'Hello, is it me you're looking for?' Mobile network operators and anti-money laundering: the Australian case

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

Abstract

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.
Original languageEnglish
Title of host publicationFinancial technology and the law
Subtitle of host publicationcombating financial crime
EditorsDoron Goldbarsht, Louis de Koker
Place of PublicationCham, Switzerland
PublisherSpringer, Springer Nature
Pages93-117
Number of pages25
ISBN (Electronic)9783030880361
ISBN (Print)9783030880354
DOIs
Publication statusPublished - 2022

Publication series

NameLaw, Governance and Technology Series
Volume47
ISSN (Print)2352-1902
ISSN (Electronic)2352-1910

Keywords

  • AML
  • CSR
  • FATF
  • Mobile network
  • Mobile payment
  • NPPS
  • Telecommunication sector

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