Oversight Issues in Mobile Payments
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Summary:
This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.
Series:
Working Paper No. 2014/123
Subject:
Anti-money laundering and combating the financing of terrorism (AML/CFT) Banking Crime Deposit insurance Digital currencies Financial crises Financial markets Mobile banking Payment systems Technology
English
Publication Date:
July 15, 2014
ISBN/ISSN:
9781498392051/1018-5941
Stock No:
WPIEA2014123
Pages:
35
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