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Mobile financial services: Strengthen compliance with anti-money laundering, anti-terror financing measures


Mobile financial services: Strengthen compliance with anti-money laundering, anti-terror financing measures
Importance, risks, and mitigation measures
Major General Sheikh Md Monirul Islam (retd)
Major General Sheikh Md Monirul Islam (retd)
Major General Sheikh Md Monirul Islam (retd)
The novel coronavirus has accelerated the global trend towards a cashless economy. The growth of e-commerce and the ease of contactless payment options amidst the fear of paper money contamination with the virus have further boosted the scope of digital transaction.
This has facilitated the growth of the Mobile Financial Services (MFS) industry, especially in countries like Bangladesh that have a large pre-existing customer base. It needs to be mentioned that as services of mobile banking are provided through digital devices, MFS is alternatively called Digital Financial Services (DFS) both nationally and globally. ....

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