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Know Your Customer as Well as They Know You

Trade Credit & Liquidity Management

Knowing Your Customer (KYC) As a Credit or Treasury professional, you must remain aware of the best KYC practices and compliance requirements that apply to your business. There are many inherent risks if you do not perform a thorough due diligence at the outset of a business relationship or when a customer’s ownership changes.

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

PYMNTS

Department of the Treasury to pay a nearly $1 million fine related to apparent violations in the company’s supply chain. ’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. Last month, e.l.f.

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How to Maintain Anti-Money Laundering Compliance as a PayFac

Stax

You’ll also need to screen sub-merchants based on crime suspicion, economic sanctions, and the US Treasury’s Office of Foreign Asset Control’s (OFAC’s) or the Financial Action Task Force’s (FATF’s) sanctions lists, etc. Ensure proper customer due diligence, including identity verification and risk assessment.

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GIACT: Beneficial Ownership Compliance: Ready But Mostly Not

PYMNTS

May 11 marks a watershed moment of sorts for financial institutions (FIs), with new requirements for customer due diligence. Treasury Department, additional efforts must be spent identifying legal entity customers’ beneficial ownership stakes. Barnhardt noted that FinCEN’s Customer Due Diligence rules are fluid ones.

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Bridging Banking Gaps For Cannabis Companies

PYMNTS

Treasury Department’s Financial Crimes Enforcement Network (or FinCEN for short). Separately, Treasury Secretary Steven Mnuchin, said earlier this year in Congressional testimony that “I assure you that we don’t want bags of cash. That’s according to data published at the end of last month, per data from the U.S. The Benefits of Tech.

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