AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People
This report on anti-money laundering (AML) and combating the financing of terrorism (CFT) regulation addresses the consequences of these regulations on low-income people. The introduction of new or tightened AML/CFT regulations may have the uninten...
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| Format: | Other Financial Sector Study |
| Language: | English en_US |
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Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2005/07/16277997/amlcft-regulation-implications-financial-service-providers-serve-low-income-people http://hdl.handle.net/10986/12495 |
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okr-10986-12495 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO FINANCIAL SERVICES ACCESS TO SERVICES ACCOUNT HOLDERS ACTS OF TERRORISM ADVERSE EFFECTS AGRICULTURAL BANKS ALTERNATIVE FINANCIAL INSTITUTIONS ANTI-MONEY LAUNDERING AUDITS BANK ACCOUNTS BANKING RELATIONSHIP BANKING SERVICES BANKS BOND BUSINESS RELATIONSHIPS BUSINESS TRANSACTIONS BUSINESSES CAPITAL FLOWS CERTIFICATES CHARITABLE SECTOR CLIENT BASE CLIENT IDENTIFICATION CLIENT INFORMATION COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL FUNDING COMMERCIAL TRANSACTIONS COMMODITY COMMUNITY BANKS COMPLIANCE COSTS CONSUMER CREDIT CONVENTIONAL BANKS COOPERATIVES CORRUPTION CREDIT INSTITUTIONS CREDIT UNIONS CRIMINAL LIABILITY CRIMINAL PURPOSES CURRENCY CURRENT LAWS CUSTOMER IDENTIFICATION DEBIT CARDS DENIAL OF ACCESS DEPOSIT DEPOSITORY DEPOSITORY INSTITUTIONS DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT BANKS DONOR FUNDING DOUBLE BOTTOM LINE DRUG TRAFFICKING DUE DILIGENCE DUE DILIGENCE REQUIREMENTS ECONOMIC DEVELOPMENT ELECTRONIC MONEY EMPLOYER EQUIPMENT EXCHANGE RATES EXPOSURE EXTERNAL AUDITS FINANCIAL ACTIVITY FINANCIAL CRIMES FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTELLIGENCE FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICE PROVIDER FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES PROVIDERS FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FORMAL FINANCIAL SECTOR FORMAL FINANCIAL SERVICES FUNDS TRANSFERS FUTURES GENERAL PUBLIC GLOBAL PAYMENTS GRAPHICS GREATER ACCESS GROUP LENDING HOUSEHOLDS HUMAN RESOURCE HUMAN RESOURCE CAPACITY HUMAN RESOURCE POLICIES ID IDENTIFICATION REQUIREMENTS IDENTITY CARD ILLICIT ACTIVITIES ILLICIT ACTIVITY INCOME INCOME TAX INFORMATION EXCHANGE INFORMATION SHARING INFORMATION SYSTEMS INSTITUTIONAL CAPACITY INSURANCE COMPANY INTEREST RATE INTERNAL AUDITOR INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL BEST PRACTICE INTERNATIONAL COOPERATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL STANDARDS INVESTMENT CAPITAL JURISDICTION JURISDICTIONS LAW ENFORCEMENT LEGAL PROTECTION LEVEL OF SECURITY LICENSE LIFE INSURANCE LIQUID SECURITIES LOAN INSTITUTIONS LOAN OFFICERS LOAN SIZES LOCAL BANKS MFI MFIS MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTION MICROFINANCE INSTITUTIONS MICROINSURANCE MIDDLE-INCOME ECONOMIES MONEY LAUNDERERS MONEY LAUNDERING MONEY LAUNDERING ACTIVITY MONEY MARKET MONEY ORDERS MONEY TRANSFERS MORTGAGE MORTGAGE CREDIT NEW TECHNOLOGIES NEW TECHNOLOGY NONPROFIT ORGANIZATIONS OPERATIONAL COST OUTSTANDING BALANCE OWNERSHIP STRUCTURES PAYMENT SYSTEM PAYMENTS NETWORK PAYMENTS SYSTEM PHOTO PHOTO ID POOR CLIENTS PORTFOLIO PORTFOLIO MANAGEMENT POSTAL BANK POSTAL BANKS POSTAL SAVINGS PRIVATE BANKING PUBLIC POLICY PUBLIC RECORD REAL ESTATE RECORD KEEPING REGULATORS REGULATORY REGIMES REMITTANCE REMITTANCES REPUTATION REPUTATION RISKS REPUTATIONS RESULT RESULTS RISK ANALYSIS RISK MANAGER RISK OF FRAUD RISK OF MONEY LAUNDERING RURAL BANKS RURAL CREDIT RURAL CREDIT COOPERATIVES SAVINGS ACCOUNTS SAVINGS BANK SAVINGS BANKS SECURITIES SECURITIES ISSUES SERVICES TO CLIENTS SHAREHOLDERS SIGNATURE SMALL LOAN SMALL LOANS STATE BANK SUPERVISION SUSPICIOUS ACTIVITIES TECHNICAL ASSISTANCE TERRORISM TERRORIST TERRORIST ATTACK TERRORIST ORGANIZATIONS TRANSACTION TRANSACTION REPORTING TRANSFERABLE SECURITIES TRANSPARENCY TREASURY USES VERIFICATION VILLAGE VILLAGES VOLATILITY VOLUNTARY DEPOSIT WEAK ENFORCEMENT WEB WEB SITE WIRE TRANSFERS WORKING CAPITAL |
| spellingShingle |
ACCESS TO FINANCIAL SERVICES ACCESS TO SERVICES ACCOUNT HOLDERS ACTS OF TERRORISM ADVERSE EFFECTS AGRICULTURAL BANKS ALTERNATIVE FINANCIAL INSTITUTIONS ANTI-MONEY LAUNDERING AUDITS BANK ACCOUNTS BANKING RELATIONSHIP BANKING SERVICES BANKS BOND BUSINESS RELATIONSHIPS BUSINESS TRANSACTIONS BUSINESSES CAPITAL FLOWS CERTIFICATES CHARITABLE SECTOR CLIENT BASE CLIENT IDENTIFICATION CLIENT INFORMATION COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL FUNDING COMMERCIAL TRANSACTIONS COMMODITY COMMUNITY BANKS COMPLIANCE COSTS CONSUMER CREDIT CONVENTIONAL BANKS COOPERATIVES CORRUPTION CREDIT INSTITUTIONS CREDIT UNIONS CRIMINAL LIABILITY CRIMINAL PURPOSES CURRENCY CURRENT LAWS CUSTOMER IDENTIFICATION DEBIT CARDS DENIAL OF ACCESS DEPOSIT DEPOSITORY DEPOSITORY INSTITUTIONS DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT BANKS DONOR FUNDING DOUBLE BOTTOM LINE DRUG TRAFFICKING DUE DILIGENCE DUE DILIGENCE REQUIREMENTS ECONOMIC DEVELOPMENT ELECTRONIC MONEY EMPLOYER EQUIPMENT EXCHANGE RATES EXPOSURE EXTERNAL AUDITS FINANCIAL ACTIVITY FINANCIAL CRIMES FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTELLIGENCE FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICE PROVIDER FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES PROVIDERS FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FORMAL FINANCIAL SECTOR FORMAL FINANCIAL SERVICES FUNDS TRANSFERS FUTURES GENERAL PUBLIC GLOBAL PAYMENTS GRAPHICS GREATER ACCESS GROUP LENDING HOUSEHOLDS HUMAN RESOURCE HUMAN RESOURCE CAPACITY HUMAN RESOURCE POLICIES ID IDENTIFICATION REQUIREMENTS IDENTITY CARD ILLICIT ACTIVITIES ILLICIT ACTIVITY INCOME INCOME TAX INFORMATION EXCHANGE INFORMATION SHARING INFORMATION SYSTEMS INSTITUTIONAL CAPACITY INSURANCE COMPANY INTEREST RATE INTERNAL AUDITOR INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL BEST PRACTICE INTERNATIONAL COOPERATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL STANDARDS INVESTMENT CAPITAL JURISDICTION JURISDICTIONS LAW ENFORCEMENT LEGAL PROTECTION LEVEL OF SECURITY LICENSE LIFE INSURANCE LIQUID SECURITIES LOAN INSTITUTIONS LOAN OFFICERS LOAN SIZES LOCAL BANKS MFI MFIS MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTION MICROFINANCE INSTITUTIONS MICROINSURANCE MIDDLE-INCOME ECONOMIES MONEY LAUNDERERS MONEY LAUNDERING MONEY LAUNDERING ACTIVITY MONEY MARKET MONEY ORDERS MONEY TRANSFERS MORTGAGE MORTGAGE CREDIT NEW TECHNOLOGIES NEW TECHNOLOGY NONPROFIT ORGANIZATIONS OPERATIONAL COST OUTSTANDING BALANCE OWNERSHIP STRUCTURES PAYMENT SYSTEM PAYMENTS NETWORK PAYMENTS SYSTEM PHOTO PHOTO ID POOR CLIENTS PORTFOLIO PORTFOLIO MANAGEMENT POSTAL BANK POSTAL BANKS POSTAL SAVINGS PRIVATE BANKING PUBLIC POLICY PUBLIC RECORD REAL ESTATE RECORD KEEPING REGULATORS REGULATORY REGIMES REMITTANCE REMITTANCES REPUTATION REPUTATION RISKS REPUTATIONS RESULT RESULTS RISK ANALYSIS RISK MANAGER RISK OF FRAUD RISK OF MONEY LAUNDERING RURAL BANKS RURAL CREDIT RURAL CREDIT COOPERATIVES SAVINGS ACCOUNTS SAVINGS BANK SAVINGS BANKS SECURITIES SECURITIES ISSUES SERVICES TO CLIENTS SHAREHOLDERS SIGNATURE SMALL LOAN SMALL LOANS STATE BANK SUPERVISION SUSPICIOUS ACTIVITIES TECHNICAL ASSISTANCE TERRORISM TERRORIST TERRORIST ATTACK TERRORIST ORGANIZATIONS TRANSACTION TRANSACTION REPORTING TRANSFERABLE SECURITIES TRANSPARENCY TREASURY USES VERIFICATION VILLAGE VILLAGES VOLATILITY VOLUNTARY DEPOSIT WEAK ENFORCEMENT WEB WEB SITE WIRE TRANSFERS WORKING CAPITAL World Bank AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People |
| description |
This report on anti-money laundering
(AML) and combating the financing of terrorism (CFT)
regulation addresses the consequences of these regulations
on low-income people. The introduction of new or tightened
AML/CFT regulations may have the unintended and undesirable
consequence of reducing the access of low-income individuals
to formal financial services. As a means to avoid this
outcome, this paper argues in favor of gradual
implementation of new measures; the adoption of a risk-based
approach to regulation; and the use of exemptions for
low-risk categories of transactions. |
| format |
Economic & Sector Work :: Other Financial Sector Study |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People |
| title_short |
AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People |
| title_full |
AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People |
| title_fullStr |
AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People |
| title_full_unstemmed |
AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People |
| title_sort |
aml/cft regulation : implications for financial service providers that serve low-income people |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2005/07/16277997/amlcft-regulation-implications-financial-service-providers-serve-low-income-people http://hdl.handle.net/10986/12495 |
| _version_ |
1764420006653722624 |
| spelling |
okr-10986-124952021-04-23T14:03:01Z AML/CFT Regulation : Implications for Financial Service Providers that Serve Low-Income People World Bank ACCESS TO FINANCIAL SERVICES ACCESS TO SERVICES ACCOUNT HOLDERS ACTS OF TERRORISM ADVERSE EFFECTS AGRICULTURAL BANKS ALTERNATIVE FINANCIAL INSTITUTIONS ANTI-MONEY LAUNDERING AUDITS BANK ACCOUNTS BANKING RELATIONSHIP BANKING SERVICES BANKS BOND BUSINESS RELATIONSHIPS BUSINESS TRANSACTIONS BUSINESSES CAPITAL FLOWS CERTIFICATES CHARITABLE SECTOR CLIENT BASE CLIENT IDENTIFICATION CLIENT INFORMATION COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL FUNDING COMMERCIAL TRANSACTIONS COMMODITY COMMUNITY BANKS COMPLIANCE COSTS CONSUMER CREDIT CONVENTIONAL BANKS COOPERATIVES CORRUPTION CREDIT INSTITUTIONS CREDIT UNIONS CRIMINAL LIABILITY CRIMINAL PURPOSES CURRENCY CURRENT LAWS CUSTOMER IDENTIFICATION DEBIT CARDS DENIAL OF ACCESS DEPOSIT DEPOSITORY DEPOSITORY INSTITUTIONS DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT BANKS DONOR FUNDING DOUBLE BOTTOM LINE DRUG TRAFFICKING DUE DILIGENCE DUE DILIGENCE REQUIREMENTS ECONOMIC DEVELOPMENT ELECTRONIC MONEY EMPLOYER EQUIPMENT EXCHANGE RATES EXPOSURE EXTERNAL AUDITS FINANCIAL ACTIVITY FINANCIAL CRIMES FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTELLIGENCE FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICE PROVIDER FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES PROVIDERS FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FORMAL FINANCIAL SECTOR FORMAL FINANCIAL SERVICES FUNDS TRANSFERS FUTURES GENERAL PUBLIC GLOBAL PAYMENTS GRAPHICS GREATER ACCESS GROUP LENDING HOUSEHOLDS HUMAN RESOURCE HUMAN RESOURCE CAPACITY HUMAN RESOURCE POLICIES ID IDENTIFICATION REQUIREMENTS IDENTITY CARD ILLICIT ACTIVITIES ILLICIT ACTIVITY INCOME INCOME TAX INFORMATION EXCHANGE INFORMATION SHARING INFORMATION SYSTEMS INSTITUTIONAL CAPACITY INSURANCE COMPANY INTEREST RATE INTERNAL AUDITOR INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL BEST PRACTICE INTERNATIONAL COOPERATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL STANDARDS INVESTMENT CAPITAL JURISDICTION JURISDICTIONS LAW ENFORCEMENT LEGAL PROTECTION LEVEL OF SECURITY LICENSE LIFE INSURANCE LIQUID SECURITIES LOAN INSTITUTIONS LOAN OFFICERS LOAN SIZES LOCAL BANKS MFI MFIS MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTION MICROFINANCE INSTITUTIONS MICROINSURANCE MIDDLE-INCOME ECONOMIES MONEY LAUNDERERS MONEY LAUNDERING MONEY LAUNDERING ACTIVITY MONEY MARKET MONEY ORDERS MONEY TRANSFERS MORTGAGE MORTGAGE CREDIT NEW TECHNOLOGIES NEW TECHNOLOGY NONPROFIT ORGANIZATIONS OPERATIONAL COST OUTSTANDING BALANCE OWNERSHIP STRUCTURES PAYMENT SYSTEM PAYMENTS NETWORK PAYMENTS SYSTEM PDF PHOTO PHOTO ID POOR CLIENTS PORTFOLIO PORTFOLIO MANAGEMENT POSTAL BANK POSTAL BANKS POSTAL SAVINGS PRIVATE BANKING PUBLIC POLICY PUBLIC RECORD REAL ESTATE RECORD KEEPING REGULATORS REGULATORY REGIMES REMITTANCE REMITTANCES REPUTATION REPUTATION RISKS REPUTATIONS RESULT RESULTS RISK ANALYSIS RISK MANAGER RISK OF FRAUD RISK OF MONEY LAUNDERING RURAL BANKS RURAL CREDIT RURAL CREDIT COOPERATIVES SAVINGS ACCOUNTS SAVINGS BANK SAVINGS BANKS SECURITIES SECURITIES ISSUES SERVICES TO CLIENTS SHAREHOLDERS SIGNATURE SMALL LOAN SMALL LOANS STATE BANK SUPERVISION SUSPICIOUS ACTIVITIES TECHNICAL ASSISTANCE TERRORISM TERRORIST TERRORIST ATTACK TERRORIST ORGANIZATIONS TRANSACTION TRANSACTION REPORTING TRANSFERABLE SECURITIES TRANSPARENCY TREASURY USES VERIFICATION VILLAGE VILLAGES VOLATILITY VOLUNTARY DEPOSIT WEAK ENFORCEMENT WEB WEB SITE WIRE TRANSFERS WORKING CAPITAL This report on anti-money laundering (AML) and combating the financing of terrorism (CFT) regulation addresses the consequences of these regulations on low-income people. The introduction of new or tightened AML/CFT regulations may have the unintended and undesirable consequence of reducing the access of low-income individuals to formal financial services. As a means to avoid this outcome, this paper argues in favor of gradual implementation of new measures; the adoption of a risk-based approach to regulation; and the use of exemptions for low-risk categories of transactions. 2013-02-25T19:59:59Z 2013-02-25T19:59:59Z 2005-07 http://documents.worldbank.org/curated/en/2005/07/16277997/amlcft-regulation-implications-financial-service-providers-serve-low-income-people http://hdl.handle.net/10986/12495 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work |