Venable partner Ed Wilson
was quoted in an October 21, 2015 PYMNTS.com article on transaction laundering. The rise of ecommerce and new payment methods such as e-wallets, virtual currency, and mobile devices has allowed prohibited merchants to exploit valid merchant accounts.
“Unfortunately for the card industry, the Financial Crimes Enforcement Network sees transaction laundering as variations on well-documented AML themes,” said Wilson. “In view of this, the payments industry should expect little patience from FinCEN.”