Effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in Malaysia

Dynamism of digital economy requires innovation in the mobile payment system to provide for the free flow of information to facilitate electronic transactions. However, regulations and standards were introduced at the global and country levels to impose limitations on mobile payment system to prote...

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Main Authors:	Mhd Sarif, Suhaimi, Maidin, Ainul Jaria, Ibrahim, Jamaludin, Ahmad Dahlan, Abdul Rahman
Format:	Book Chapter
Language:	English
Published:	Emerald Publishing Limited 2019
Subjects:	HF5387 Business ethics
Online Access:	http://irep.iium.edu.my/77611/ http://irep.iium.edu.my/77611/1/77611_Effects%20of%20anti-money%20laundering.pdf

id	iium-77611
recordtype	eprints
spelling	iium-776112019-12-31T01:09:13Z http://irep.iium.edu.my/77611/ Effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in Malaysia Mhd Sarif, Suhaimi Maidin, Ainul Jaria Ibrahim, Jamaludin Ahmad Dahlan, Abdul Rahman HF5387 Business ethics Dynamism of digital economy requires innovation in the mobile payment system to provide for the free flow of information to facilitate electronic transactions. However, regulations and standards were introduced at the global and country levels to impose limitations on mobile payment system to protect consumers’ interests. The Malaysian government introduced the Anti-money Laundering, Anti-terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613) (AMLA) to protect the people from being involved in offences both locally and internationally and an unlawful activity carried out physically or by using virtual mechanisms. It is argued in this study that AMLA has hindered the innovation of the digital economic system that is promoted by the government in line with global developments. The research method adopted is personal interview with selected respondents to gather their views on the challenges posed by the restrictions imposed by AMLA that has had the impact of limiting innovations in the mobile payment system sector. Emerald Publishing Limited 2019-08-26 Book Chapter PeerReviewed application/pdf en http://irep.iium.edu.my/77611/1/77611_Effects%20of%20anti-money%20laundering.pdf Mhd Sarif, Suhaimi and Maidin, Ainul Jaria and Ibrahim, Jamaludin and Ahmad Dahlan, Abdul Rahman (2019) Effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in Malaysia. In: Emerging Issues in Islamic Finance, Law and Practice in Malaysia. Emerald Publishing Limited, Howard House, Wagon Lane, Bingley BD16 1WA, UK, pp. 117-128. ISBN 978-1-78973-546-8
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HF5387 Business ethics
spellingShingle	HF5387 Business ethics Mhd Sarif, Suhaimi Maidin, Ainul Jaria Ibrahim, Jamaludin Ahmad Dahlan, Abdul Rahman Effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in Malaysia
description	Dynamism of digital economy requires innovation in the mobile payment system to provide for the free flow of information to facilitate electronic transactions. However, regulations and standards were introduced at the global and country levels to impose limitations on mobile payment system to protect consumers’ interests. The Malaysian government introduced the Anti-money Laundering, Anti-terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613) (AMLA) to protect the people from being involved in offences both locally and internationally and an unlawful activity carried out physically or by using virtual mechanisms. It is argued in this study that AMLA has hindered the innovation of the digital economic system that is promoted by the government in line with global developments. The research method adopted is personal interview with selected respondents to gather their views on the challenges posed by the restrictions imposed by AMLA that has had the impact of limiting innovations in the mobile payment system sector.
format	Book Chapter
author	Mhd Sarif, Suhaimi Maidin, Ainul Jaria Ibrahim, Jamaludin Ahmad Dahlan, Abdul Rahman
author_facet	Mhd Sarif, Suhaimi Maidin, Ainul Jaria Ibrahim, Jamaludin Ahmad Dahlan, Abdul Rahman
author_sort	Mhd Sarif, Suhaimi
title	Effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in Malaysia
title_short	Effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in Malaysia
title_full	Effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in Malaysia
title_fullStr	Effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in Malaysia
title_full_unstemmed	Effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in Malaysia
title_sort	effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in malaysia
publisher	Emerald Publishing Limited
publishDate	2019
url	http://irep.iium.edu.my/77611/ http://irep.iium.edu.my/77611/1/77611_Effects%20of%20anti-money%20laundering.pdf
first_indexed	2023-09-18T21:49:28Z
last_indexed	2023-09-18T21:49:28Z
_version_	1777413671730806784

Effects of anti-money laundering and anti-terrorism financing law on innovation of mobile payment systems in Malaysia

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