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Banking Third Party Payment Processors

Question: 
How do you suggest my institution safely bank third party payment processors?
Answer: 

Third party payment processors are bank customers that provide payment processing services to merchants and other business entities. When adjudicating alerts and cases be aware of companies that use third party payment processors. These types of businesses include telemarketing, online gambling and adult entertainment. Be sure to perform sufficient due diligence to gain a level of comfort that the customer's business activity is legitimate and the purpose of using a third party payment processor fits the nature of the business.

AML RightSource is an outsource solution for BSA/AML Transaction Monitoring. Their complementary webinar, "Latest Trends in BSA/AML", will be presented on Thursday, May 30. To learn more about issues related to banking third party payment processors and what we are hearing from the regulators, register for AML RightSource's webinar here: https://www2.gotomeeting.com/register/204421066

First published on 05/27/2013

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