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The Future of Compliance

The Future of Compliance

“From the Fourth and Fifth Money Laundering Directives, to the General Data Protection Regulation (GDPR), to the second Payment Services Directive (PSD2), to the New York Department of Financial Services Final rule – all have had an impact on existing KYC processes. But the traditional banking industry is fragmenting as new ways to send value from one country to another are developed.”

Understanding High-Risk Business

Understanding High-Risk Business

Hidden high-risk industries could be hiding risky business behind ‘low risk’ MCCs, as this saves them from the acquiring bank’s high scrutiny applied during the on-boarding process of high-risk merchants. Merchants, involved in high-risk business, use camouflage tactics to ‘fly under the radar’ and negotiate favorable (low risk) processing rates.