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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Main Authors: Chatain, Pierre-Laurent, Zerzan, Andrew, Noor, Wameek, Dannaoui, Najah, de Koker, Louis
Format: Publication
Language:English
Published: World Bank 2012
Subjects:
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TAX
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
id okr-10986-2269
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic 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
spellingShingle 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
Chatain, Pierre-Laurent
Zerzan, Andrew
Noor, Wameek
Dannaoui, Najah
de Koker, Louis
Protecting Mobile Money against Financial Crimes : Global Policy Challenges and Solutions
relation Directions in Development ; finance
description 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.
format Publications & Research :: Publication
author Chatain, Pierre-Laurent
Zerzan, Andrew
Noor, Wameek
Dannaoui, Najah
de Koker, Louis
author_facet Chatain, Pierre-Laurent
Zerzan, Andrew
Noor, Wameek
Dannaoui, Najah
de Koker, Louis
author_sort Chatain, Pierre-Laurent
title Protecting Mobile Money against Financial Crimes : Global Policy Challenges and Solutions
title_short Protecting Mobile Money against Financial Crimes : Global Policy Challenges and Solutions
title_full Protecting Mobile Money against Financial Crimes : Global Policy Challenges and Solutions
title_fullStr Protecting Mobile Money against Financial Crimes : Global Policy Challenges and Solutions
title_full_unstemmed Protecting Mobile Money against Financial Crimes : Global Policy Challenges and Solutions
title_sort protecting mobile money against financial crimes : global policy challenges and solutions
publisher World Bank
publishDate 2012
url 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
_version_ 1764385151750504448
spelling okr-10986-22692021-04-23T14:02:00Z Protecting Mobile Money against Financial Crimes : Global Policy Challenges and Solutions Chatain, Pierre-Laurent Zerzan, Andrew Noor, Wameek Dannaoui, Najah de Koker, Louis 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 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. 2012-03-19T09:02:52Z 2012-03-19T09:02:52Z 2011-02-24 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 978-0-8213-8669-9 http://hdl.handle.net/10986/2269 English Directions in Development ; finance CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank Publications & Research :: Publication Publications & Research :: Publication