The money laundering risk associated with eWallets and mobile money derives from the relative anonymity offered by online financial services and other aspects of the technology, including the speed with which transactions can take place and a lack of regulation from national and international authorities. To ensure that those measures are effective, service providers should understand both the risks that they face and how to comply with the relevant legislation within their jurisdiction. Those risks mean that eWallet service providers must put AML/CFT measures in place to respond to potential criminal threats. While developers can implement a range of security measures to protect users from cyber-criminals, eWallets remain at risk thanks to certain traits inherent in the technology. ![]() The use of eWallets, mobile money and online financial services has led to the development of criminal methodologies that exploit those services to launder money and finance terrorist activities. Read on to learn about AML eWallet risks, considerations and compliance. In addition to in-person transactions using a mobile device, many eWallets can also be used to facilitate payments online. ![]() Numerous financial and technology firms provide eWallet services: major platforms include Apple Pay, Google Pay, and Paypal and the market is also populated with a variety of start-ups. Use of eWallets and “mobile money” has grown rapidly since 2017 as the use of cash has declined, and research suggests that eWallet payments could constitute up to 28% of all global transactions by 2022. ![]() EWallets are online storage systems that hold users’ banking information and can be used to pay for goods and services, often in conjunction with mobile payment systems.
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