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While vIBANs offer innovation in payment systems, they introduce risks like moneylaundering due to insufficient oversight. However, their rapid adoption has raised concerns about regulatory oversight, particularly concerning anti-moneylaundering (AML) compliance. Why is it important? What’s next?
Some examples of this compliance include Payment Card Industry Data Security Standards (PCI DSS) , Know Your Customer (KYC), and Anti-MoneyLaundering (AML) regulations. Businesses that demonstrate full compliance with relevant legal standards present a lower risk, which can facilitate a faster approval process.
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