Code of Conduct for Mobile Money Providers

This paper identifies principles to promote mobile money providers adoption of consistent risk mitigation practices in certain critical areas of their business. It presents a Code of Conduct for these providers, which ensures that their services are sound, the channel used is secure, and customers are treated fairly. The principles identified in the Code of Conduct require that mobile money providers:

• Safeguard customer funds against risk of loss;
• Have in place effective, proportional risk-based mechanisms to prevent, detect, and report the misuse of services for the purpose of money laundering or terrorist financing;
• Screen, train, and monitor staff, agents, and entities providing outsourced services to ensure that they offer safe and reliable services and comply with all operational and legal requirements;
• Have well-developed policies and processes and sufficient network and system capacity to ensure reliable service provision;
• Take robust steps to ensure the security of the mobile network and channel;
• Communicate clear, sufficient, and timely information in a manner that customers can understand;
• Have in place mechanisms to ensure that complaints are effectively addressed and problems are resolved in a timely manner;
• Collect, process, and/or transmit personal data fairly and securely.