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9780821375563

Integrity in Mobile Phone Financial Services: Measures for Mitigating the Risks from Money Laundering and Terrorist Financing

by ; ; ;
  • ISBN13:

    9780821375563

  • ISBN10:

    0821375563

  • Format: Paperback
  • Copyright: 2008-06-20
  • Publisher: World Bank

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Summary

Integrity in Mobile Phone Financial Services is part of the World Bank Working Paper series. These papers are published to communicate the results of the Bank's ongoing research and to stimulate public discussion.

Table of Contents

Forewordp. vii
Acknowledgmentsp. ix
Abbreviations and Acronymsp. xi
Executive Summaryp. xiii
Introductionp. 1
Backgroundp. 1
Objectivep. 2
Scope and Target Audiencep. 3
Geographical Coveragep. 3
Outlinep. 6
m-FS Growth Potential and Concernsp. 7
m-FS Offers Unique Economic Development Potentialp. 7
m-FS Development Demands a Convergence of Stakeholder Incentivesp. 9
Perceived ML and TF Risks and the Case for Regulationp. 11
Market Access and the Case for Regulatory Balancep. 14
Analyzing and Responding to ML and TF Risks: Observations of Applied Practicesp. 17
New Challenges to Old Risk Analysis Methodsp. 17
New Framework for Risk Analysisp. 18
ML and TF Risks Inherent in the Four m-FS Service Categoriesp. 20
ML and TF Risks External to m-FS Service Categoriesp. 29
Applying FATF Recommendations to m-FSp. 33
Observed Mitigation Responses and their Consistency with FATF Recommendationsp. 33
Application of AML and CFT Standards to All m-FS Providersp. 41
Conclusions and Policy Recommendationsp. 47
Conclusionsp. 47
Policy Recommendations and Issues for Considerationp. 48
m-FS Growthp. 55
Types of m-FS and m-FS Services Observed in Fieldworkp. 57
Mitigation Measures for m-BSAp. 61
Mitigation Measures for m-Moneyp. 67
The Financial Action Task Force (FATF)p. 69
Overview of m-FS Risk Identification and Mitigationp. 71
Glossaryp. 73
Bibliographyp. 75
Author Biographiesp. 79
List of Tables
The Four Identified Risk Factorsp. 13
Possible ML and TF Risks and Observed Control Measures for m-BSAp. 25
Concurrent Use of m-FSp. 30
Observed m-FS Licensing and AML and CFT Compliance Requirementsp. 32
Most Relevant FATF Recommendations for Risk-Based Considerationp. 41
Factors Contributing to Growth of m-FSp. 56
m-fINFO in Visited Jurisdictionsp. 57
m-BSA in Visited Jurisdictionsp. 58
m-Payments in Visited Jurisdictionsp. 58
m-Money in Visited Jurisdictionsp. 59
Observed Limits on m-FS Transactions, USD (2007)p. 64
List of Figures
Convergence of Stakeholders' Incentives Results in m-FS Growthp. 10
Mobile Financial Information Services (m-fINFO)p. 20
Mobile Bank and Securities Accounts (m-BSA)p. 21
Mobile Payment Services (m-Payments)p. 26
Mobile Money Services (m-Money)p. 27
Concurrent Use of m-FSp. 30
Soaring Market for Mobile Connections and SMSp. 55
List of Boxes
m-FS Increases Access to Financial Servicesp. 8
Suspicious Activities Using Mobile Phones: The Case of Koreap. 14
Framework for Risk Analysisp. 19
Risk-based Determination of Transaction Limits: The Case of Koreap. 24
Collaboration through Regulatory Dialoguesp. 31
IT Supervisory Core Group at a Central Bankp. 32
Guidelines Designed by Financial Institutionsp. 39
Non-face-to-face Risk Mitigation Responses: The Case of South Africap. 62
Customer Profiling Systems for AML and CFTp. 63
Korean Rules for Detecting m-BSA Suspicious Transactionsp. 65
Table of Contents provided by Ingram. All Rights Reserved.

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