Telecom in the Spotlight: Mobile Money Financial Crime Compliance

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Mobile money in its many forms is on the rise. Its success has not gone unnoticed by the regulators. Mobile Operators providing the service will face more scrutiny into how prepared they are to comply with financial crime regulations.

Mobile money offers convenience, security, and ease of use to millions of subscribers worldwide and has been evolving to provide value-added services well beyond payment facilitation. In some countries, it has even become a centrepiece of the ecosystem, supporting subscribers’ lifestyles. An increasingly interoperable, integrated, and complex ecosystem involving a widening range of services and partners has quickly spread across physical, digital, local and international borders.

Despite not coming from the established financial services industry, Telecom Operators offering mobile money services have been experiencing an accelerated pace of growth and are becoming very relevant financial services players. Naturally, it caught the attention of the financial service regulators that are now increasingly demanding compliance with financial crime regulations. In the future, regulators will be putting even more pressure on mobile money providers to demonstrate effective compliance with those regulations.

Mobile Operators have also been evolving the offered services to take advantage of subscribers’ adoption and the latest digital technologies and, during the COVID19 pandemic, there has been a very noticeable acceleration.

In this context, the technology needed to support compliance has to cope with a fast pace of change, technological diversity and strict security requirements to assure mobile money providers are sufficiently equipped to effectively fight financial crime. Failing to do so will compromise their reputation and sustainability in the future.

To address these challenges, INFORM further developed RiskShield for Mobile Money to offer providers a full range of capabilities in a single yet modular, integrated and very flexible solution to address four key areas:

  • AML/CTF Transaction Monitoring
  • Fraud and Scams Prevention
  • Credit Management

The solution connects INFORM’s experience and know-how within the financial services industry with specialized mobile communications industry expertise. RiskShield for Mobile Money is the best-in-class solution to address the unique challenges mobile money providers face today and in the future.

Roy Prayikulam, Senior Vice President Risk & Fraud at INFORM states, “We are excited to expand our offering within the telecommunications space to include risk management within the mobile money space. Our experience within the financial services sector will go a long way to helping Mobile Operators eliminate risk and ensure a secure mobile money platform for their customers. At the same time, we will help operators keep up with the changing and expanding regulatory environment.”

As mobile money grows in relevance, regulators will require providers to fulfil financial crime compliance requirements, putting in place robust processes and tools. In the mobile money context, the ability to deliver financial crime best practices and cope with a fast pace of change, keeping a low cost of ownership, is crucial. RiskShield for Mobile Money has been developed with those specific requirements in mind to offer providers a robust solution easy to implement and maintain.

For more information about RiskShield for Mobile Money, request a copy of the InfoPaper here, or simply request a product demo here.


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