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by: Pierre-Laurent Chatain, Andrew Zerzan, Wameek Noor, Najah Dannaoui, Louis de Koker
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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.
- Shipping Weight: 0.8 lbs (0.36 kgs)
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