Understanding Risk Management Strategies as a PayFac
Stax
JANUARY 8, 2024
Several US legislations (like the Patriot Act, anti money laundering laws , or FinCEN regulations) require PayFacs to know the identities of the business owner(s) they plan to facilitate payments for, during the underwriting stage. could result in financial losses, litigations, law enforcement action, and damage to reputation.
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