The Payments Association

FEBRUARY 10, 2025

While vIBANs offer innovation in payment systems, they introduce risks like money laundering due to insufficient oversight. Payment Service Providers must strengthen due diligence, monitoring, and collaboration with regulators to address these risks. This leads to inadequate due diligence. What’s next?

IBAN

The Payments Association

JULY 15, 2025

This substantial prevalence highlights the critical importance of robust identity verification systems and ‘know your customer’ procedures in an increasingly digital financial landscape. The substantial impact of identity fraud underscores the importance of robust know your customer procedures and identity verification systems.

Financial Crimes

The Payments Association

JULY 18, 2025

Large organisations will face criminal liability if they fail to implement “reasonable procedures” to prevent fraud committed by employees, agents, subsidiaries or other associated persons where the intent was to benefit the organisation or its clients.

Regulations

Stax

AUGUST 22, 2024

Major risk factors for PayFacs include fraudulent transactions, merchant credit risk, regulatory compliance, and operational risks. Thorough due diligence, technology, and adherence to regulatory guidelines are essential in a PayFac’s risk management strategy. The due diligence doesn’t stop at onboarding.

Risk Management

The Payments Association

OCTOBER 14, 2024

While sending banks typically bear most of the responsibility for reimbursing fraud victims, the new model acknowledges that receiving banks also play a crucial role in identifying and stopping fraudulent transactions. Firms are also expected to apply rigorous customer due diligence both at onboarding and throughout the customer relationship.

Caps