Economic Reporter :
Bangladesh Bank Governor Fazle Kabir on Monday urged the Mobile Financial Services (MFS) stakeholders to provide coordinated efforts to combat any potential loophole in anti-money laundering compliances and security issue.
“It is not unlikely that mobile money may become one of the biggest laundering methodologies in this digital world that must confront with our joint initiatives,” he said while addressing as the chief guest a inaugural session of a seminar on “Impact of Mobile Financial Services in the SAARC Region” in a city hotel.
Bangladesh Bank’s SAARC FINANCE Cell of the research department organised the day-long seminar.
BB Deputy Governor SK Sur Chowdhury attended the seminar as the special guest while BB Deputy Governor Abu Hena Mohd. Razee Hassan presided over the session. Former Dhaka University Finance Department Professor Dr MA Baqui Khalily delivered the theme paper in the seminar.
Given the rapid development of MFS in the region, Kabir said, it is therefore crucial to identify, measure and lessen potential risks associated with the mobile banking.
“By providing tools and recommendations to address money laundering and terrorist financing risks, the technology needs to be adopted in compliance with international standard,” he added.
In Bangladesh case, he said, the initial phase of making payment services through the MFS model to the hitherto excluded population segments is somewhat achieved.
“The next phase is to foster optimal utilization of MFS for cost efficient off branch delivery of a broader range of banking insurance and other financial services,” he added.
In Bangladesh, 18 banks have been providing MFS with the help of local Mobile Network Operators (MNOs), said Kabir adding, around 39 million registered MFS customers transacting around Taka seven billion per day while leaving a large number of potential customers out of around 131 million mobile phone users.
He wished the cross country experiences through the conference would sharpen the country’s insights to sketch the best MFSs regulation and practice onward.
SK Sur Chowdhury said cyber-security threats to financial transactions via digital platforms from illegal activities like money laundering and frauds must be protected through awareness among customers and service providers.
In Bangladesh, Razee Hassan said, mobile financial services proved helpful for the low income people who have less access to the formal financial system.
BB Economic Adviser M Akhtaruzzaman delivered the welcome speech in the seminar. Delegates from the central banks of SAARC countries and high officials from Bangladesh Bank, national and international officials of different institutions participated in the seminar.
Bangladesh Bank Governor Fazle Kabir on Monday urged the Mobile Financial Services (MFS) stakeholders to provide coordinated efforts to combat any potential loophole in anti-money laundering compliances and security issue.
“It is not unlikely that mobile money may become one of the biggest laundering methodologies in this digital world that must confront with our joint initiatives,” he said while addressing as the chief guest a inaugural session of a seminar on “Impact of Mobile Financial Services in the SAARC Region” in a city hotel.
Bangladesh Bank’s SAARC FINANCE Cell of the research department organised the day-long seminar.
BB Deputy Governor SK Sur Chowdhury attended the seminar as the special guest while BB Deputy Governor Abu Hena Mohd. Razee Hassan presided over the session. Former Dhaka University Finance Department Professor Dr MA Baqui Khalily delivered the theme paper in the seminar.
Given the rapid development of MFS in the region, Kabir said, it is therefore crucial to identify, measure and lessen potential risks associated with the mobile banking.
“By providing tools and recommendations to address money laundering and terrorist financing risks, the technology needs to be adopted in compliance with international standard,” he added.
In Bangladesh case, he said, the initial phase of making payment services through the MFS model to the hitherto excluded population segments is somewhat achieved.
“The next phase is to foster optimal utilization of MFS for cost efficient off branch delivery of a broader range of banking insurance and other financial services,” he added.
In Bangladesh, 18 banks have been providing MFS with the help of local Mobile Network Operators (MNOs), said Kabir adding, around 39 million registered MFS customers transacting around Taka seven billion per day while leaving a large number of potential customers out of around 131 million mobile phone users.
He wished the cross country experiences through the conference would sharpen the country’s insights to sketch the best MFSs regulation and practice onward.
SK Sur Chowdhury said cyber-security threats to financial transactions via digital platforms from illegal activities like money laundering and frauds must be protected through awareness among customers and service providers.
In Bangladesh, Razee Hassan said, mobile financial services proved helpful for the low income people who have less access to the formal financial system.
BB Economic Adviser M Akhtaruzzaman delivered the welcome speech in the seminar. Delegates from the central banks of SAARC countries and high officials from Bangladesh Bank, national and international officials of different institutions participated in the seminar.
