Click here for search results
Protecting mobile money against financial crimes : global policy challenges and solutions
 
Author:Chatain, Pierre-Laurent; Zerzan, Andrew; Noor, Wameek; Dannaoui, Najah; Koker, Louis de; Christen, Bob; Collection Title:Directions in development ; finance
Country:World; Date Stored:2011/03/10
Document Date:2011/02/24Document Type:Publication
SubTopics:Public Sector Corruption & Anticorruption Measures; Access to Finance; Emerging Markets; Banks & Banking Reform; E-BusinessISBN:978-0-8213-8669-9
Language:EnglishMajor Sector:Public Administration, Law, and Justice; Finance
Rel. Proj ID:1W-Lessons On Addressing Ml/Ft Risks Through Non-Bank Solutions: M -- -- P105740;Region:The World Region
Report Number:60060Sub Sectors:General finance sector; General public administration sector; Law and justice
Volume No:1 of 1  

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.

Official Documents
Official, scanned versions of documents (may include signatures, etc.)
File TypeDescriptionFile Size (mb)
PDF 234 pagesOfficial version*16.38 (approx.)
TextText version**
How To Order

See documents related to this project
* The official version is derived from scanning the final, paper copy of the document and is the official,
archived version including all signatures, charts, etc.
** The text version is the OCR text of the final scanned version and is not an accurate representation of the final text.
It is provided solely to benefit users with slow connectivity.



Permanent URL for this page: http://go.worldbank.org/15ZJJ71NR0