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How to Maintain Anti-Money Laundering Compliance as a PayFac

Stax

It mandates ongoing monitoring of suspicious activity, recordkeeping, and submitting suspicious activity reports (SARs) to the government. Each merchant is verified and validated using KYC, AML, OFAC, and credit checks so you may rest easy as we do the heavy lifting for you. To learn more, contact our team today.

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Financial Crime Predictions 2021: More AI & Ransomware

FICO

Despite the enormous efforts banks put into AML monitoring, the effectiveness of the overall system to combat financial crime is disappointingly low: for example, only 4% of SARs prompt law enforcement inquiry. whether a payment constitutes a potential violation of sanctions (OFAC) laws) and self-report.”.