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2022 | OriginalPaper | Chapter

‘Hello, Is It Me You’re Looking for?’ Mobile Network Operators and Anti-Money Laundering: The Australian Case

Author : Doron Goldbarsht

Published in: Financial Technology and the Law

Publisher: Springer International Publishing

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Abstract

The chapter 'Hello, Is It Me You’re Looking for?' Mobile Network Operators and Anti-Money Laundering: The Australian Case delves into the regulatory challenges faced by mobile network operators (MNOs) in Australia regarding anti-money laundering (AML) measures. It begins by distinguishing mobile payment services from mobile banking, highlighting the potential of mobile payments to enhance financial inclusion. The chapter explores the FATF’s classification of MNOs as financial institutions under two models: bank-centric and MNO-centric. It discusses the need for a risk-based approach to AML, emphasizing the importance of defining ‘risk’ within the AML context. The chapter also examines the Australian AML regime and the potential exemptions for MNOs, while advocating for a service-based approach to assessing ML risks. Additionally, it argues for the integration of AML compliance into Corporate Social Responsibility (CSR) strategies, emphasizing the ethical and reputational benefits for MNOs. The chapter concludes by underscoring the importance of proactive compliance with AML measures, even if not yet legally binding, to ensure preparedness and maintain trust.

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Metadata
Title
‘Hello, Is It Me You’re Looking for?’ Mobile Network Operators and Anti-Money Laundering: The Australian Case
Author
Doron Goldbarsht
Copyright Year
2022
DOI
https://doi.org/10.1007/978-3-030-88036-1_5