Payment service providers connect merchants to the broader financial system so they can accept credit and debit card payments from customers. Payment service providers connect merchants, consumers, card brand networks and financial institutions.
Whilst Payment Services are not specifically covered by the AML/CTF regime, some of the processes are services designated by the AML/CTF Act and Rules and therefore recognised as being vulnerable to use and abuse by criminals.
Like other financial services and products, payment service providers can be abused for ML/TF purposes.
Payment service providers captured by the AML/CTF obligations must ensure the organisation conducts a comprehensive ML/TF risk assessment to identify, assess, mitigate and manage ML/TF risk exposures. This is a critical first step in complying with the AML/CTF Act and Rules.
Payment service providers captured by the AML/CTF obligations are those that provide services designated by the AML/CTF Act, including:
However, a significant proportion of the process undertaken by payment services providers is not currently a designated service under the AML/CTF Act.
The AML/CTF regime is risk-based, which means that your responses to the AML/CTF obligations placed upon you should be risk-based.
A risk-based AML/CTF regime requires that you understand and address the Money Laundering and Terrorism Financing (ML/TF) risks associated with the payment services you offer.
You must then design, implement and maintain systems, procedures and controls that are proportionate to your ML/TF risks.
Initialism are the AML/CTF experts, so you don’t have to be.
With over 50 years of expert knowledge and real world experience our AML/CTF compliance services solutions will help you to navigate your legal and regulatory requirements so that your business complies with its AML/CTF obligations in the fastest and most cost-effective way.
Initialism provides a range of AML/CTF services and solutions to support your business in becoming AML/CTF compliant and maintaining compliance.
Our services and solutions allow you to tailor support based on your capacity, experience and budget.
Our expertise covers all AML/CTF disciplines and brings unique perspectives, approaches and solutions to the AML/CTF challenges faced by the payment services industry
Our AML/CTF compliance knowledge includes working with payment service providers and we understand what compliance means for your business
We have experience in delivering workable AML/CTF compliance to the payment services industry
Our knowledge and expertise has been hard earned and comes from working in the area of AML/CTF for many decades
We have experience of providing tried and tested AML/CTF solutions, regardless of the size and complexity of the payment service provider
Our AML/CTF compliance solutions are flexible and can be tailored to your capacity, experience and budget