The Payments Association
FEBRUARY 10, 2025
Navigating AML obligations in the age of virtual IBANs February 10 2025 by Payments Intelligence LinkedIn Email X WhatsApp What is this article about? The compliance challenges of virtual IBANs, focusing on AML obligations and regulatory gaps. Why is it important?
PYMNTS
JUNE 1, 2020
“Along those lines, what the [payment] networks are trying to do with network tokens and SRC [secure remote commerce] could be game changing,” said McCarthy, as they help ensure identities and the payment instruments themselves are trusted, which helps with know your customer (KYC) and anti-money laundering (AML).
Exact Payments
OCTOBER 30, 2023
Differentiator 1: Payment Aggregation The most crucial distinguishing factor of PayFacs is that they operate as merchants themselves and register for processing accounts directly with an acquiring bank. They are then able to onboard and aggregate sub-merchant accounts under their master account.
EBizCharge
NOVEMBER 12, 2024
Some examples of this compliance include Payment Card Industry Data Security Standards (PCI DSS) , Know Your Customer (KYC), and Anti-Money Laundering (AML) regulations. PayFacs aggregate multiple merchants under a single master account, making the application process faster and simpler.
The Payments Association
MARCH 18, 2025
Many banks have been hesitant to engage with these businesses, citing concerns over compliance burdens, anti-money laundering (AML) obligations, and the inherent volatility of digital assets. One notable change is the removal of “reputational risk” as a consideration when evaluating applications for master accounts.
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