SURGING E-PAYMENTS IN EMERGING MARKETS POSE PROBLEMS FOR NASCENT FIU’S
January 1st, 2014
The growth in e-payment systems in emerging markets can pose challenges for financial intelligence units (FIU) in such countries, who are often just establishing themselves and grappling with suspicious transaction report systems in the formal banking sector.Kenya is a case in point. It has a burgeoning mobile telephone-based e-payment economy, with consumers using e-wallets to buy and sell goods and services, many of whom lack access to formal bank accounts.The 2014 International Narcotics Control Strategy Report issued on March 1 by the US State Department ...
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