosted regulators from twenty-four states, five federal agencies and over eighty participants from industry and related areas.
This year’s theme was entitled “A Cooperative Effort Can Transmit the Common Good,” and the program provided an atmosphere designed to facilitate networking and exchange between both industry and regulators. Attendees were fortunate to have a number of distinguished speakers provide perspectives on topics such as surety bond claims, agent oversight, as well as federal and industry reporting issues.
MTRA members conducted annual business meetings and roundtable sessions on Monday morning and a successful Regulators School in the afternoon. The membership elected the following to head up the MTRA for the next two years: J. Philip Goddard of Indiana, President and Director; Joseph E. Rooney of Maryland, Vice President and Director; Marsha Massey of Colorado, Treasurer and Director; Robert Venchiarutti of California, Secretary and Director; Paul Fazio of New York, Director; Greg Gonzales of Tennessee, Director; Tracy M. Hudson of West Virginia; Director; Randall James of Texas, Director; and Nicholas C. Kyrus of Virginia, Director.
Industry representatives conducted meetings during the afternoon moderated by Jorge Guerrero of Vigo Remittance and Ezra Levine, Partner in the Washington, D.C. law firm of Howrey Simon Arnold & White. The reception to open the conference was held Monday evening and well attended.
On Tuesday morning, MTRA President Victor Seesholtz opened the conference, and the crowd was welcomed by Rick White, Deputy Director of the Florida Office of Financial Regulation. Juan Sanchez, Community Affairs Officer of the Federal Reserve Bank of Atlanta, provided the Keynote Presentation, and the industry and regulator groups joined together for panel presentations on surety bonds, agent oversight, reporting issues, state and federal coordination, relationships between money transmitters and financial institutions and the ever popular state and federal legislative developments.
The meeting closed on Wednesday afternoon after interesting sessions on stored value cards, the MTRA CORE Report and cooperative examinations, and a joint roundtable discussion of a variety of subjects. Jerry LiVigni of the US Department of the Treasury, Office of Foreign Asset Control spoke to the group on the benefit of working together.
Each year, the conference enjoys the support of both regulators and industry participants and has the distinction of providing respected speakers with diverse perspectives on the industry and its activities.
The Orlando Annual Conference marked the end of President Vic Seesholtz’s term, and we will certainly miss his leadership as he retires from state government. Incoming President Phil Goddard stated, “Vic is a dedicated public servant who has served his State and this association for many years, and his departure from both will be sorely missed. His contributions to the association have helped it become what it is today. I wish both he and his wife the very best in their retirement.” The membership certainly echoes President Goddard’s statement and will miss Vic’s guidance and friendship going forward.
President Goddard announced that the 2004 MTRA annual conference will be held in Denver, Colorado from September 12 -15 and extended an invitation to regulators and industry representatives to attend.
Remember to check the website periodically as we plan to expand the information and resources available!