World Bank demands tight rules

The World Bank has called for Central Bank regulation of telecommunication companies offering money transfer and mobile banking services - a move that could raise customer charges owing to increased compliance costs, says Business Daily.

While recognising that mobile technology offers a chance for an estimated three billion low income earners to get access to financial services, the bank says the line differentiating financial providers in the banking, telecom, credit card and mobile commerce has become increasingly blurred, yet no robust regulations to guard against money laundering have been passed.

“Distinctive risks concern observers in affected service markets,” says the World Bank.

The Bank of America has unveiled an online retail brokerage, Merrill Edge, notes Emii.

The brokerage will target “mass affluent” customers and its clients will be allowed to choose a self-directed investing account or an account through the Merrill Edge Advisory Center for financial guidance.

BofA has integrated Merrill Edge with its online banking, ATM network and mobile banking services.

HSBC says it plans to encourage users to change their banking security password, states SC Magazine.

Revealing via its messaging service on the personal Internet banking section of its Web site, it asked users to 'please change your security number'.

It says: “As part of our long term commitment to keeping you safe, we are contacting customers who have not changed their personal security number for over a year to help you maintain the maximum possible security of your personal information.”