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Understanding PCI DSS, PSD2, and AML in Payment Processing: A Practical Guide

Finextra

And if your customers don’t feel safe while making payments, they won’t return. That’s where PCI DSS, PSDS2, and AML come in. AML compliance: Fighting financial crime Criminals always look for ways to misuse payment systems. AML compliance helps you stop them before they succeed. What is AML in payment processing?

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Forrester Study Finds Sumsub’s AML Tool Achieved 272% ROI Over Three Years

Fintech News

Sumsub ’s Anti-Money Laundering (AML) Transaction Monitoring solution delivered a 272% return on investment (ROI) over three years. By centralising AML monitoring and automating key workflows, the solution helped reduce alert volumes and improve collaboration. ” said Andrew Sever, Co-founder and CEO at Sumsub.

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Reuse identity, reduce friction: up to 5X faster verification of trusted customers & users

The Payments Association

The new reusable identity verification solution enables the secure reuse of verified identities for trusted customers, allowing returning users to complete verification up to five times faster, equivalent to an 80% time savings in an already seamless verification flow.

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ID-Pal Unveils Reusable KYC Solution

Finovate

As a reusable identity verification solution, ID-Pal Once enables returning users to complete the verification process up to five times faster. An accurate, secure, and real-time liveness check is all that is required in order for the technology to recognize returning users and reduce the verification process to a matter of seconds.

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Build vs buy? Strategic decisions in financial crime management

The Payments Association

In response, regulatory bodies like the Financial Conduct Authority are tightening anti-money laundering (AML) and counter-terrorism financing (CTF) measures, levying steep penalties for non-compliance. Nasdaq’s 2024 Global Financial Crime Report highlights the urgency, estimating that $3.1 billion in losses in 2023 alone.

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The Ultimate Guide to Ecommerce Payment Solutions

Stax

Its also great for small businesses because it can eliminate many headaches associated with Know Your Customer (KYC) requirements, Anti-Money Laundering (AML) regulations, application processing, and underwriting. Save payment details and enable the auto-fill feature for returning customers.

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Fintech Review: A Guide

Fintech Review

Its a recap of the key themes weve explored, a primer for new readers, and a cornerstone reference for those returning. It covers identity verification, anti-money laundering (AML), transaction monitoring, and reporting automation. AML and KYC compliance is critical in the fight against money laundering and terrorism financing.