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Author: Ehi Eric Esoimeme
Publisher: Dsc Publications Limited
ISBN: 9789782787897
Category :
Languages : en
Pages : 328
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Book Description
This book explores the following research question: How can telecommunications companies design anti-money laundering and combating the financing of terrorism (AML/CFT) measures that meet the goal of financial inclusion without compromising the measures that exist for combating money laundering, terrorist financing and other illicit transactions through the financial system? This book will critically review the AML/CFT measures in the Guidelines for Licensing, Regulation and Operation of telecommunications companies issued by the Central Bank of Nigeria. The aim is to determine if the said Guidelines adopt a balanced approach to financial inclusion, anti-money laundering measures and fundamental human rights. Although the main focus of this book is on Nigeria, the measures and principles in it can be applied to any country that is faced with the challenge of designing AML/CFT measures for telecommunications companies. Each chapter of this book, from Chapters 2 to 6, has a discussion and conclusion section. The conclusion section provides recommendations for the policies that were analysed in the discussion section. No other book adopts this kind of approach. The research took the form of a desk study, which analyzed various documents and reports such as the Revised Central Bank of Nigeria National Financial Inclusion Strategy 2018, the Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria as issued by the Central Bank of Nigeria in October 2018, the Central Bank of Nigeria' Revised Assessment Criteria for Approved Persons' Regime for Financial Institutions 2015, the Central Bank of Nigeria Code of Corporate Governance for Banks and Discount Houses in Nigeria 2014, the Nigerian Money Laundering (Prohibition) Act, 2011 (as amended), the Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013, the United Kingdom Payment Services Regulations 2017, the United Kingdom Payment Accounts Regulations 2015, the United Kingdom Electronic Money Regulations 2011, the Guidance on the Prevention of Money Laundering/Combating Terrorist Financing for the United Kingdom Financial Sector Part I as issued by the Joint Money Laundering Steering Group in June 2017 [Amended December 2017], the United States Federal Financial Institutions Examination Council' Bank Secrecy Act/Anti-Money Laundering Examination Manual 2014, the Kenya Information and Communications (Amendment) Act 2013, the Kenya Information and Communications (Registration of SIM-cards) Regulations 2015, the Financial Action Task Force Guidance on the Risk-Based Approach to Combating Money Laundering and Terrorist Financing - High Level Principles and Procedures 2007, the Financial Action Task Force Guidance on Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion 2011, the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (The FATF Recommendations) 2012, the Financial Action Task Force Guidance on Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion 2013 and the Financial Action Task Force Guidance for a Risk Based Approach: Prepaid Cards, Mobile Payments and Internet-Based Payment Services 2013.
Author: Ehi Eric Esoimeme
Publisher: Dsc Publications Limited
ISBN: 9789782787897
Category :
Languages : en
Pages : 328
Get Book
Book Description
This book explores the following research question: How can telecommunications companies design anti-money laundering and combating the financing of terrorism (AML/CFT) measures that meet the goal of financial inclusion without compromising the measures that exist for combating money laundering, terrorist financing and other illicit transactions through the financial system? This book will critically review the AML/CFT measures in the Guidelines for Licensing, Regulation and Operation of telecommunications companies issued by the Central Bank of Nigeria. The aim is to determine if the said Guidelines adopt a balanced approach to financial inclusion, anti-money laundering measures and fundamental human rights. Although the main focus of this book is on Nigeria, the measures and principles in it can be applied to any country that is faced with the challenge of designing AML/CFT measures for telecommunications companies. Each chapter of this book, from Chapters 2 to 6, has a discussion and conclusion section. The conclusion section provides recommendations for the policies that were analysed in the discussion section. No other book adopts this kind of approach. The research took the form of a desk study, which analyzed various documents and reports such as the Revised Central Bank of Nigeria National Financial Inclusion Strategy 2018, the Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria as issued by the Central Bank of Nigeria in October 2018, the Central Bank of Nigeria' Revised Assessment Criteria for Approved Persons' Regime for Financial Institutions 2015, the Central Bank of Nigeria Code of Corporate Governance for Banks and Discount Houses in Nigeria 2014, the Nigerian Money Laundering (Prohibition) Act, 2011 (as amended), the Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013, the United Kingdom Payment Services Regulations 2017, the United Kingdom Payment Accounts Regulations 2015, the United Kingdom Electronic Money Regulations 2011, the Guidance on the Prevention of Money Laundering/Combating Terrorist Financing for the United Kingdom Financial Sector Part I as issued by the Joint Money Laundering Steering Group in June 2017 [Amended December 2017], the United States Federal Financial Institutions Examination Council' Bank Secrecy Act/Anti-Money Laundering Examination Manual 2014, the Kenya Information and Communications (Amendment) Act 2013, the Kenya Information and Communications (Registration of SIM-cards) Regulations 2015, the Financial Action Task Force Guidance on the Risk-Based Approach to Combating Money Laundering and Terrorist Financing - High Level Principles and Procedures 2007, the Financial Action Task Force Guidance on Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion 2011, the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (The FATF Recommendations) 2012, the Financial Action Task Force Guidance on Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion 2013 and the Financial Action Task Force Guidance for a Risk Based Approach: Prepaid Cards, Mobile Payments and Internet-Based Payment Services 2013.
Author: Ehi Eric Esoimeme
Publisher:
ISBN: 9789789486038
Category : Money laundering
Languages : en
Pages : 350
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Book Description
Governments around the world have made the fight against money laundering and the financing of terrorism a priority. Among its effort is the implementation of the Financial Action Task Force Recommendations, specifically Recommendation 1. The FATF Recommendations (Recommendation 1) requires that countries mandate financial institutions and designated non-financial businesses and professions (DNFBPs), to adopt a risk-based approach to combating money laundering and terrorist financing. This book aims to provide a clear understanding of what the risk-based approach involves. In addition to this, it differentiates the risk-based approach from the rule-based approach and determines if the risk-based approach interferes with the human rights of high-risk customers.Internationally, this book would be the first comprehensive book on the subject of the Risk-Based Approach. This book would help financial institutions and designated non-financial institutions with any problem regarding the application of the risk-based approach.Financial institutions/DNFBPs who implement the risk-based approach, in line with the guidance given in this book, will be well-placed to avoid the consequences of inappropriate de-risking behaviour. Although there are quite a number of reference guides provided by the Financial Action Task Force to assist firms with the implementation of the risk-based approach. Those publications focus mainly on the risk assessment principles. This book is focused on both the principles and the practical aspect of its application.This book is a must read for every professional specializing in the field of Anti-Money Laundering Compliance. It is also a must read for every individual who intends to know more about the money laundering subject.
Author: Pierre-Laurent Chatain
Publisher: World Bank Publications
ISBN: 0821386700
Category : Political Science
Languages : en
Pages : 234
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Book Description
Mobile Money is a booming industry in an increasing number of countries worldwide. The project results from increased demand for guidance and technical assistance from governments after the 2008 publication of an exploratory paper, Integrity in Mobile Phone Financial Services, which discussed mobile money and the application of international anti-money laundering (AML) and combating the financing of terrorism (CFT) standards. For most, how to craft a regulatory regime that expands access to financial services to the poor through the development of mobile phone financial services, but compliant with AML/CFT standards remains elusive. Specific AML/CFT regulations related to mobile money have not been issued in many jurisdictions, mainly due to the lack of awareness of the risks these services can pose if the right controls are not in place. Because the international standards for AML/CFT, the Financial Action Task Force s 40 + 9 Recommendations were designed and issued well before mobile money technology and business models became prevalent, even developed countries have begun to face challenges with their regulation. The project team aims to provide practical guidance to jurisdictions and the Industry on how to draft regulations and internal guidelines that allow them to comply with AML/CFT standards with enough flexibility for mobile money to thrive. Specifically, the paper (1) takes stock of new AML/CFT regulations and practices relevant to Mobile money, (2) design guidelines for drafting AML/CFT regulations that cover mobile money and (3) propose examples of best practices for the Industry to include AML/CFT in their own business model.
Author: Pierre-Laurent Chatain
Publisher: World Bank Publications
ISBN: 0821375571
Category : Political Science
Languages : en
Pages : 96
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Book Description
Governments are challenged to make an innovation-friendly climate while simultaneously ensuring that business development remain sustainable. Criminal use of the technology terrorist financing and money laundering challenges long-run business viability via risk of massive investment flight and public distrust of new players entering the market. Sustainable business models are those that base regulation on a careful risk-based analysis. This study identifies the perceived risks and compares them with the actual level of risk for each category of mobile phone financial services. The comparison reveals that the perceptions do not weigh up to the reality. Based on fieldwork in seven locations where the technology has taken off, this paper finds that providers apply measures that are consistent with international standards to combat money laundering and terrorist financing. It identifies the sometimes non-traditional means the industry uses that both mitigate the risks and are in line with good business practices. Acknowledging that mobile phone financial services are no riskier than other channels, governments are called to treat them as an opportunity to expand access to finance.
Author: Pierre-Laurent Chatain
Publisher: World Bank Publications
ISBN:
Category : Architecture
Languages : en
Pages : 308
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Book Description
Money laundering and terrorist financing are serious crimes that affect not only those persons directly involved, but the economy as a whole. According to international standards, every bank has the obligation to know its customers and to report suspicious transactions. Although these obligations sound straightforward, they have proved challenging to implement. What information precisely has to be gathered? How should it be recorded? If and when does one have to file a suspicious transaction report? It is here that a supervisor can play a crucial role in helping supervised institutions; first.
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498339549
Category : Social Science
Languages : en
Pages : 24
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Book Description
This note provides guidance on the inclusion of AML/CFT issues in surveillance and financial stability assessments (FSAs). Specifically, it provides a framework for the treatment of cases where money laundering or terrorist financing (ML/TF) and related underlying crimes (i.e., “predicate crimes” or “predicate offenses”) are so serious as to threaten domestic stability, balance of payments stability, the effective operation of the International Monetary System—IMS— (in the case of Article IV surveillance), or the stability of the domestic financial system (in the case of FSAs).
Author: Ehi Eric Esoimeme
Publisher: Dsc Publications Limited
ISBN: 9789782787798
Category :
Languages : en
Pages : 758
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Book Description
The first edition to this book was titled A Comparative Study of the Money Laundering Laws/Regulations in Nigeria, the United States and the United Kingdom; this edition is titled Deterring and Detecting Money Laundering and Terrorist Financing: A Comparative Analysis of Anti-Money Laundering and Counterterrorism Financing Strategies. The title was changed to reflect the new approach/direction of the second edition and the fact that eight new topics were added to the already-existing chapters. They are "Assessing Risks and Applying a Risk-Based Approach" (chapter 2), "Terrorist Financing Offence" (chapter 5), "Private Banking" (chapter 7), "Prepaid Cards" (chapter 8), "Modern Slavery" (chapter 11), "Fraud" (chapter 13), "Tax Evasion" (chapter 14), and "Confiscation and Provisional Measures" (chapter 15). The second edition uses a mix of different methodologies as opposed to focusing on just one methodology. In addition to the comparative methodology, this edition adopts the case-study methodology. This methodology was not used in the First Edition. The case-study methodology ensures that readers: i. remain familiar with the concepts of money laundering and terrorist financing; ii. are aware of the threat money laundering and terrorist financing poses to you as a banker or practitioner; iii. maintain a proportionate and risk-level based approach to those threats; iv. adopt the anti-money laundering/counter-terrorist financing procedures appropriate to that level of risk; and v. review and maintain those procedures regularly. This book provides guidance on the following: - money laundering process, regulation of diamond dealers and other designated nonfinancial businesses and professions, as well as regulation of hawala and other alternative remittance systems, international bodies and national government agencies charged with fighting money laundering and terrorist financing (Chapter 1); - country-level and reporting entity-level risk assessments, and the measures to prevent the misuse of non-profit organisations and third-party payment processors (Chapter 2); - suspicious activity reports, currency transaction reports, further information orders, disclosure orders and information sharing within the financial sector (Chapter 3); - money laundering offence, penalties and lifetime management of ancillary orders (Chapter 4); - terrorist financing, jurisdiction, penalties and policies and procedures involved in the seizure/forfeiture of terrorist property (Chapter 5); - current measures to reduce the money laundering risks associated with politically exposed persons (Chapter 6); - innovative methods to reduce the money laundering risks associated with private banking accounts (Chapter 7); - strategic measures that meet the goal of financial inclusion (that is, preserving innovation and the many legitimate uses and societal benefits offered by prepaid cards) without compromising the measures that exist for combating money laundering, terrorist financing and other illicit transactions through the financial system (Chapter 8); - calculated processes to prevent the smuggling of the proceeds of crime overseas for the purpose of avoiding the reach of law enforcement agencies (Chapter 9); - complete understanding of the role and responsibilities of the compliance officer (Chapter 10); - timely procedures for combating predicate offences for money laundering-e.g. modern slavery (Chapter 11), the offence of bribery (Chapter 12), fraud (Chapter 13) and tax evasion (Chapter 14); - authorized measures for freezing or seizing property laundered or proceeds from instrumentalities used in, or intended for use in, money laundering or predicate offences (Chapter 15 and Chapter 16); - conscientious assistance that helps firms gain confidence that their customer due diligence obligations have been properly carried out (Chapter 17); - institutional record keeping maintenance (Chapter 18).
Author: World Bank Group
Publisher: World Bank Publications
ISBN: 1464812535
Category : Law
Languages : en
Pages : 584
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Book Description
How can governments ensure that women have the same employment and entrepreneurship opportunities as men? One important step is to level the legal playing field so that the rules for operating in the worlds of work and business apply equally regardless of gender. Women, Business and the Law 2018, the fifth edition in a series, examines laws affecting women’s economic inclusion in 189 economies worldwide. It tracks progress that has been made over the past two years while identifying opportunities for reform to ensure economic empowerment for all. The report updates all indicators as of June 1, 2017 and explores new areas of research, including financial inclusion.
Author: Timothy Lyman
Publisher:
ISBN: 9781626960565
Category :
Languages : en
Pages : 28
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Book Description
Author: Emiko Todoroki
Publisher: World Bank Publications
ISBN: 1464801096
Category : Business & Economics
Languages : en
Pages : 267
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Book Description
Migrant workers routinely send small sums back to their families -- often a crucial lifeline for their survivial. But sending money across countries for these low income people is not easy and often very expensive and risky. Better regulation and supervision of these payment channels can make the process easier to access and more secure.
