In recent years, payment processors and other financial intermediaries have faced heightened scrutiny from regulatory agencies, including the Federal Trade Commission, for their relationships with companies engaged in allegedly unlawful conduct. The increased regulatory attention payment processors face, in the form of expensive and time-consuming investigations and aggressive enforcement actions, necessitates a closer look at payment processors’ obligations to take steps to limit the use of financial services for illegal purposes.
Learn about recent regulatory action against payment processors and financial intermediaries regarding their alleged failures to monitor their customers for signs of fraud or other illegal activity. We will also discuss best practices to minimize potential risk, including the importance of merchant due diligence and ongoing monitoring programs, as well as what to expect if your company learns that a regulator is already knocking on your door.
Len Gordon, Partner and Chair, Advertising and Marketing Group, Venable LLP
Mary Gardner, Partner, Venable LLP