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I. Conduct of National Risk Assessment As part of its mandate of maintaining an internationally compliant and effective Anti- Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime by ensuring that the Philippines shall not be used as a money laundering, terrorism financing and proliferation financing site, the AMLC spearheaded the conduct of the National Risk Assessment (NRA) on Money Laundering and Terrorism Financing (ML/TF). (...) The comprehensive process also identified and analyzed the ML/TF risks of the different sectors and entities covered under Republic Act No. 9160 or The Anti-Money Laundering Act of2001 (AMLA), as amended. (...) Page 2 of 2 The NACS is a strategic and collective response in the form of action plans to the risks identified, gaps and problem areas noted under the NRA on Money Laundering and Terrorism Financing (ML/TF).
Language:English
Score: 1169721.7 - https://www.ohchr.org/sites/de...ion/Challenges/Philippines.pdf
Data Source: un
In this section, we highlight the key concerns that the industry has and analyse how valid these concerns are with respect to the OTC methodology. 3.1 Problem 1: OTC increase anti-money laundering (AML) / combating the financing of terrorism (CFT) risks Informal OTC transactions, where either the sender or recipient or both are not identified, can increase the risk of money laundering and terrorism financing. (...) Thus, while it is important to stipulate that both the sender and recipient (in a P2P transaction) must be identified to mitigate money laundering and terrorism financing risks, whether or not account registration is part of that process should be left to the market to determine. 3.2 Problem 2: OTC limits product evolution By registering and activating mobile money users, providers can use mobile money accounts as a conduit to offer mobile money users more products, catalysing a more robust ecosystem. (...) Agent Network Accelerator Survey – Kenya Country Report 2014, May 2015. http:// www. helix- institute. com/ data- and- insights/ agent- network- accelerator- survey- kenya- country- report- 2014 11 GSMA. Proportional risk-based AML/CFT regimes for mobile money, 2015. http:// www. gsma. com/ mobilefordevelopment/ programme/ mobile- money/ proportional- risk- based- amlcft- regimes- for- mobile- money- a- framework- for- assessing- risk- factors- and- mitigation- measures/ 12 See GPFI website http:// www. gpfi. org/ sites/ default/ files/ documents/ G20%20 Principles%20 for%20 Innovative%20 Financial%20 Inclusion%20 -%20 AFI%20 brochure. pdf 305     328     329     330     331     332     333     334     335     336     337     338          
Language:English
Score: 1164979 - https://www.itu.int/en/publica.../files/basic-html/page333.html
Data Source: un
At times this negative view has overshadowed consideration of the potential benefits of the technology. ” Survey Instrument • Designed to establish level of Caribbean Central Bank awareness of digital currency and mobile money solutions  E-Commerce legislation & banking facilities  Utility of mobile money solutions  Requirements to provide remittance services  Digital currency awareness  Opportunities & Risks  Increased participation in digital economy  Policy options Findings of the Study Digital Currency Activity in the Caribbean • Several possible entrants into digital currency space digital currency exchanges, ATMs, mining operations, payment processors • Bitdrop event scheduled for Dominica was cancelled due to lack of promised support from Government • Citizen Investment Unit of St. Kitts and Nevis states it will not receive payment in Bitcoin • Risk averse commercial banking sector stymies potential mobile money service providers in Turks and Caicos Better Payment Systems Needed “It was noted that there is a need for better payment systems within the Caribbean region, and that the high costs and red-tape associated with providing electronic payment options, are significant challenges to those wishing to establish E-Commerce businesses in the region. (...) SWOT Caribbean Digital Currency Adoption • Caribbean authorities remain focused on weaknesses and this poses a threat to development of digital currency industry in Caribbean UK Approach to Digital Currency • Address weakness: AML controls & BSI consumer protection • Stimulate innovation: £10M for research into innovation of digital currency Payments in Perspective “SMEs constitute 91% of business establishments in Trinidad and Tobago, with 75% of these being Micro Enterprises” Mobile Money Mobile Money as continuum of services World Bank, Mobile Money for Financial Inclusion Mobile Financial Services Opportunities Ernst & Young, Mobile money - the next wave of growth Country Solution Organization Guyana Mobile Money Guyana Inc., GT&T Dom Rep Orange M-Peso Orange Jamaica CONEC Mobile Wallet Jamaica Co-operative Credit Union League M3 Mobile Money for Microfinance Development Bank for Jamaica Haiti Boom Haiti Boom Financial Lajancash HaitiPay Tcho Tcho Digicel Trinidad & Tobago Yooz *(utility bill payment) Resonance Mobile Money Caribbean Examples Mobile Money in Haiti • After the earthquake, USAID and Bill and Melinda Gates Foundation provided US$10 million dollars in prize awards to organizations establishing mobile money products and to meet certain performance benchmarks. • Two mobile money networks – T-Cash and Tcho Tcho - were established, the benchmarks were met, and the prize money was collected.
Language:English
Score: 1156639.9 - https://www.cepal.org/sites/de..._pinaka_-_digital_currency.pdf
Data Source: un
India Enabling safe and secure mobile money Fundamentals: How is customer money being safeguarded? (...) Providers have in place effective, proportional risk-based mechanisms to prevent, detect, and report the misuse of services for the purpose of money laundering or terrorist financing (ML/TF) 3. (...) Industry developments and evolution • Can be achieved through a combination of proportional regulatory foundations for mobile money, holistic provider fraud and risk management strategies, and industry adopted principles.
Language:English
Score: 1152853.3 - https://www.itu.int/en/ITU-D/R...Reg%20Forum%20KL%20aug2015.pdf
Data Source: un
“We were asked if we thought banknotes could transmit COVID-19 and we said you should wash your hands after handling money, especially if handling or eating food.” Doing so is “good hygiene practice,” she added. (...) All other banknotes processed in high-risk zones are being disinfected with high temperatures or UV lights, and then quarantined for two weeks at the central bank before re-entering circulation. (...) Canadians handling cash should follow the public health guidelines on COVID-19 and wash their hands as they would do for other activities.”  The Bank of England: “Like any other surface that large numbers of people come into contact with, notes can carry bacteria or viruses. However, the risk posed by handling a polymer note is no greater than touching any other common surfaces such as handrails, doorknobs or credit cards Kenya initiatives  There will be no charge for mobile money transactions up to Ksh.1,000 ( USD 10.)  The transaction limit for mobile money is increased to Ksh.150,000.  The daily limit for mobile money transactions is increased to Ksh.300,000. ( USD 3,000)  The mobile money wallet limit is increased to Ksh.300,000.  The monthly total limit for mobile money transactions is eliminated.  The current tariff for mobile money transactions for Ksh.70,000 will apply for transactions up to Ksh.150,000  PSPs and commercial banks will eliminate charges for transfers between mobile money wallets and bank accounts.
Language:English
Score: 1123641.3 - https://www.itu.int/en/ITU-T/w...entation%20-%20Rev_ITU%202.pdf
Data Source: un
The delivery of mobile money over the counter raises a number of questions since it can: 1) limit product and ecosystem evolution; 2) decrease provider profitability; and 3) lead to unregistered transactions, which run the risk of money laundering and terrorism financing. (...) The sender can 4 be considered identified, as the transaction is made over their registered mobile money account and they provide the PIN to authorise it. (...) Digital Finance and Illiteracy: Four Critical Risks, Dec. 2015. http:// www. cgap. org/ blog/ digital- finance- and- illiteracy- four- critical- risks 303     326     327     328     329     330     331     332     333     334     335     336          
Language:English
Score: 1115438.3 - https://www.itu.int/en/publica.../files/basic-html/page331.html
Data Source: un
Understanding and mitigating terrorism financing risks associated with cash and money and value transfer services (MVTS) is a key element in countering the financing of terrorism. (...) UNODC works closely with other international organisations, FATF and the FATF Global Network, civil society, the private sector and MS to understand these risks and provide assistance. UNODC has undertaken a careful review of our programme of assistance to UN Member States on mitigating CFT risk to the sector to develop programmes which address risk and effectively disrupt TF while preserving the necessary financial inclusion these sectors provide. (...) We welcome also FATF’s continued work in providing guidance on supervision and risk related to money value transfer services, including their most recent projects on mitigating ‘unintended consequences’ which both UNODC and the UN are important members of.
Language:English
Score: 1112252.5 - https://www.un.org/securitycou...itycouncil.ctc/files/unodc.pdf
Data Source: un
Background 2. Value for Money 3. Fit for Purpose 4. Use of Country System 5. (...) Value for Money (VfM) 6 Initial cost of the item For any transaction VfM should consider Costs related to the use of the item during its economic life Cost of the transaction Cost or benefits of the externalities Cost of the conditions of contract that addresses specific risk 7 ECONOMY A measure of optimum pricing of procured goods, works or services (including Life-Cycle-Cost) of required quality under a procurement process. (...) Use of Country Procurement Systems 14 Full Use of Country Procurement Systems Stronger Position While Encouraging CPS Reforms Building By Using An Incentive Modulated Mechanism For CPS 15 Implementation of the Proposed Policy requires the Bank to collect and analyze key information and conduct risk assessments at different levels Country Level Sector Level Project (Executing Agency) Transaction 16 Objective of Country Assessments Determine if the country system is based on comparable principles and standards and is delivering against the key objective of providing value for money Form the basis for the interaction between the Bank and the Borrower Identify gaps in laws, regulations , practices, organization and capacity Support the development of an action plan to address identified shortfalls 17 Sector Level Market analysis (bidders’ capacity) Sector capacity (institutions) Sector specifities 18 Output Project Procurement Risk Rating (PPRR) Executing Agency Performance Risk Assessment (EAPA) The intent of the Executing Agency and Project Risk Assessment is to develop an overall risk classification for the contemplated project Project Level 19 4.
Language:English
Score: 1108605.8 - https://www.wto.org/english/tr..._e/symp092015_e/S2-3Robert.pdf
Data Source: un
Social Acceptance Risk Risks arising from lack of awareness and resistance to SHS products and services in communities General public; incumbent businesses BARRIERS PUBLIC INSTRUMENTS Risk Category Description Underlying Barriers Policy Derisking Instruments Financial Derisking Instruments * Note: This instrument is a direct financial incentive Key Stakeholder Group Activity Description Activity Description Cellular networks and mobile money: lack of cellular coverage in rural areas, where electrification needed; over-dependence on a single operator for reliable cell service and payment processing; lack of mobile money, or limitations relating to fees on mobile money transactions Well-designed telecom regulations enabling universal, competitive coverage and mobile money Regulation on coverage areas and competition for cellular operators; regulations ensuring a competitive mobile money market, including reasonable fees for mobile money transactions Software: Limited standardization of software and interfaces on SHS companies' back-end data and operations, and mobile money payment platforms Government support to form industry associations Encourage engagement of software companies, MNOs, mobile money companies, through industry associations, technology working groups to establish standards around he digitalization of energy services provision Cyber security: vulnerabilities of SHS companies and individual SHS to cyber attack, including unlocking of SHS Government cyber security initiatives Government initiatives including establishing a cyber security entity, provding guidance and investigating incidents; promotion of cyber security insurance. (...) Developer Risk Risks arising from limitations in the SHS Company’s management capability, transparency in data and contractual terms, and its creditworthiness and cash flow. (...) Currency Risk* *Note this risk category only applies if financing is in hard currency.
Language:English
Score: 1106415.2 - https://www.undp.org/sites/g/f...1,%20Nov%202017)%20(FINAL).pdf
Data Source: un
With regard to managing the risk of money laundering, the Co-founder of Bitt noted that companies working in the digital currency field were being proactive with regard to meeting anticipated regulations. (...) She further noted that while the role of Central Bank was to identify and contain risks, the bank’s existing legislative framework covered e-money but did not extend to include digital currencies. (...) She recognized that there are some major concerns with respect to Anti-Money Laundering (AML) risks and consumer protection.
Language:English
Score: 1104822.7 - https://www.cepal.org/sites/de...iles/events/files/lcarl456.pdf
Data Source: un