Anti-Money Laundering Regulation of China’s Mobile Payment and Settlement Industry
ABSTRACT
In recent years, with the continuous advance of payment equipment and technologies like China’s internet Finance, Big Data and Mobile Network, the anonymity, rapidity and cross-border transaction of mobile payment business have also brought many money laundering risks. Therefore, it is necessary to strengthen cooperation with the supervision organization of international payment and anti-money laundering business, and meanwhile to constantly improve the supervision mechanism of China’s payment and anti-money laundering business.
In recent years, with the continuous advance of payment equipment and technologies like China’s internet Finance, Big Data and Mobile Network, the anonymity, rapidity and cross-border transaction of mobile payment business have also brought many money laundering risks. Therefore, it is necessary to strengthen cooperation with the supervision organization of international payment and anti-money laundering business, and meanwhile to constantly improve the supervision mechanism of China’s payment and anti-money laundering business.
Cite this paper
Wang, Y. and Ou, Y. (2015) Anti-Money Laundering Regulation of China’s Mobile Payment and Settlement Industry. Open Journal of Social Sciences, 3, 276-281. doi: 10.4236/jss.2015.311033.
Wang, Y. and Ou, Y. (2015) Anti-Money Laundering Regulation of China’s Mobile Payment and Settlement Industry. Open Journal of Social Sciences, 3, 276-281. doi: 10.4236/jss.2015.311033.
References
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[1] FATF (2012) Guidance Document: In the National Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation. 2012.2. [2] FATF (2013) National Money Laundering and Terrorist Financing Risk Assessment. 2013.2. [3] FATF (2014) Virtual Currencies Key Definitions and Potential AML/CFT Risks. 2014.6. [4] Huang, Z.Y. (2015) Is It Money Laundering Case Study of China Union Pay Scandal from the Perspective of Mutual Legal Assistance on Anti-Money Laundering. Journal of Money Laundering Control, 18, 411-424. [5] Dowers, K. and Palmreuther, S. (2003) Developing an International Consensus to Combat Money Laundering and Terrorism Financing. Infrastructure and Financial Markets Review, 9, 1-7. [6] Schneider, F. (2010) Turnover of Organized Crime and Money Laundering: Some Preliminary Empirical Findings. Public Choice, 144, 473-486. http://dx.doi.org/10.1007/s11127-010-9676-8 [7] Kumar, V.A. (2012) Money Laundering: Concept, Significance and Its Impact. European Journal of Business and Management, 2, 113-119. [8] Brigitte Unger, J.H. (2012) Water Always Finds its Way: Identifying New Forms of Money Laundering. Crime, Law and Social Change, 57, 287-304. http://dx.doi.org/10.1007/s10611-011-9352-z [9] Federal Reserve System (2011) The 2010 Federal Reserve Payment Study: Non cash Payment Trends in the United States 2006-2009. 5 April 2011. [10] Egmont Group (2014) Egmont Group of Financial Intelligence Units Annual Report 2012-2013. Toronto.