In response to emerging technological developments, methods of money laundering (ML) continue to evolve in order to deliberately circumvent law enforcement efforts. To mitigate the risks that this entails, technological advances in financial services require constant monitoring and oversight, along with appropriate legislation and enforcement, in a manner that nonetheless promotes financial prosperity and inclusion. The structure, functioning and risks of new payment products and services (NPPS) require more effective regulation and operational measures in order to ensure that financial integrity risks are addressed effectively, so that NPPS are not developed at the expense of controls that mitigate the ML risks they pose. This chapter explores the ML risks posed by the expansion of NPPS in the telecommunications sector, which plays a vital role in our society and is constantly expanding the range of products and services available to consumers through its interconnectedness. One of the most relevant NPPS to the telecommunications sector is mobile payment services, which are the primary focus of this chapter.
|Title of host publication||Financial technology and the law|
|Subtitle of host publication||combating financial crime|
|Editors||Doron Goldbarsht, Louis de Koker|
|Publisher||Springer, Springer Nature|
|Publication status||Accepted/In press - Dec 2021|
|Name||Law, Government and Technology Series|