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e.l.f. Compliance Settlement Highlights Third-Party Supply Chain Risks

PYMNTS

’s importation of those goods via China was found to be in violation of the Treasury’s Office of Foreign Assets Control (OFAC) North Korea Sanctions Regulations. Rather, those suppliers had themselves been sourcing from North Korea, and e.l.f.’s Importantly, e.l.f. notified regulators when it discovered the violations.

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ID-Pal Forges Strategic Partnership with CLOWD9

Finovate

ID-Pal also streamlines OFAC, AML, and KYC processes into a single compliant workflow to ensure a comprehensive audit trail. “We’re delighted to be adding our award-winning identity verification solution to the CLOWD9 technology portfolio,” ID-Pal Enterprise Sales Manager Mark O’Hara said.

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How to Maintain Anti-Money Laundering Compliance as a PayFac

Stax

Best practices for ensuring AML compliance as a PayFac include continuously updating your AML policies, utilizing advanced technologies for monitoring, periodic internal reviews and audits, and engaging with AML experts and consultants. The best option would be to hire an independent or third-party expert for compliance reviews and audits.

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Understanding AML Compliance in the Banking Sector

Fi911

Implementation and adherence to sanctions, as dictated by the Office of Foreign Assets Control (OFAC). To thwart these tactics, AML strategies are deployed, which include: Proactively flagging suspicious transactions, especially those that breach preset regulatory limits or involve entities on OFAC’s sanction lists.

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Know Your Customer as Well as They Know You

Trade Credit & Liquidity Management

The Office of Foreign Assets Control (OFAC) and DOJ Anti-Money Laundering (AML) also provide KYC compliance guidelines of which you should be aware. Routinely reference OFAC country, company, and individual embargo listings. Continuously monitor transactions for suspicious activity and maintain up-to-date records for compliance audits.

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How to Become a PayFac: A Roadmap for Software Developers

Exact Payments

Complying with PCI standards involves many steps, such as establishing a secure network, encrypting data, developing an information security policy, and undergoing an on-site audit. Typically, becoming PCI certified takes several months and no less than $50,000.

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Bridging Banking Gaps For Cannabis Companies

PYMNTS

At the end of the day you still end up with a record-keeping system that can’t pass audit for tax and regulatory purposes,” he said. The government benefits, too. As noted in this space earlier in the year, roughly $5 billion in taxes was handled — via cash — last year.

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