CHAPTER 3
Overview of Anti-Money Laundering and Combating the Financing of Terrorism Regulatory Practices and Risk Management Frameworks for Mobile Money
Summary This chapter considers aspects of the current anti money laundering (AML) regulatory and supervisory practices and risk management frameworks in relation to mobile money (m-money). Although there is no one-size-fits-all solution to protect m-money services against fraud and money laundering/terrorist financing (ML/TF), several countries have taken steps to address ML/TF risks by passing laws and regulations. Fieldwork shows, however, that regulations were mainly developed piecemeal and in a fragmented manner. The vast majority of countries have adopted anti-money laundering/combating financing of terrorism (AML/CFT) rules, but uncertainty remains about their application to m-money.1 Also considered here are key aspects of the m-money legislation and regulations adopted in several countries. This chapter highlights different regulatory approaches (continued) 63