Mobile Payments--A Growing Threat

There's a new report out from the U.S. Department of State titled "Mobile Payments - A Growing Threat." The report begins, "Unfortunately, while fighting the twin threats of money laundering and terrorist financing, we are also witnessing a plethora of new, high-tech value transfer systems that can be abused. Some of the most innovative are electronic payment products. FATF calls them "new payment methods" or NPMs. They are also sometimes called "e-money" or "digital cash."

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