AML and New Payment Methods
New Payment Products and Services are Changing the Financial Landscape Increasing global competition, coupled with technical progress, has led to the rapid introduction of new payment products and services (“NPPS”) to the financial marketplace.
Prepaid cards, mobile banking, mobile payment services, and Internet-based payment services are manifestations of this trend. The growing number of ways to make noncash payments in electronic form has markedly changed the financial landscape, with NPPS adding speed and convenience to transactions previously conducted via slower traditional channels. These products have expanded financial inclusion to previously unbanked market segments.
However, the introduction of these new products has not come without cost. Because of their recent introduction to the marketplace, some NPPS are not fully understood or fully regulated. Further, it is often difficult to track NPPS transactions, clouding the ability to distinguish between the legal and illegal use of these technologies. As a result, NPPS can become an attractive venue for criminal behavior, including money laundering and terrorism financing.
Duration: | One day programme |
Target Audience: | This workshop is especially relevant for Compliance officers and managers; risk analysts and managers; professionals in business research and in the KYC, AML/CFT field. |
Overall Objective: | At the end of the training, participants will have enhanced their awareness of AML/CFT issues related to NPM trade and be able to:
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Topics: | Using presentations, group assignments and case study analyses the following NPM topics are addressed:
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New Payment Methods
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