Mobile Financial Services: An Approach To AML/CTF For Mobile Money Transfer

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1 Mobile Financial Services: An Approach To AML/CTF For Mobile Money Transfer World Bank Workshop June 2008 Bangkok Mike Rodin Associate General Counsel The Western Union Company 1

2 The Western Union Company (NYSE: WU) A global leader in cross border money transfer services Our core product: consumer-to-consumer international money transfers within minutes We handle on average more than 1.5 million transactions daily across all our platforms Global network of 345,000 Agent locations linked through a centrally operated proprietary system Network is comprised primarily of unaffiliated agents such as post offices, banks, and, where allowed, bureau de change 2

3 A Look Back In business for more than 150 years Began in 1851; first traded NYSE in 1865 One of the first 11 companies in Dow Jones average listing 1884 Consumer-to-consumer service in 1871 Consumer-to-Business service in 1989 Spun off on Sept. 29, 2006, trading on NYSE 3

4 At a macro-economic level, international remittances are driven by two related trends Migrant Population** Developed Economies million million Mexico Remittance Est.* $456 $401 billion billion Developing Countries * Aite Group Research 2007 ** United Nations, Western Union 4

5 WU Services Available Payment Services Geography Major emigration countries: China, India, Mexico, Philippines Major remitting countries/regions: USA, Western Europe, Saudi Arabia 5 Source: United Nations, IOM

6 Western Union Money Transfer -- How it Works Sending Agent To send money Form WU PC Equipped Location WU Host Computer WU Customer Service Center (CSC) To receive money Form Paying Agent (Receiver / Payee) 6

7 Regulatory Environment Licensing In the United States, money remittance is licensed at the state level Western Union maintains all necessary licenses Outside the United States, Western Union engages Agents who maintain all licenses to offer money transfer services in their own country In certain markets outside the United States, Western Union maintains our own money transfer licenses, or has formed joint ventures with our Agents Regardless of licensing, Western Union provides AML/CTF support to our Agents 7

8 AML/CTF Resources and Support to Agents Global Compliance Capability $30 million operation and 250 dedicated employees with regional specialties Agents maintain additional compliance resources Proprietary monitoring, analysis, and reporting systems All transactions screened through multiple sanctions lists Goal is to comply with AML/CTF laws everywhere we or our Agents do business Provide support and guidance to our Agents worldwide 8

9 A Money Transfer transaction must contemplate unique attributes or capabilities by region, country & consumer Sender Payment Choices Banking Options Technology Channels Mexico $ $ Recipient Cash-based Economy Largely Unbanked Sampling: Bank Branch Density per 1000 km Source: Celent Analysis Spain Italy Germany Canada France UK Poland Philippines Mexico Thailand India 9

10 The Relevance of Mobile Mobile networks cover over 80% of the world s population In a world of 7 billion people, there are billion PCs, but over 3 billion people have a mobile phone Mobile phones are the first consumer technology to be more prevalent in developing countries than developed* The mobile phone has become the internet of the developing world Uses for the mobile device are continually increasing * Source: GSMA 10

11 What is a Mobile Wallet? Software application that connects the mobile device to a source of funds and is used by consumers to make payments or transfers from the handset Functions include: Cash in / Cash out Mobile top-up Mobile-based banking Bill payment Consumer to consumer transfers Purchases 11

12 mwallet Regulatory Framework Two basic models Bank-centric Account maintained at a bank May be individual accounts or pooled account Bank applies customary procedures for opening accounts Operator-centric Operator maintains funds May be licensed money remitter May rely on trust accounts or other ad hoc arrangement approved by local regulator 12

13 Early phases of cross-border Mobile Money Transfer have tended to feature receive countries developing bi-lateral agreements Mobile Operator A Mobile Operator A M-Bank Money Transfer Mobile Operator B M-Wallet Bi-Lateral Agreements Money Transfer Cash to Mobile Mobile to Cash Mobile to Mobile 13

14 A connection to Western Union Mobile can help to transform a local financial service offering into a global financial service offering. Mobile Operator A Mobile Operator A M-Bank Western Union Mobile Operator B M-Wallet Global Access Western Union Western Union Cash to Mobile Mobile to Cash Mobile to Mobile 14

15 Service Variations Mobile to Mobile Operator A WUmobile Operator B A Mobile Remittance is submitted in Country A and routed to a mobile wallet in Country B Mobile to Cash Operator A WUmobile $ $ A Mobile Remittance is submitted in Country A and available as cash at a Western Union Agent in Country B. Cash to Mobile $ $ WUmobile Operator B A Cash Remittance is initiated by a Western Union Agent in Country A and routed to a Mobile Wallet in Country B. 15

16 Working Together Mobile Network Operator Introduces local service offerings and markets to subscribers M-Wallet Platform Associates subscriber, mobile number and financial account Market Acceleration Program Western Union Mobile Facilitates Mobile Money Transfer Provides XML-based Messaging Interface Global Compliance Rules Engine Global Money Transfer Platform Global Settlement Network Access to 345,000 Agent Locations (1) United Nations 2005 &

17 Western Union Money Transfer -- How it Works Sending Agent To send money Form m-wallet linked to bank account WU PC Equipped Location WU Host Computer WU Customer Service Center (CSC) m-wallet linked to bank account To receive money Form Paying Agent (Receiver / Payee) 17

18 Western Union Money Transfer -- How it Works m-wallet linked to bank account WU Host Computer WU Customer Service Center (CSC) To receive money Form Paying Agent (Receiver / Payee) 18

19 Pilot Programs Partners Smart and Globe having great success in Philippines with mobile wallets More than 2.5 million subscribers combined Pilot will add Western Union international remittances 19

20 Our Regulatory Approach For cash send or cash receive, few differences between the mobile remittance product and our standard will call remittance product Will call regulatory roles and responsibilities apply Western Union provides access to the send or receive side of remittances through its global agent network Western Union provides AML/CTF compliance support for cash aspects of the transaction Mobile partner or partner financial institution responsible for activities related to mwallet KYC and CDD for account holders Velocity and other limits on mwallet accounts Monitoring and reporting on transactions within mwallet accounts Mobile to Mobile Western Union sanction list screening, AML monitoring and reporting responsibilities for transactions it handles Will rely on operator or financial partner to identify consumers 20

21 Our Approach to AML and CFT Risk-based approach while complying with all applicable laws Factors considered include: Intended use of the service Whether senders or receivers are anonymous Extent to which it is a cash-based service Corridors offered Similarity to other services Other AML or CFT measures associated with the service Potential usefulness to money-launders or terrorists Transaction and velocity limits are most frequently used tools 21

22 AML and CFT and Mobile Money Transfer Key considerations Expect frequent use for relatively low value transactions At least one party will be subject to bank-like KYC and CDD Cash limited to at most one side of transaction Pilot in select corridors Similar to loading prepaid cards Transaction records with mwallet Limits associated with mwallet Limits adopted for pilot Individual transactions limited to US$ 100 (or local equivalent) in most corridors, up to US$ 200 (or local equivalent) in some Daily limit of US$ 800 (or local equivalent) Monthly limit of US$ 2400 (or local equivalent) Daily and monthly limits apply to senders and receivers Will monitor for matching between receiver name as provided and name on receiver account Post-transaction monitoring As pilot ramps up, we will monitor actual activity Limits may changes based on experience 22

23 Our Approach to Regulators Transparent and Proactive In-person meeting with BSP in the Philippines Explain our approach Seek feedback Work to address any concerns Work with our partners 23

24 Suggested Regulatory Approach Look at mobile money transfer in the context of expanding access to regulated financial services Transactions that are now outside regulated channels will be in those channels People participating in formal channels are better protected than those who are not People in formal channels have greater power to control their money The more financial activity that takes place in formal channels, the better the view of and ability to regulate the financial system and economy Consider AML and CFT issues in the context of alternative means of sending money Regulated channel at send and receive side Enhanced KYC and CDD on at least one side Records of all transactions in and out of mwallet Transaction and velocity limits and limits imposed on the mwallet 24

25 Suggested Regulatory Approach Consider appropriate level of KYC and CDD in light of circumstances Weigh benefits of inclusion and protections of transaction limits against risk of relaxing otherwise applicable requirements Consider practicalities of attempting to apply certain requirements Consider deferring certain steps until cash enters or leaves account Be willing to experiment and change with experience We are all going to learn as programs develop Western Union and the operators are expecting changes based on how people use the service Engage with local operators and Western Union as programs develop We will all benefit from each other s perspective as the programs develop We share your concerns regarding AML and CFT and will modify our program as necessary 25

26 Other Legal Challenges Rules of general application to financial services Directive on Distance Marketing of Consumer Financial Services (No 2002/65/EC) Directive on Electronic Commerce (No 2000/31/EC) Cross-border Credit Transfer Directive (No 97/5/EC) Data Protection Directive (No 95/46/EC) Need to adapt to mobile delivery channel Simpler transactions Technical limits of mobile device 26

27 Why Western Union? World-wide experience with cross-border remittances Demonstrated commitment to AML and CFT efforts on a global basis Global reach provides global learnings Demonstrated commitment to working with regulators 27

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