Prepaid cards and money laundering

Answered by:

Question:

We offer a reloadable prepaid card. The intention was for our customers to use it to fund children’s prepaid cards. What can we do to prevent money laundering on these accounts?

Answer:

I recommend you know your customer, set limits, monitor activity and end the relationship if it is creating a problem.
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Learn more about Deborah Crawford’s webinar Managing BSA risk of new payment methods