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Growing E-Money Market Raises Risks Along with Opportunities, Say Experts
By Irene Madongo
printGovernments will need to bolster their countermeasures to battle fast-growing threats of fraud in the electronic money market, experts warned Friday. Officials with the U.K.'s Financial Conduct Authority (FCA) have voiced concerns that they could lack the legal tools and legislative framework to adequately mitigate risks associated with e-payments and other types of digital money, according to Rob McCusker, director at the Centre for Fraud and Financial Crime at Teesside University Business School. Among other weaknesses, criminals could exploit relatively low thresholds for customer due diligence requirements, said McCusker, speaking during a panel at the ACAMS 10th AML & Financial...
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