Two of the most pressing matters in the payments industry continue to accelerate – the push for greater transparency and accountability in merchant acquiring and processing. From the Jeremy Johnson verdict to FinCEN's "beneficial ownership" rule, regulators are pressing banks, payment processors, and independent sales organizations (ISOs) to both "know your customer" and take steps to limit the use of legitimate financial services for illicit purposes.
Learn about these developments and how regulators are pressuring financial institutions to monitor their customers for signs of fraud or other illegal activity. We'll also review best practices for minimizing potential risk, including merchant due diligence, identifying signs of fraud, and monitoring merchant and portfolio processing metrics.
Andrew E. Bigart, Esq., Counsel, Venable LLP