Protecting Mobile Money against Financial Crimes : Global Policy Challenges and Solutions

There has been significant discussion on the potential power of mobile-based technologies to provide unbanked populations with access to financial instruments and channels. Through the specific use of mobile money (m-money) services, for example, c...

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Bibliographic Details
Main Authors:	Chatain, Pierre-Laurent, Zerzan, Andrew, Noor, Wameek, Dannaoui, Najah, de Koker, Louis
Format:	Publication
Language:	English
Published:	World Bank 2012
Subjects:	ACCESS TO BANKING ACCESS TO BANKING SERVICES ACCESS TO FINANCIAL SERVICES ACCESS TO SAVINGS ANTI-MONEY LAUNDERING AUTOMATED TELLER MACHINES BACKBONE BACKUPS BALANCE INQUIRIES BANK ACCOUNT BANK ACCOUNTS BANK FOR INTERNATIONAL SETTLEMENTS BANK NEGARA MALAYSIA BANKING MODELS BANKING SERVICES BANKING SUPERVISION BANKRUPTCY BARRIERS TO ENTRY BEST PRACTICE BUSINESS DEVELOPMENT BUSINESS MODEL BUSINESS MODELS BUSINESS RELATIONSHIPS BUSINESSES CASH DEPOSIT CASH DEPOSITS CASH FLOW CASH ON HAND CASH WITHDRAWAL CELL PHONE CENTRAL BANKS CODES OF CONDUCT COMMERCIAL BANK COMMERCIAL BANKS COMMUNICATIONS PLATFORM COMPLIANCE COSTS COMPUTER SYSTEM COMPUTERS CONSUMER PROTECTION CONSUMER PROTECTION REGULATIONS CONVENTIONAL BANKING COPYRIGHT COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CREDITS DEBIT CARD DEPOSIT DEPOSITS DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT BANK DOCUMENT REQUIREMENTS DUE DILIGENCE E-MAIL E-MONEY ECONOMIC DEVELOPMENT ELECTRONIC MONEY EMERGING MARKETS EMPLOYEE ENABLING ENVIRONMENT ENFORCEMENT AGENCIES EQUIPMENT FINANCIAL ACCESS FINANCIAL CRISIS FINANCIAL EXCLUSION FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SECTOR ASSESSMENT FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICE FINANCIAL SERVICE PROVIDERS FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FLOW CHART FLOW OF MONEY FORMAL BANK FORMAL FINANCIAL SECTOR FORMAL FINANCIAL SERVICES FRAUD GROSS DOMESTIC PRODUCT GROWTH POTENTIAL GROWTH RATES HOUSEHOLDS IDENTITY DOCUMENTS IDENTITY MODULE INCOME INFLATION INNOVATION INSPECTION INTERFACE INTERMEDIARY BANK INTERNATIONAL BANK INTERNATIONAL LAW INTERNATIONAL STANDARDS INVENTORIES JOINT VENTURE JURISDICTIONS LACK OF ACCESS LACK OF AWARENESS LAW ENFORCEMENT LAWS LEADERSHIP DEVELOPMENT LEGAL SYSTEMS LEGISLATION LICENSES LOWER-INCOME CONSUMERS MARKETING MATERIAL MENU MICROFINANCE MICROFINANCE INSTITUTIONS MINISTRIES OF FINANCE MOBILE COMMUNICATIONS MOBILE DEVICE MOBILE NETWORK MOBILE PHONE MOBILE PHONES MOBILE SERVICE MOBILE TRANSACTION MOBILE TRANSACTIONS MONEY MARKETS MONEY TRANSFER MONEY TRANSFERS MULTIMEDIA NETWORK INFRASTRUCTURE NEW TECHNOLOGIES NEXT GENERATION NONBANK FINANCIAL INSTITUTIONS NONBANKS OPEN SYSTEM OUTREACH OUTSOURCING PARTNER BANK PARTNER BANKS PAYMENT METHODS PAYMENT SERVICE PAYMENT SERVICES PAYMENT SYSTEM PAYMENT SYSTEMS PAYMENT TRANSACTIONS PDF PERSONAL INFORMATION PERSONALLY IDENTIFIABLE INFORMATION PHONE PENETRATION PHOTO PRIVACY PRIVACY PROTECTIONS PRIVATE SECTOR PRIVATE SECTOR BANKS PRIVATE SECTOR DEVELOPMENT PRODUCTIVITY PROFITABILITY QUERIES RAPID DEVELOPMENT RECEIPT RECEIPTS REGIONAL BANKS REGULATORS REGULATORY APPROACHES REGULATORY ENVIRONMENT REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY REQUIREMENTS REMITTANCE REMITTANCES RESULT RESULTS RETAIL OUTLET RETAIL OUTLETS RETENTION RISK FACTORS RISK MANAGEMENT RISK MITIGATION SAVINGS SAVINGS ACCOUNTS SAVINGS BANKS SCHOLARSHIP SECURITIES SERVICE PROVIDER SERVICE PROVIDERS SMALL BUSINESSES SMART CARD SUBSIDIARY SUPERVISION SUPERVISORY FRAMEWORK SUPPORT STAFF SYSTEM SOFTWARE TAX TECHNICAL ASSISTANCE TECHNICAL ASSISTANCE PROJECTS TECHNOLOGICAL INNOVATIONS TELECOM TELECOMMUNICATION TELECOMMUNICATIONS TELECOMMUNICATIONS AUTHORITY TELECOMMUNICATIONS COMPANY TELEPHONE TELEPHONE BANKING TERRORISM TRACEABILITY TRANSACTION TRANSACTION COSTS TRANSACTION PROCESSING TRANSACTION PROCESSOR TRANSACTION PROCESSORS TRANSACTIONAL ENVIRONMENT UNION UNIQUE IDENTIFIER USER USERS VERIFICATION VULNERABLE GROUP
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20110310000727 http://hdl.handle.net/10986/2269

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Summary:	There has been significant discussion on the potential power of mobile-based technologies to provide unbanked populations with access to financial instruments and channels. Through the specific use of mobile money (m-money) services, for example, customers have accessed informational services, such as balance inquiries in their bank accounts, and transactional services, such as sending remittances to other people or paying for goods and services via their mobile phones. M-money has also been used by national governments to pay employee salaries and benefits. A key objective of this report is to discourage use of informal systems through the creation of a proportionate and not overly burdensome regulatory framework. Overly restrictive identification and verification processes in know-your-customer (KYC) policies, for example, may push users back to the informal financial system. The evolution of m-money in Africa and in non-African, low-income countries means that low-income and low-capacity countries are grappling with ways to ensure compliance with international Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) standards. Thus, this report also provides some indications of how the Financial Action Task Force (FATF) standards can be applied to low-income clients within an m-money context. It does this by presenting various country practices and experiences to enable policy makers to identify the most appropriate solutions for their countries' individual circumstances.

Protecting Mobile Money against Financial Crimes : Global Policy Challenges and Solutions

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