In this time and age of constant evolution of technology, the corporate sector has fundamentally changed the way businesses interact with their consumers. There has been a massive rise in the digital forms of payment. With the growth in digital currencies and a surplus of investment option in payment automation technology, the global economy is rapidly changing, developing and moving towards a more integrated and connected system. According to the Digital Payments, Virtual Currency & Money Laundering Report, 2018 there has been 550 billion non-cash transactions in 2017.
The report has analysed various policies and legal aspects associated with the global digital payment systems and money laundering. The development in digital payment transactions is hugely driven by strong economic growth in key developing nations, improved security measures like biometrics, and government initiatives designed to encourage electronic payments in developing markets. This growth comes as banks face a huge demand for seamless, secure digital services, particularly from corporate customers, spurring transaction banks to accelerate investment and collaboration amongst banks and with Financial technology firms so as to reduce time to market in delivering differentiating digital transaction experiences. The report mentions that there were more than 68 Million POS terminals active in 2017.
According to the analysis of the report, the volume of mobile payment transactions has reached to 72 Billion in 2017. The cutting-edge technologies are transforming the processing of transactions. With this transformation banking and financial sector have many challenges and risks. Financial technology is providing feasibility to many underdeveloped and developing nations where building a physical banking infrastructure is costly and time taking. Digital payments are catering a more substantial group of people in a very less time. For example, by using digital payment modes the flow of remittances to under developed and developing nations has increased to 466 Billion USD in 2017 from 429 Billion USD in 2016.
The report has emphasized on the fact that every technology has repercussions. Digital platforms are vulnerable to illegal activities and cybercrimes. More than 65% of the total cyber-attacks in financial sector are performed through malware and phishing attacks. In 2017 alone more 144 Million data records were lost from financial institutions.
The regulatory frameworks across the globe are not well equipped to provide the legal recluse to frauds and illegal activities that take place on the internet. There is a vast gap between the policymakers and the industry that is implementing the new technologies. The report has bridged this gap by explaining the policy and international legal frameworks that are applicable to the global payment system. Along with that, the report has elucidated various guidelines and regulatory frameworks that are enacted by BIS, OECD, and EU.
The innovation of Fintech has contributed to the evolution of virtual currencies which are not regulated and controlled by any government authorities. This is the reason why these platforms have encouraged many illegal activities like money laundering. As per the report money laundering activities accounts for 20% of the total financial frauds globally.
The report has mentioned and explained the FATF recommendations that specifically deals with money laundering activities, and how these illegal activities are untraceable on the dark web of the internet.
Amidst all the benefits of fintech, the ill effects are often ignored. This is one of the biggest lacunae of the digital economy. The need of the hour is to strike a balance between technology and regulatory frameworks.
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