By Pierre-Laurent Chatain, Raul Hernandez-Coss, Kamil Borowik, Andrew Zerzan
Integrity in Mobil cellphone monetary providers explores ideas to spot and deal with capability cash laundering and terrorist financing hazards in cellular monetary prone. The paper offers suggestions at the top technique of assessing perceived as opposed to real dangers and identifies particular measures to mitigate the particular dangers.
Read or Download Integrity in Mobile Phone Financial Services: Measures for Mitigating the Risks of Money Laundering and Terrorist Financing (World Bank Working Papers) PDF
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Additional resources for Integrity in Mobile Phone Financial Services: Measures for Mitigating the Risks of Money Laundering and Terrorist Financing (World Bank Working Papers)
Transaction amounts (in Korean Won) are grouped into three categories that fall under increasingly stringent security measures relative to the transaction amount. Financial institutions may also apply greater security controls based on the preference of the customer. qxd Category 1: W 0–6 million (US$ 6,000). Constitutes 85% of all transactions. Category 2: W 6–10 million (US$ 10,000). Constitutes 5% of all transactions. Category 3: W >10 million (>US$ 10,000). Constitutes 10% of all transactions.
65. In Korea, some banks have lately fallen victim to Internet and mobile phone phishing (fraudulent attempts to acquire sensitive financial or personal information, such as credit card information or Social Security numbers, by impersonating a business representative or trustworthy person. Phishing attempts are usually initiated through e-mail, phone calls or Instant Messaging). In response, banks have been encouraged to open accounts to customers with plain access via bank branches, and initiate Internet and mobile financial channels only after the customer’s credibility has been established after a monitoring period.
There are grounds to believe that Recommendation 8 also 58. These include: financial background and strength, governance, customer protection, safety and soundness of the system, background information on shareholders and managers; and business model. : MTN in Standard Bank and Wizzit in Bank of Athens. 59. , CSL. 60. html#q01) where applicants need to identify themselves and provide a copy of their ID card/ Corporate/Business Registration Certificate, address and type of business, bank account to be used for business and contact information.