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When it comes to building a comprehensive KYC program, monitoring your business customers’ reputation is an important component. A declining reputation can signal that a particular business customer is engaging in…

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As if to finish the year on a watchful note, FinCEN announced December assessments against two businesses that operated in ways that could conceal the flow of dirty money. They both violated the Bank Secrecy Act (BSA), yet neither one was a bank.

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Operation Choke Point has produced a spike in activity, with last week yielding two major settlements totaling over $6 million after a year of relative calm. As a result, G2 is reprising our 10 Steps guide for avoiding the unlawful activity that got the two defendant banks in trouble.

Recent headlines from CommerceWest Bank and Plaza Bank continue to underscore the need for a strong due diligence process when managing relationships with merchants and TPPPs. Although both cases involve complicity in fraud, they do highlight the consequences of being involved with such acts as well as how to avoid suspicions of impropriety. In the case of CommerceWest Bank, the pleading outlines several steps to ensure the bank is not abetting consumer fraud by taking precautions when working with payment processor customers including…

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With regulations changing in payments, some financial institutions seem to be reacting to fear when dealing with their TPPPs and originators, rather than enhancing their boarding and compliance processes. With just a few adjustments, companies can keep variety in their portfolio, while still adding revenue in a fast, efficient manner.

The struggle with compliance needs was recently highlighted when Citigroup disclosed that the finance industry could spend as much as $10 billion annually in order to combat money laundering. This, along with the fact that compliance issues in 2013 caused M&T Bank to lose close to 18% in net income, has led to many questions. The payments world is left wondering: “why is so much spent on reactionary instead of precautionary measures?”

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At the IAFCI conference in Phoenix, Rayleen Pirniv (EPCOR) and Jeanette Fox (NACHA) stated a main difference between credit card networks and the ACH:

“Unlike Credit Card processors, the ACH has no prohibited business types.”

What exactly does that mean for you?
Like a pebble in a pond, the ripple effect of a bad third party can always be traced back to the source.

Every year, over 18 billion transactions representing $40 trillion in volume, flow through the ACH network. This is far more than the card networks – and with the mandatory EMV adoption in 2015 – we expect to see even more fraudsters transition their activities from credit card to the ACH network. With the proper due diligence and monitoring, much of this fraud can be prevented.

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