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

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dc.contributor.authorChatain, Pierre-Laurent
dc.contributor.authorHernández-Coss, Raúl
dc.contributor.authorBorowik, Kamil
dc.contributor.authorZerzan, Andrew
dc.date.accessioned2012-05-29T14:49:15Z
dc.date.available2012-05-29T14:49:15Z
dc.date.issued2008
dc.description.abstractThis working paper explores strategies to identify and manage potential money laundering (ML) and terrorist financing (TF) risks in mobile financial services (m-FS). Using fieldwork in seven economies as a basis, the paper provides guidance on the best means of assessing perceived versus actual ML and TF risks, and then identifies specific measures to mitigate the actual risks. The paper concludes with recommendations that aim to promote a regulatory balance to foster an enabling environment for business while minimizing ML and TF risks that hinder its sustainability. The paper identifies four risk factors in m-FS and appropriate mitigation responses. The risk factors are anonymity, elusiveness, rapidity, and poor oversight. Anonymity is the risk of not knowing a customer's actual identity, and it can be diminished through enhanced know-your-customer procedures and identification tools. Elusiveness is the ability to disguise mobile transaction totals, origins, and destinations. It can be diminished through transaction limits and enhanced customer profiling, monitoring, and reporting. Rapidity is the speed with which illicit transactions can occur. Its risk is checked by flagging certain types of transactions and managing risks of third-party providers. The fourth type of risk is poor oversight, which can be mitigated by transparent guidelines on mobile services, clearer licensing, regulation of providers, and effective risk supervision within bank and non-bank m-FS providers.en
dc.identifierhttp://documents.worldbank.org/curated/en/2008/06/9854049/integrity-mobile-phone-financial-services-measures-mitigating-risks-money-laundering-terrorist-financing
dc.identifier.doi10.1596/978-0-8213-7556-3
dc.identifier.isbn978-0-8213-7556-3
dc.identifier.urihttps://hdl.handle.net/10986/6530
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC : World Bank
dc.relation.ispartofseriesWorld Bank Working Paper; No. 146
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CREDIT
dc.subjectACCESS TO PRODUCTS
dc.subjectACCOUNT HOLDER
dc.subjectACCOUNT HOLDERS
dc.subjectATM
dc.subjectATMS
dc.subjectAUTHENTICATION
dc.subjectBANK ACCOUNT
dc.subjectBANK ACCOUNTS
dc.subjectBANK BRANCH
dc.subjectBANK BRANCHES
dc.subjectBANK NEGARA MALAYSIA
dc.subjectBANK OF KOREA
dc.subjectBANKERS ASSOCIATION
dc.subjectBANKING RELATIONSHIP
dc.subjectBANKING SERVICES
dc.subjectBASIC BANKING
dc.subjectBEST PRACTICES
dc.subjectBUSINESS ENVIRONMENT
dc.subjectBUSINESS HOURS
dc.subjectBUSINESS MODEL
dc.subjectBUSINESS MODELS
dc.subjectBUSINESS OPPORTUNITIES
dc.subjectBUSINESS RELATIONSHIPS
dc.subjectBUSINESS TO BUSINESS
dc.subjectBUSINESSES
dc.subjectCALCULATIONS
dc.subjectCALL CENTER
dc.subjectCAPABILITIES
dc.subjectCAPITAL MARKETS
dc.subjectCELL PHONE
dc.subjectCELL PHONES
dc.subjectCERTIFICATE
dc.subjectCHECKS
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMUNICATIONS PLATFORMS
dc.subjectCOMMUNICATIONS TECHNOLOGY
dc.subjectCOMPETITIVE ADVANTAGES
dc.subjectCONSULTING FIRM
dc.subjectCONSUMER
dc.subjectCONSUMER PROTECTION
dc.subjectCONSUMERS
dc.subjectCOPYRIGHT
dc.subjectCREDIT CARD
dc.subjectCREDIT CARD BALANCES
dc.subjectCREDIT CARD COMPANIES
dc.subjectCREDIT CARD COMPANY
dc.subjectCREDIT CARD TRANSACTIONS
dc.subjectCREDIT LIMIT
dc.subjectCREDIT LINES
dc.subjectCREDITS
dc.subjectCRIMINAL PURPOSES
dc.subjectCUSTOM
dc.subjectCUSTOMER DEMAND
dc.subjectCUSTOMER DEMANDS
dc.subjectCUSTOMER PROFILE
dc.subjectCUSTOMER PROFILING
dc.subjectCUSTOMER RELATIONSHIPS
dc.subjectDATA INTEGRITY
dc.subjectDEPOSIT
dc.subjectDEPOSITS
dc.subjectDEVELOPMENT BANK
dc.subjectE-SIGNATURE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectELECTRONIC BANKING
dc.subjectELECTRONIC CURRENCIES
dc.subjectELECTRONIC CURRENCY
dc.subjectELECTRONIC FINANCE
dc.subjectELECTRONIC FUNDS
dc.subjectELECTRONIC FUNDS TRANSFER
dc.subjectELECTRONIC FUNDS TRANSFERS
dc.subjectELECTRONIC SIGNATURE
dc.subjectENABLING ENVIRONMENT
dc.subjectENABLING ENVIRONMENTS
dc.subjectEXCHANGE RATES
dc.subjectFINANCIAL ABUSE
dc.subjectFINANCIAL ACTION
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL PRODUCT
dc.subjectFINANCIAL PRODUCTS
dc.subjectFINANCIAL REGULATORS
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SERVICE
dc.subjectFINANCIAL SERVICE PROVIDERS
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFINANCIAL TRANSACTION
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN EXCHANGE
dc.subjectFRAUD
dc.subjectFUNCTIONALITY
dc.subjectGROWTH POTENTIAL
dc.subjectHOME BANKING
dc.subjectHOME BANKING SERVICES
dc.subjectID
dc.subjectIDS
dc.subjectILLITERACY
dc.subjectIMAGE
dc.subjectINCOME LEVEL
dc.subjectINFORMATION SERVICES
dc.subjectINFORMATION TECHNOLOGY
dc.subjectINFRASTRUCTURE DEVELOPMENT
dc.subjectINNOVATION
dc.subjectINSTITUTIONAL CAPACITY
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINTERNATIONAL LAW
dc.subjectINTERNATIONAL STANDARDS
dc.subjectJOINT VENTURE
dc.subjectLACK OF INFORMATION
dc.subjectLAW ENFORCEMENT
dc.subjectLAWS
dc.subjectLICENSE
dc.subjectLICENSES
dc.subjectLIMITED ACCESS
dc.subjectLOAN
dc.subjectLOAN DISBURSEMENT
dc.subjectLOW COST
dc.subjectLOW COSTS
dc.subjectLOW INCOME
dc.subjectLOW-INCOME
dc.subjectLOW-INCOME PEOPLE
dc.subjectMARKET ACCESS
dc.subjectMATERIAL
dc.subjectMOBILE COMMERCE
dc.subjectMOBILE COMMUNICATIONS
dc.subjectMOBILE DEVICE
dc.subjectMOBILE PHONE
dc.subjectMOBILE PHONES
dc.subjectMOBILE SERVICE
dc.subjectMOBILE SERVICES
dc.subjectMOBILE TELEPHONE
dc.subjectMOBILE TRANSACTION
dc.subjectMOBILE TRANSACTIONS
dc.subjectMOBILE USERS
dc.subjectMONETARY AUTHORITY
dc.subjectMULTIMEDIA
dc.subjectNATIONAL BANK
dc.subjectNETWORKS
dc.subjectNEW MARKETS
dc.subjectNEW TECHNOLOGIES
dc.subjectONLINE BANKING
dc.subjectONLINE SERVICES
dc.subjectONLINE TRANSACTIONS
dc.subjectPAYMENT METHODS
dc.subjectPAYMENT SERVICE
dc.subjectPAYMENT SERVICES
dc.subjectPAYMENT SYSTEM
dc.subjectPAYMENT SYSTEMS
dc.subjectPERSONAL INFORMATION
dc.subjectPHYSICAL PRESENCE
dc.subjectPOINT OF SALE
dc.subjectPRIVATE SECTOR
dc.subjectPRIVATE SECTOR DEVELOPMENT
dc.subjectPRIVATE SECTORS
dc.subjectPROBABILITY
dc.subjectPRODUCTIVITY
dc.subjectPROTOCOLS
dc.subjectQUERIES
dc.subjectRAPID DEVELOPMENT
dc.subjectREAL ESTATE
dc.subjectREGISTRY
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY FRAMEWORKS
dc.subjectREPAYMENTS
dc.subjectRESERVE BANK
dc.subjectRESPONSIBILITIES
dc.subjectRESULT
dc.subjectRESULTS
dc.subjectRETAIL OUTLETS
dc.subjectRETAIL STORES
dc.subjectRISK ASSESSMENTS
dc.subjectRISK FACTOR
dc.subjectRISK FACTORS
dc.subjectRISK MANAGEMENT
dc.subjectSAVINGS
dc.subjectSECURITIES
dc.subjectSECURITY CODE
dc.subjectSECURITY FEATURES
dc.subjectSERVICE PROVIDER
dc.subjectSERVICE PROVIDERS
dc.subjectSOCIAL INSURANCE
dc.subjectSOCIAL SECURITY
dc.subjectSTAKEHOLDER
dc.subjectSTAKEHOLDERS
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCKS
dc.subjectSUBSIDIARY
dc.subjectSUM OF MONEY
dc.subjectSUPERVISION
dc.subjectSUPPORT STAFF
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTELECOM
dc.subjectTELECOMMUNICATION
dc.subjectTELECOMMUNICATIONS
dc.subjectTELECOMMUNICATIONS AUTHORITY
dc.subjectTELECOMMUNICATIONS COMPANY
dc.subjectTELEPHONE
dc.subjectTELEPHONE BANKING
dc.subjectTELEPHONE SYSTEMS
dc.subjectTERRORISM
dc.subjectTRACEABILITY
dc.subjectTRADITIONAL BANKING
dc.subjectTRADITIONAL FINANCIAL INSTITUTION
dc.subjectTRADITIONAL FINANCIAL INSTITUTIONS
dc.subjectTRANSACTION
dc.subjectTRANSACTION SERVICES
dc.subjectTRANSACTION SPEED
dc.subjectUNAUTHORIZED ACCESS
dc.subjectUNAUTHORIZED USERS
dc.subjectUNIQUE ID
dc.subjectUSER
dc.subjectUSERS
dc.subjectUSES
dc.subjectVERIFICATION
dc.subjectWIRE TRANSFER
dc.subjectWIRELESS ACCESS
dc.subjectWIRELESS APPLICATION PROTOCOL
dc.subjectWIRELESS SERVICE
dc.subjectWITHDRAWAL
dc.titleIntegrity in Mobile Phone Financial Services : Measures for Mitigating Risks from Money Laundering and Terrorist Financingen
dspace.entity.typePublication
okr.doctypePublications & Research::Publication
okr.doctypePublications & Research::Publication
okr.docurlhttp://documents.worldbank.org/curated/en/2008/06/9854049/integrity-mobile-phone-financial-services-measures-mitigating-risks-money-laundering-terrorist-financing
okr.globalpracticeFinance and Markets
okr.globalpracticeTransport and ICT
okr.globalpracticeTrade and Competitiveness
okr.guid316191468338512619
okr.identifier.doi10.1596/978-0-8213-7556-3
okr.identifier.externaldocumentum000333038_20080917011913
okr.identifier.internaldocumentum9854049
okr.identifier.report44384
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2008/09/17/000333038_20080917011913/Rendered/PDF/443840REVISED01ne01010200801PUBLIC1.pdfen
okr.topicFinance and Financial Sector Development::E-Finance and E-Security
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicBanks and Banking Reform
okr.topicPrivate Sector Development::E-Business
okr.unitFinancial Market Integrity (FPDFI)
okr.volume1 of 1
relation.isSeriesOfPublication3e126efc-de2f-4a95-be5b-bd2e430a4843
relation.isSeriesOfPublication.latestForDiscovery3e126efc-de2f-4a95-be5b-bd2e430a4843
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