New payment methods and Anti – Money Laundering Measures
New payment methods (NPMs) such as prepaid cards, Internet-Based Payment Services and mobile payment systems, have made financial transactions faster and simpler (Ana L. Pereira and Ana Maria H. de Alba, “Understanding the new payment methods, their risks, and opportunities”,Assessed 24/1/2020). However their introduction and widespread use has also resulted in a range of problems, foremost among which is the ease of money laundering. Direct and indirect anonymity, the fact that these products have made it easier to exchange financial instruments for money, and the spread of ATMs, which facilitate cash withdrawals across the globe, have made NPMs attractive and useful...
Continue reading