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While vIBANs offer innovation in payment systems, they introduce risks like moneylaundering due to insufficient oversight. Payment Service Providers must strengthen due diligence, monitoring, and collaboration with regulators to address these risks. Why is it important? What’s next?
Riskassessment: After gathering the necessary information, a riskassessment is conducted to evaluate a business’s risk profile. Underwriters analyze factors such as transaction volumes and potential risks to determine the likelihood of financial instability or fraud.
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