New Payment Products and Services (NPPS) and Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) Risks

The proposed research project will clarify what NPPSs are and will classify the various types of NPPSs, based on their different business models and methods of operation. It will also identify the participants in typical NPPSs. The project will also apply risk factors to specific types of NPPSs to identify potential risks; describe recent investigations and enforcement efforts involving NPPSs; and present a sampling of current regulatory approaches to NPPSs in different jurisdictions. In addition, the project will explore the concerns of end-users and will work to address these concerns by understanding the risks and vulnerabilities of NPPSs.