Tag: AML

PCI and Payment Facilitation: What are PFs Responsible For?

Companies that choose to integrate payments into their B2B software offerings must consider risk from a number of perspectives. This week, we report on some of the fundamental issues and decision points behind payment facilitators’ relationship with the industry data security standard.

Payment Facilitators and Liability: With Flexibility Comes Card Scheme Responsibility

The last two years have seen a surge of companies moving into the payment facilitator space. That in itself is not surprising. Becoming a payment facilitator offers tremendous flexibility and value for ISVs and VARs. With that flexibility, though, comes potentially significant liability

You, Me, and Everyone You Know – The Impact of FinCEN’s Beneficial Ownership Requirements

If you’re a payment facilitator, how much do you currently know about the owners of your sub-merchant customers? If you’re a processor, how much do you know about the owners of your payment facilitator customer’s sub-merchant customers? And if you’re a bank, how much do you know about the owners of your processor customer’s payment facilitator customer’s sub-merchant customers (who are, technically, also your customers)?

GDPR: New European Data Protection Rules Bring Changes for PFs

Payment facilitators doing business in Europe have work to do, if they’re going to be ready for the new data privacy rules that will be effective in May.

NY DFS Fines Western Union $60 Million for Anti-Money Laundering Violations

The New York State Department of Financial Services (DFS) has fined Western Union for failure to implement effective anti-money laundering compliance programs in-house and for failure to report suspicious activity – some of which could have facilitated human trafficking.

4 Things PFs Need to Know About Anti-Money Laundering

Government regulations laid out by the Bank Secrecy Act and the USA PATRIOT Act require businesses to follow certain practices to avoid facilitating criminal activity, even inadvertently. Together, these regulations form the backbone of anti-money laundering efforts in the U.S.

These government regulations are supported by card brand rules that provide direction on payment facilitators’ specific roles and responsibilities. This is an area that can be daunting to many new and even seasoned payment facilitators.

Dr. Heather Mark, Ph.D., director of compliance for ProPay, shared four critical AML practices the payment facilitators she meets do not always fully understand.