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Author : Timothy Lyman
Publisher :
ISBN 13 : 9781626960565
Total Pages : 28 pages
Book Rating : 4.69/5 ( download)
Download or read book AML/CFT and Financial Inclusion written by Timothy Lyman and published by . This book was released on 2014-09-15 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Pierre-Laurent Chatain
Publisher : World Bank Publications
ISBN 13 : 0821386700
Total Pages : 234 pages
Book Rating : 4.05/5 ( download)
Download or read book Protecting Mobile Money against Financial Crimes written by Pierre-Laurent Chatain and published by World Bank Publications. This book was released on 2011-02-24 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Ehi Eric Esoimeme
Publisher : Dsc Publications Limited
ISBN 13 : 9789782787897
Total Pages : 328 pages
Book Rating : 4.92/5 ( download)
Download or read book Balancing Anti-Money Laundering/Counter-Terrorist Financing Requirements and Financial Inclusion written by Ehi Eric Esoimeme and published by Dsc Publications Limited. This book was released on 2019-06 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the following research question: How can telecommunications companies design anti-money laundering and combating the financing of terrorism (AML/CFT) measures that meet the goal of financial inclusion without compromising the measures that exist for combating money laundering, terrorist financing and other illicit transactions through the financial system? This book will critically review the AML/CFT measures in the Guidelines for Licensing, Regulation and Operation of telecommunications companies issued by the Central Bank of Nigeria. The aim is to determine if the said Guidelines adopt a balanced approach to financial inclusion, anti-money laundering measures and fundamental human rights. Although the main focus of this book is on Nigeria, the measures and principles in it can be applied to any country that is faced with the challenge of designing AML/CFT measures for telecommunications companies. Each chapter of this book, from Chapters 2 to 6, has a discussion and conclusion section. The conclusion section provides recommendations for the policies that were analysed in the discussion section. No other book adopts this kind of approach. The research took the form of a desk study, which analyzed various documents and reports such as the Revised Central Bank of Nigeria National Financial Inclusion Strategy 2018, the Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria as issued by the Central Bank of Nigeria in October 2018, the Central Bank of Nigeria' Revised Assessment Criteria for Approved Persons' Regime for Financial Institutions 2015, the Central Bank of Nigeria Code of Corporate Governance for Banks and Discount Houses in Nigeria 2014, the Nigerian Money Laundering (Prohibition) Act, 2011 (as amended), the Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013, the United Kingdom Payment Services Regulations 2017, the United Kingdom Payment Accounts Regulations 2015, the United Kingdom Electronic Money Regulations 2011, the Guidance on the Prevention of Money Laundering/Combating Terrorist Financing for the United Kingdom Financial Sector Part I as issued by the Joint Money Laundering Steering Group in June 2017 [Amended December 2017], the United States Federal Financial Institutions Examination Council' Bank Secrecy Act/Anti-Money Laundering Examination Manual 2014, the Kenya Information and Communications (Amendment) Act 2013, the Kenya Information and Communications (Registration of SIM-cards) Regulations 2015, the Financial Action Task Force Guidance on the Risk-Based Approach to Combating Money Laundering and Terrorist Financing - High Level Principles and Procedures 2007, the Financial Action Task Force Guidance on Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion 2011, the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (The FATF Recommendations) 2012, the Financial Action Task Force Guidance on Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion 2013 and the Financial Action Task Force Guidance for a Risk Based Approach: Prepaid Cards, Mobile Payments and Internet-Based Payment Services 2013.
Author : Suman Acharya
Publisher :
ISBN 13 :
Total Pages : 7 pages
Book Rating : 4.02/5 ( download)
Download or read book Does Anti Money Laundering and Combating of Terrorism Financing (AML/CFT) Measures Inhibit Financial Inclusion? written by Suman Acharya and published by . This book was released on 2020 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: The issue of financial inclusion is important part of financial and social justice system. As huge portion of the population are ousted from formal channel of financial system, government and relevant stakeholder have to work together to bring marginalized people in mainstream financial system through the development of alternative channel. Although anti money laundering and combating of terrorism financing seeks stringent measure to discourage, dissuade and deter proceeds of crime in society with rigid documentary requirements, this mechanism is not reluctant to develop a financial inclusion issue with lenient measures for those who have the income and transaction below than a threshold based on risk based approach. The threshold has to be ascertained by the authority of given country. Authority may establish no or deferred documentary requirements for those with low income earner having no substantiality to be misused by organized criminal including money launderer and terrorism financiers.
Author : Kuntay Celik
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.21/5 ( download)
Download or read book Impact of the FATF Recommendations and Their Implementation on Financial Inclusion written by Kuntay Celik and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial system safeguards against money laundering and terrorist financing are crucial for the integrity of the global financial system, but these safeguards need to be crafted in such a way that they do not negatively affect financial inclusion and disincentive the use of the formal financial system by ordinary individuals and businesses. This study examines the possible unintended consequences of the implementation of international standards on anti-money laundering, combating the financing of terrorism (AML-CFT) on financial inclusion objectives and proposes ways to address any such consequences. This examination focuses mainly on external AML-CFT compliance evaluations, so-called mutual evaluations, led by international organizations and the money laundering and terrorist financing (ML-TF) risk assessments undertaken by the countries themselves. The analysis is supplemented by interviews with officials and private sector representatives from three countries and by field experience and observations from experts. The Financial Action Task Force (FATF), the international standard setter for AML-CFT, has been devoting increasing attention to financial inclusion over the past decade, but this is not yet fully reflected in country mutual evaluations. The FATF's increasing attention is evident in its guidance papers on financial inclusion and digital identification (ID), and in the recognition of the importance of financial inclusion in its 2019 mandate. However, coverage of financial inclusion in mutual evaluations is still uneven and mostly superficial and is not accompanied by concrete policy recommendations.
Author : Louise Malady
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.13/5 ( download)
Download or read book Developing and Implementing AML/CFT Measures Using a Risk-Based Approach for New Payments Products and Services written by Louise Malady and published by . This book was released on 2014 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The use of new payment methods by the previously unbanked or underbanked holds out much hope for improved financial inclusion and consequently improved standards of living. It is important that new payment methods that enhance financial inclusion not be weighed down by overly burdensome regulation due to financial integrity concerns.The Financial Action Taskforce (FATF), the global standards setting body for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT), continues to work toward the objective of aligning financial integrity and financial inclusion objectives. To this end, FATF encourages countries and institutions to adopt proportionate regulations for AML/CFT purposes by providing greater clarity and understanding on the use of a risk-based approach to implementing AML/CFT measures for new payment methods.Developing and implementing AML/CFT measures using a risk-based approach for new payment methods is still in the early stages of development. Countries and institutions need to be supported to be confident to embrace international efforts on proportional regulation and not be unduly conservative.This paper analyses and explains FATF's Risk-Based Approach (RBA) for new payment methods to support countries and institutions in their efforts to use a RBA to improve financial inclusion.
Author : Asian Development Bank
Publisher : Asian Development Bank
ISBN 13 : 9292573594
Total Pages : 68 pages
Book Rating : 4.91/5 ( download)
Download or read book Digital Financial Services in the Pacific written by Asian Development Bank and published by Asian Development Bank. This book was released on 2016-03-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The challenging geography and poor infrastructure of many Pacific nations mean digital financial services (DFS) are a particularly effective means of enhancing financial inclusion in the region. However, a number of major challenges confront DFS in the Pacific, including the establishment of reliable agent networks and the building of sufficient consumer trust in DFS for it to become a viable payments channel. This report examines the current use of DFS in the Pacific, analyzes the issues that need to be addressed, and provides recommendations for increasing financial inclusion in the region. This publication was produced by the Pacific Private Sector Development Initiative, a regional technical assistance facility cofinanced by the Asian Development Bank (ADB), the Government of Australia and the New Zealand government.
Author : Ross P. Buckley
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.14/5 ( download)
Download or read book Protecting the West, Excluding the Rest written by Ross P. Buckley and published by . This book was released on 2016 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial inclusion is an important international policy goal. Remittances promote financial inclusion by contributing almost half a trillion dollars to the economies of developing countries each year and by giving people a strong reason to engage with formal financial services. In the Pacific, remittances represent a significant proportion of many countries' GDPs. The G20 has committed to reducing the global average cost of sending remittances to 5%. At the same time, financial service providers are facing increasingly onerous regulatory requirements to combat the global rise in money laundering and terrorism financing. In Australia, these requirements have led to the bank account closures of many money transfer operators, posing a real risk to financial inclusion, growth and stability in the Pacific. This paper examines the G20's goals for financial inclusion, the role of remittances in achieving these goals for the Pacific region, and the impact of AML/CTF regulations on the Australian remittance industry. A number of solutions are proposed to address the challenges facing the remittance industry in Australia.
Author : Pierre-Laurent Chatain
Publisher : World Bank Publications
ISBN 13 : 0821375571
Total Pages : 98 pages
Book Rating : 4.70/5 ( download)
Download or read book Integrity in Mobile Phone Financial Services written by Pierre-Laurent Chatain and published by World Bank Publications. This book was released on 2008-06-10 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Pierre-Laurent Chatain
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 308 pages
Book Rating : 4.83/5 ( download)
Download or read book Preventing Money Laundering and Terrorist Financing written by Pierre-Laurent Chatain and published by World Bank Publications. This book was released on 2009 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
