High Class Call Girls Nashik Maya 7001305949 Independent Escort Service Nashik
Regulating Remittance Transfers to Africa
1. Global Forum on Remittances 2009 Tunis, Tunisia October 22-23, 2009 Key Regulatory Issues for Money Transfers to Africa Emiko Todoroki Senior Financial Sector Specialist Financial Market Integrity World Bank
2. Why do we need to regulate remittance transfers/RSPs? AML International Standards Public Policy Objectives
5. Non-bank players, use of payment gateway and technologies result in conflicting role among regulatory agenciesAuthorities Addressing the Integrity Concern
6. Designing the Regulatory Framework shift from informal flows to formal flows Remove unnecessary barriers to regulation
8. Service Providers: Only banks (8 out of 50 surveyed countries in Africa) Only banks and exchange bureaus (32 out of 50 surveyed countries in Africa) Services/Products Mobile phone remittances (spreading fast) Other products such as stored value cards Sources: IFAD, Sending Money Home to Africa, 2009; World Bank (FPDFI), Bilateral Remittance Corridor Analyses and AML/CFT Assessment of countries Limited RSPs or Products allowed in the remittance markets in Afirca
9. The FATF Special Recommendation VI The objective of SRVI is to increase the transparency of payment flows by ensuring that jurisdictions impose consistent AML/CFT measures on all forms of money/value transfer systems. Licensing orRegistration Money/value transmissionservices are subjectto applicable Rec, in particular Rec4-11, 13-15, & 21-23 and 9 SRs Sanctions on money/value transfer serviceswithout a license or registration
18. AML/CFT should not hamper the development of m-FS. Regulation should be targeted at creating a safe and sound market to promote financial inclusion.
19. All m-FS providers should be subject to AML regulations in accordance with risk-based approach (i.e. Conduct risk assessment prior to legislating controls).