Developing an anti-money laundering program (AML) can prove challenging for card processing companies. While not an exhaustive list, here are 9 areas that an AML program should be sure to include:
AML Program Tips
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The Surcharge Muddle: NY Ban Law Survives Lawsuit
The legality of surcharging keeps getting more confusing. Recent reports seem to indicate that New York’s law prohibiting surcharging was overturned. Unfortunately, that overstatement confuses the actual status of the statute.
As you may recall, the card brand rules allow
GDPR Applicability to U.S. Merchants, Processors and Acquirers
The EU General Data Privacy Regulation (GDPR) was adopted in 2016 and went into effect on May 25, 2018. The GDPR is a framework regulation that is designed to provide a uniform regime to protect the privacy of an individual
The California Consumer Privacy Act
Following closely on the heels of the EU’s General Data Protection Regulation (GDPR), California recently enacted its own consumer privacy law called the California Consumer Privacy Act of 2018 (CCPA).
The law, which requires protection of personal information of California
Texas Latest State to have Surcharge Ban Declared Unenforceable by Federal Courts
In March 2017, the United States Supreme Court issued its opinion in Expressions Hair Design v. Schneiderman, on a challenge to New York’s law prohibiting credit card surcharges. The Supreme Court held that the law restricts merchants’ speech by banning surcharges
Surcharges, Convenience Fees, & Cash Discounts
It’s hard to be a cash-only business, especially when businesses are expected as a matter of course to accept credit and debit cards. But processing fees can make merchants hesitant to sign up for transaction processing services, and many payment
The Third Stark Lesson: ISO Liable Under TSR For All Merchant Fraud Damages
On December 13, 2017, the United States Court of Appeals for the Eleventh Circuit held that an independent sales organization can be held liable for all damages suffered by consumers as a result of a merchant’s violation of the Telemarketing
Marijuana Banking & Payments: The Impact of AG Sessions’ Recent Memo
On January 4, 2018, U.S. Attorney General Sessions formally rescinded guidance issued by the Department of Justice (DOJ) during the Obama administration related to the DOJ’s approach to the enforcement of state-legalized marijuana activity. Sessions replaced the former guidance by
Technology Platform Providers and the Risk of Money Transmission
A recent trend that we are encountering frequently is software and internet-based platform providers (“providers”) venturing into the world of payments—sometimes unwittingly. A typical scenario looks something like this: A provider develops a platform that assists merchants (such as hair