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Protecting Mobile Money against Financial Crimes : Global Policy Challenges and Solutions

Author

Listed:
  • Pierre-Laurent Chatain
  • Andrew Zerzan
  • Wameek Noor
  • Najah Dannaoui
  • Louis de Koker

Abstract

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.

Suggested Citation

  • Pierre-Laurent Chatain & Andrew Zerzan & Wameek Noor & Najah Dannaoui & Louis de Koker, 2011. "Protecting Mobile Money against Financial Crimes : Global Policy Challenges and Solutions," World Bank Publications - Books, The World Bank Group, number 2269, December.
    • Handle: RePEc:wbk:wbpubs:2269
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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/2269/600600PUB0ID181Mobile09780821386699.pdf?sequence=1
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    References listed on IDEAS

    as
    1. Pierre-Laurent Chatain & Raúl Hernández-Coss & Kamil Borowik & Andrew Zerzan, 2008. "Integrity in Mobile Phone Financial Services : Measures for Mitigating Risks from Money Laundering and Terrorist Financing," World Bank Publications - Books, The World Bank Group, number 6530, December.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. N'dri, Lasme Mathieu & Kakinaka, Makoto, 2020. "Financial inclusion, mobile money, and individual welfare: The case of Burkina Faso," Telecommunications Policy, Elsevier, vol. 44(3).
    2. Malm, Meagan K. & Toyama, Kentaro, 2021. "The burdens and the benefits: Socio-economic impacts of mobile phone ownership in Tanzania," World Development Perspectives, Elsevier, vol. 21(C).
    3. Jentzsch, Nicola, 2012. "Implications of mandatory registration of mobile phone users in Africa," Telecommunications Policy, Elsevier, vol. 36(8), pages 608-620.
    4. de Koker, Louis & Jentzsch, Nicola, 2013. "Financial Inclusion and Financial Integrity: Aligned Incentives?," World Development, Elsevier, vol. 44(C), pages 267-280.
    5. repec:thr:techub:10015:y:2021:i:1:p:253-258 is not listed on IDEAS
    6. Luiz Antonio Joia & Joaquim Pedro Vasconcelos Cordeiro, 2021. "Unlocking the Potential of Fintechs for Financial Inclusion: A Delphi-Based Approach," Sustainability, MDPI, vol. 13(21), pages 1-19, October.

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