EUROPE PONDERS AML RISKS AND COMMERCIAL BENEFITS OF E-MONEY
January 1st, 2014
THE MONEY laundering risks of e-money and the need for balancing customer due diligence (CDD) with encouraging development of a useful and innovative means of storing and exchanging value are being considered by European Union (EU) policymakers. As they update the EU’s anti-money laundering directive into its fourth incarnation, MEPs and ministers are considering toughening EU CDD rules for e-money such as a prepaid cards, preloaded loyalty cards and mobile payments.EU officials and politicians have been influence by the June 2013 Financial Action Task Force ...
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