Chatain, Pierre-LaurentZerzan, AndrewNoor, WameekDannaoui, Najahde Koker, Louis2012-03-192012-03-192011-02-24978-0-8213-8669-9https://hdl.handle.net/10986/2269There 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.CC BY 3.0 IGOACCESS TO BANKINGACCESS TO BANKING SERVICESACCESS TO FINANCIAL SERVICESACCESS TO SAVINGSANTI-MONEY LAUNDERINGAUTOMATED TELLER MACHINESBACKBONEBACKUPSBALANCE INQUIRIESBANK ACCOUNTBANK ACCOUNTSBANK FOR INTERNATIONAL SETTLEMENTSBANK NEGARA MALAYSIABANKING MODELSBANKING SERVICESBANKING SUPERVISIONBANKRUPTCYBARRIERS TO ENTRYBEST PRACTICEBUSINESS DEVELOPMENTBUSINESS MODELBUSINESS MODELSBUSINESS RELATIONSHIPSBUSINESSESCASH DEPOSITCASH DEPOSITSCASH FLOWCASH ON HANDCASH WITHDRAWALCELL PHONECENTRAL BANKSCODES OF CONDUCTCOMMERCIAL BANKCOMMERCIAL BANKSCOMMUNICATIONS PLATFORMCOMPLIANCE COSTSCOMPUTER SYSTEMCOMPUTERSCONSUMER PROTECTIONCONSUMER PROTECTION REGULATIONSCONVENTIONAL BANKINGCOPYRIGHTCOPYRIGHT CLEARANCECOPYRIGHT CLEARANCE CENTERCREDITSDEBIT CARDDEPOSITDEPOSITSDEVELOPING COUNTRIESDEVELOPING ECONOMIESDEVELOPMENT BANKDOCUMENT REQUIREMENTSDUE DILIGENCEE-MAILE-MONEYECONOMIC DEVELOPMENTELECTRONIC MONEYEMERGING MARKETSEMPLOYEEENABLING ENVIRONMENTENFORCEMENT AGENCIESEQUIPMENTFINANCIAL ACCESSFINANCIAL CRISISFINANCIAL EXCLUSIONFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL REGULATIONFINANCIAL SECTOR ASSESSMENTFINANCIAL SECTOR DEVELOPMENTFINANCIAL SERVICEFINANCIAL SERVICE PROVIDERSFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL SYSTEMFINANCIAL TRANSACTIONSFLOW CHARTFLOW OF MONEYFORMAL BANKFORMAL FINANCIAL SECTORFORMAL FINANCIAL SERVICESFRAUDGROSS DOMESTIC PRODUCTGROWTH POTENTIALGROWTH RATESHOUSEHOLDSIDENTITY DOCUMENTSIDENTITY MODULEINCOMEINFLATIONINNOVATIONINSPECTIONINTERFACEINTERMEDIARY BANKINTERNATIONAL BANKINTERNATIONAL LAWINTERNATIONAL STANDARDSINVENTORIESJOINT VENTUREJURISDICTIONSLACK OF ACCESSLACK OF AWARENESSLAW ENFORCEMENTLAWSLEADERSHIP DEVELOPMENTLEGAL SYSTEMSLEGISLATIONLICENSESLOWER-INCOME CONSUMERSMARKETINGMATERIALMENUMICROFINANCEMICROFINANCE INSTITUTIONSMINISTRIES OF FINANCEMOBILE COMMUNICATIONSMOBILE DEVICEMOBILE NETWORKMOBILE PHONEMOBILE PHONESMOBILE SERVICEMOBILE TRANSACTIONMOBILE TRANSACTIONSMONEY MARKETSMONEY TRANSFERMONEY TRANSFERSMULTIMEDIANETWORK INFRASTRUCTURENEW TECHNOLOGIESNEXT GENERATIONNONBANK FINANCIAL INSTITUTIONSNONBANKSOPEN SYSTEMOUTREACHOUTSOURCINGPARTNER BANKPARTNER BANKSPAYMENT METHODSPAYMENT SERVICEPAYMENT SERVICESPAYMENT SYSTEMPAYMENT SYSTEMSPAYMENT TRANSACTIONSPDFPERSONAL INFORMATIONPERSONALLY IDENTIFIABLE INFORMATIONPHONE PENETRATIONPHOTOPRIVACYPRIVACY PROTECTIONSPRIVATE SECTORPRIVATE SECTOR BANKSPRIVATE SECTOR DEVELOPMENTPRODUCTIVITYPROFITABILITYQUERIESRAPID DEVELOPMENTRECEIPTRECEIPTSREGIONAL BANKSREGULATORSREGULATORY APPROACHESREGULATORY ENVIRONMENTREGULATORY FRAMEWORKREGULATORY FRAMEWORKSREGULATORY REQUIREMENTSREMITTANCEREMITTANCESRESULTRESULTSRETAIL OUTLETRETAIL OUTLETSRETENTIONRISK FACTORSRISK MANAGEMENTRISK MITIGATIONSAVINGSSAVINGS ACCOUNTSSAVINGS BANKSSCHOLARSHIPSECURITIESSERVICE PROVIDERSERVICE PROVIDERSSMALL BUSINESSESSMART CARDSUBSIDIARYSUPERVISIONSUPERVISORY FRAMEWORKSUPPORT STAFFSYSTEM SOFTWARETAXTECHNICAL ASSISTANCETECHNICAL ASSISTANCE PROJECTSTECHNOLOGICAL INNOVATIONSTELECOMTELECOMMUNICATIONTELECOMMUNICATIONSTELECOMMUNICATIONS AUTHORITYTELECOMMUNICATIONS COMPANYTELEPHONETELEPHONE BANKINGTERRORISMTRACEABILITYTRANSACTIONTRANSACTION COSTSTRANSACTION PROCESSINGTRANSACTION PROCESSORTRANSACTION PROCESSORSTRANSACTIONAL ENVIRONMENTUNIONUNIQUE IDENTIFIERUSERUSERSVERIFICATIONVULNERABLE GROUPWorld Bank10.1596/978-0-8213-8669-9