Protecting Mobile Money Against Financial Crimes
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| Author | : Pierre-Laurent Chatain |
| Publisher | : World Bank Publications |
| Total Pages | : 234 |
| Release | : 2011-02-24 |
| Genre | : Political Science |
| ISBN | : 0821386700 |
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.
| Author | : Pierre-Laurent Chatain |
| Publisher | : World Bank Publications |
| Total Pages | : 98 |
| Release | : 2008-06-10 |
| Genre | : Political Science |
| ISBN | : 0821375571 |
Governments are challenged to make an innovation-friendly climate while simultaneously ensuring that business development remain sustainable. Criminal use of the technology terrorist financing and money laundering challenges long-run business viability via risk of massive investment flight and public distrust of new players entering the market. Sustainable business models are those that base regulation on a careful risk-based analysis. This study identifies the perceived risks and compares them with the actual level of risk for each category of mobile phone financial services. The comparison reveals that the perceptions do not weigh up to the reality. Based on fieldwork in seven locations where the technology has taken off, this paper finds that providers apply measures that are consistent with international standards to combat money laundering and terrorist financing. It identifies the sometimes non-traditional means the industry uses that both mitigate the risks and are in line with good business practices. Acknowledging that mobile phone financial services are no riskier than other channels, governments are called to treat them as an opportunity to expand access to finance.
| Author | : Paul Allan Schott |
| Publisher | : World Bank Publications |
| Total Pages | : 296 |
| Release | : 2006 |
| Genre | : Business & Economics |
| ISBN | : |
Efforts to launder money and finance terrorism have been evolving rapidly in recent years in response to heightened countermeasures. The international community has witnessed the use of increasingly sophisticated methods to move illicit funds through financial systems across the globe and has acknowledged the need for improved multilateral cooperation to fight these criminal activities. The World Bank and International Monetary Fund have developed this guide to help countries understand the new international standards. It will hopefully serve as a comprehensive source of practical information for countries to fight money laundering and terrorist financing. It discusses the problems caused by these crimes, the specific actions countries need to take to address them, and the role international organizations, such as the Bank and the IMF, play in the process. This guide is a tool for countries to establish and improve their legal and institutional frameworks and their preventive measures according to international standards and best practices. -- From Foreword (p. ix).
| Author | : Emiko Todoroki |
| Publisher | : World Bank Publications |
| Total Pages | : 267 |
| Release | : 2014-06 |
| Genre | : Business & Economics |
| ISBN | : 1464801096 |
Migrant workers routinely send small sums back to their families -- often a crucial lifeline for their survivial. But sending money across countries for these low income people is not easy and often very expensive and risky. Better regulation and supervision of these payment channels can make the process easier to access and more secure.
| Author | : |
| Publisher | : |
| Total Pages | : 300 |
| Release | : 2003 |
| Genre | : Computer network resources |
| ISBN | : |
| Author | : |
| Publisher | : World Bank Publications |
| Total Pages | : 304 |
| Release | : 2009 |
| Genre | : Business & Economics |
| ISBN | : 0821379135 |
"Money laundering and terrorist financing are serious crimes that affect not only those persons directly involved, but the economy as a whole. According to international standards, every bank has the obligation to know its customers and to report suspicious transactions. Although these obligations sound straightforward, they have proved challenging to implement. What information precisely has to be gathered? How should it be recorded? If and when does one have to file a suspicious transaction report? It is here that a supervisor can play a crucial role in helping supervised institutions; first, in understanding the full extent of the obligations of Customer Due Diligence and Suspicious Transaction Reports (STR) and, second, in ensuring that those obligations are not just words on paper but are applied in practice. Effective supervision is key to the success of a country's AML/CFT system. In this regard, field work in both developed and developing countries has shown an overall low compliance in the area of supervision of banks and other financial institutions; supervisory compliance is indeed generally lower than the average level of compliance with all Financial Action Task Force recommendations. As a result, by providing examples of good practices, this book aims to help countries better conform to international standards. In this regard, this handbook is specifically designed for bank supervisors.
| Author | : Tanai Khiaonarong |
| Publisher | : International Monetary Fund |
| Total Pages | : 35 |
| Release | : 2014-07-15 |
| Genre | : Business & Economics |
| ISBN | : 1498331572 |
This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.
| Author | : Michel Dion |
| Publisher | : Springer |
| Total Pages | : 384 |
| Release | : 2016-06-08 |
| Genre | : Philosophy |
| ISBN | : 3319324195 |
This book on the psychology of white collar criminals discusses various cases of financial crime, while also attempting to delve into the minds of the criminals in question. The literature on this topic is growing as it gains momentum in the scientific field, as a result of the extremely negative impact white collar crime has on its victims. Because there is considerable damage and vulnerability from these crimes, it is important to begin to classify them, and to understand the minds of those that commit these offenses. While the current literature is not extensive, this work provides a closer look into the various ethical and legal facets of financial crime, and helps to uncover the social, psychological and neurobiological factors that intersect in the minds of those criminals.
| Author | : Samuel James |
| Publisher | : Dr. Samuel Inbaraja S |
| Total Pages | : 92 |
| Release | : 2023-12-08 |
| Genre | : Business & Economics |
| ISBN | : |
Money Laundering: A Comprehensive Guide Unveil the secrets of money laundering and equip yourself to combat financial crime with this definitive guide. Dr. Samuel James, a distinguished medical doctor and MBA graduate from Deakin University, Australia, draws upon his unique expertise to deliver a comprehensive understanding of this complex issue. Through engaging case studies and insightful discussions, you will: Master the intricacies of money laundering, from its definitions and stages to its ever-evolving methods. Navigate the intricate legal framework, including international and national regulations designed to combat financial crime. Gain a deep understanding of the role financial institutions play in Anti-Money Laundering (AML) and their critical responsibilities. Develop essential skills for identifying and assessing money laundering risks, protecting your organization and its stakeholders. Become proficient in Customer Due Diligence (CDD) and Know Your Customer (KYC) practices, ensuring compliance and preventing illicit activities. Understand the crucial role of Suspicious Activity Reports (SARs) and transaction monitoring in detecting and deterring financial crime. Recognize the power of collaboration and information sharing, and how public-private partnerships can effectively tackle money laundering. Explore cutting-edge technologies and trends shaping the future of AML, preparing yourself for the challenges and opportunities ahead. Uncover the devastating impact of money laundering on financial stability and society, highlighting the importance of strong AML measures. Navigate the ethical considerations surrounding money laundering and corporate social responsibility, ensuring ethical conduct in your business practices. Build a robust AML compliance program, equipped with the knowledge and tools to effectively prevent and detect financial crime. This essential guide is indispensable for: Business professionals across all industries Financial institutions of all sizes Law enforcement agencies and regulators Compliance officers and risk management professionals Students and academics seeking a comprehensive understanding of AML Anyone concerned about the impact of financial crime on society Empower yourself to fight financial crime and contribute to a safer financial system. Order your copy of Money Laundering: A Comprehensive Guide by Dr. Samuel James today!
| Author | : Clare Chambers-Jones |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 257 |
| Release | : 2012-01-01 |
| Genre | : Business & Economics |
| ISBN | : 184980933X |
Virtual economies and financial crime are ever-growing, increasingly significant facets to banking, finance and anti-money laundering regulations on an international scale. In this pathbreaking and timely book, these two important issues are explored together for the first time in the same place. Clare Chambers-Jones examines the jurisprudential elements of cyber law in the context of virtual economic crime and explains how virtual economic crime can take place in virtual worlds. She looks at the multi-layered and interconnected issues association with the increasing trend of global and virtual banking via the 'Second Life' MMOG (Massively Multiplayer Online Game). Through this fascinating case study, the author illustrates how virtual worlds have created a second virtual economy which transgresses into the real, creating economic, political and social issues. Loopholes used by criminals to launder money through virtual worlds (given the lack of jurisdictional consensus on detection and prosecution) are also highlighted. The importance of providing legal clarity over jurisdictional matters in cyberspace is an increasing concern for policymakers and regulators, and this book provides a wealth of information on new aspects of cyber law and virtual economics. As such, it will prove essential reading for academics, students, researchers and policymakers across the fields of law generally, and more specifically, financial law and regulation, finance, money and banking, and economic crime.
