Format:
1 online resource (188 pages)
ISBN:
9780821386705
Series Statement:
Directions in development. Finance
Content:
Mobile Money is a booming industry in an increasing number of countries worldwide. The project results from increased demand for guidance and technical assistance from governments after the 2008 publication of an exploratory paper, Integrity in Mobile Phone Financial Services, which discussed mobile money and the application of international anti-money laundering (AML) and combating the financing of terrorism (CFT) standards. For most, how to craft a regulatory regime that expands access to financial services to the poor through the development of mobile phone financial services, but compliant with AML/CFT standards remains elusive. Specific AML/CFT regulations related to mobile money have not been issued in many jurisdictions, mainly due to the lack of awareness of the risks these services can pose if the right controls are not in place. Because the international standards for AML/CFT, the Financial Action Task Force's 40 + 9 Recommendations were designed and issued well before mobile money technology and business models became prevalent, even developed countries have begun to face challenges with their regulation. The project team aims to provide practical guidance to jurisdictions and the Industry on how to draft regulations and internal guidelines that allow them to comply with AML/CFT standards with enough flexibility for mobile money to thrive. Specifically, the paper (1) takes stock of new AML/CFT regulations and practices relevant to Mobile money, (2) design guidelines for drafting AML/CFT regulations that cover mobile money and (3) propose examples of best practices for the Industry to include AML/CFT in their own business model.
Content:
Intro -- Cover -- Half Title Page -- Title Page -- Copyright -- Contents -- Foreword -- Preface -- Acknowledgments -- About the Authors -- Abbreviations and Glossary -- Overview -- Introduction -- Demand for Insight on the Connection of Mobile Money with Anti-Money Laundering and Combating the Financing of Terrorism -- The M-Money Landscape: Potential and Challenges -- Objectives of This Report -- Scope of This Report -- Target Audience -- Methodology -- Outline of the Book -- Notes -- References -- Chapter 1: Analysis of the Mobile Money Transaction Flow -- Summary -- Introduction: Regulating by Provider Type Is Insufficient -- Mapping the System: From Mobile Service to Settlement -- The Retail Outlet's Role: Customer Interface and User -- Who Does What: Multiple Providers -- Market Integrity Roles Assumed by Providers -- Summary and the Rule of the Account Provider -- Notes -- References -- Chapter 2: Assessment of Potential Money-Laundering and Combating the Financing of Terrrorism Risks and Their Potential Mitigation Techniques -- Summary -- Integrity Risks in Theory: Placing Them into Four Major Risk Categories -- Fieldwork Finding: Perceptions of Integrity Risks May Be Higher Than Merited -- Integrity Risks in Reality -- Techniques Used to Effectively Mitigate M-Money Risks -- M-Money Risks and Mitigation Techniques Specific to the Financing of Terrorism -- Balancing Risk Mitigation Techniques with Financial Inclusion Objectives -- Notes -- References -- Chapter 3: Overview of Anti-Money Laundering and Combating the Financing of Terrorism Regulatory Practices and Risk Management Frameworks for Mobile Money -- Summary -- Licensing and Registration of M-Money Providers -- Supervision of M-Money Providers -- Stocktaking of Current Preventive AML/CFT Obligations -- The Role of Retail Outlets -- Notes -- References.
Note:
Description based on publisher supplied metadata and other sources
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Contents; Foreword; Preface; Acknowledgments; About the Authors; Abbreviations and Glossary; Overview; Introduction; Maps; Figures; Chapter 1 Analysis of the Mobile Money Transaction Flow; Boxes; Tables; Chapter 2 Assessment of Potential Money-Laundering and Combating the Financing of Terrrorism Risks and Their Potential Mitigation Techniques; Chapter 3 Overview of Anti-Money Laundering and Combating the Financing of Terrorism Regulatory Practices and Risk Management Frameworks for Mobile Money
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Chapter 4 Anti-Money Laundering and Combating the Financing of Terrorism Policy Guidance for Countries Regulating Their Mobile Money MarketsAppendix A The Interplay between Financial Inclusion and Compliance with Anti-Money Laundering and Combating the Financing of Terrorism Regulation: Key Issues for Consideration during Mutual Assessmen; Appendix B Mobile Money: Growth Potential, Current Landscape, and Factors for Success; Appendix C Customer Due Diligence Obligations and Mobile-Money Services: Key Questions and Solutions
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Appendix D Reporting Obligations in the Particular Context of Mobile MoneyIndex;
Additional Edition:
ISBN 9780821386699
Additional Edition:
Erscheint auch als Druck-Ausgabe ISBN 9780821386699
Language:
English
URL:
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