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Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The office recently examined the branches for BSA/AML and Office of Foreign Assets Control (OFAC) sanctions compliance. On Wednesday (Feb.
The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Let’s get started.
Essentially, it means handling everything other than card issuing, authorization and transaction processing. So, instead of picking up all the slack themselves, once the processor is in place to do issuing, authorization and transactions, Cascade brings in its suite of service providers and vendors. Again: It isn’t easy.
Compliance with anti-money laundering (AML) regulations is now a legal obligation. Payment screening helps ensure transactions comply with AML laws and international sanctions, protecting financial institutions, fintechs, payment providers, and igaming companies from fines and legal issues.
Follow the Compliance Requirements that Apply to Your Company Trade creditors (B2B vendors or exporters offering credit terms) are generally not directly regulated under financial-sector KYC/AML rules unless they operate within a regulated industry, such as finance or securities.
For instance, an Iranian or Russian IP may be flagged by automated AML systems. Other regions sanctioned by OFAC include: Balkans Belarus Burma Central African Republic Ethiopia Iraq Lebanon Venezuela Yemen Zimbabwe Organizations may have their own list of high-risk countries. Which Countries Are Classified as High-Risk Sources?
Being a program manager means handling everything other than card issuing, authorization and transaction processing. That includes anti-money laundering (AML) compliance, know your customer (KYC), fraud mitigation, marketing, privacy, document review, Office of Foreign Assets Control (OFAC) compliance, reporting and more.
Aside from just facilitating transactions, consider offering features like recurring billing, recurring payments, pre-authorization, advanced reporting, etc. Our team can validate each merchant using AML, KYC, Credit Check, and OFAC to ensure that they’re fully vetted.
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