Protecting Mobile Money against Financial Crimes

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dc.contributor.authorChatain, Pierre-Laurent
dc.contributor.authorZerzan, Andrew
dc.contributor.authorNoor, Wameek
dc.contributor.authorDannaoui, Najah
dc.contributor.authorde Koker, Louis
dc.date.accessioned2022-11-16T13:57:03Z
dc.date.available2022-11-16T13:57:03Z
dc.date.issued2011-02-24
dc.description.abstractThere 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.en_US
dc.identifier.isbn978-0-8213-8669-9
dc.identifier.urihttp://hdl.handle.net/10986/2269
dc.language.isoenen_US
dc.publisherWorld Bank, Washington, DCen_US
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectaccess to banking servicesen_US
dc.subjectanti-money launderingen_US
dc.subjectbackupsen_US
dc.subjectbank for international settlementsen_US
dc.subjecte-moneyen_US
dc.titleProtecting Mobile Money against Financial Crimesen_US
dc.title.alternativeGlobal Policy Challenges and Solutionsen_US
dc.typeBooken_US

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