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    Enhancing anti-money laundering and financial access: Can new technology achieve both?

    Barr, Michael; Gifford, Karen; Klein, Aaron | April 2018
    Abstract
    In this paper, we focus on those global standards that apply to cross-border payments. Global financial standards have a large impact on cross-border payments as the challenges regarding interpretation and application of international standards at a national level are amplified by the number of jurisdictions affected. Navigating differing regulatory views and capabilities across jurisdictions is a costly and uncertain venture, confining it to the largest FinTech providers with sufficient funds to negotiate national complexities jurisdiction by jurisdiction. As a result, this is an area where coordinated global action could be especially beneficial. In particular, by encouraging global coordination and appropriate adoption of new technologies, modernized global financial standards could make a substantial contribution to resolving the challenges that currently beset the global remittance market. Apart from being a particularly challenging market, the socio-economic importance of the remittance market also strengthens its bid for priority attention. Remittances represent a key financial service for the growing migrant, refugee, and transnational community who rely on them to remit funds back to their loved ones in their country of origin. Indeed, the G20, the IMF and others working on financial policy have identified remittances as one of the best potential areas of focus for financial inclusion efforts.
    Citation
    Barr, Michael; Gifford, Karen; Klein, Aaron. 2018. Enhancing anti-money laundering and financial access: Can new technology achieve both?. © Brookings India. http://hdl.handle.net/11540/8277.
    Keywords
    Financial Stability
    Financial Management System
    Financial Restructuring
    Capital Market Development
    Market Development
    Economics
    Erosion
    International Economics
    Macroeconomic
    Macroeconomic Analysis
    Performance Evaluation
    Impact Evaluation
    Foreign and Domestic Financing
    Foreign Direct Investment
    International Financial Market
    Multilateral Financial Institutions
    Economic Recession
    Market
    Crisis
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Business recessions
    Multilateral development banks
    Regulatory reform
    Capital
    Exports
    Economic development projects
    Economic policy
    Economic forecasting
    Investment Requirements
    Banks
    International banks and banking
    Capital movements
    Central banks and banking
    Bills of exchange
    Swaps
    Banks and banking
    Financial crisis
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/8277
    Metadata
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    es_20180413_fintech_access.pdf (515.6Kb)
    Author
    Barr, Michael
    Gifford, Karen
    Klein, Aaron
    Theme
    Finance
    Economics
    Labor Migration
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise