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Mobile Phone Banking Offers “Un-banked” Entry to Financial Sector, Says World Bank Official
printThat mobile banking and cell phone remittances are drawing people into the formal global financial system is more an opportunity than a compliance problem, according to Jean Pesme, manager of the Financial Market Integrity unit at the World Bank. While mobile services may pose money laundering risks, transactions within the formal financial sector are easier to monitor and regulate, said Pesme. And the vulnerabilities of mobile transactions, including the possibility for anonymous transactions, can be addressed through classical anti-money laundering (AML) checks tailored to the technology, he said. Pesme, who formally worked as the head of the international financial system...
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