AML Compliance in the Burgeoning Mobile Payments, Prepaid and Virtual Worlds Marketplace

Topics will include:

• Are transfers of money stored on or linked to cell/smartphones or other types of electronic devices covered by the PCMLTFA?
• What regulatory regime applies to stored value/prepaid value phone-to-phone transfers?
• What AML requirements are imposed in the USA on mobile payments and prepaid transactions? What types of companies are covered – just financial services providers or retailers/third-party distributors as well?
• Are cross-border transfers covered? Are there requirements to make disclosures/report if someone carries a smart phone/electronic device loaded with a threshold amount of money across a border?
• Applying FATF recommendations to this sector
• Compliance by design for emerging payment systems
• Risk assessment best practices