Our Website Uses Cookies 

We and the third parties that provide content, functionality, or business services on our website may use cookies to collect information about your browsing activities in order to provide you with more relevant content and promotional materials, on and off the website, and help us understand your interests and improve the website.

For more information, please contact us or consult our Privacy Notice.

Your binder contains too many pages, the maximum is 40.

We are unable to add this page to your binder, please try again later.

This page has been added to your binder.

U.S. Watchdog Seeks Revival Of Prepaid AML Rules

August 25, 2016, PaymentsCompliance

Michael Nonaka is quoted in a PaymentsCompliance article regarding FinCEN’s renewed efforts to reissue anti-laundering (AML) controls on prepaid cards after abandoning original proposals two years earlier. According to Nonaka, “There are all these controls and existing tracking mechanisms that apply to cross-border movements of cash, but these aren't in place with prepaid access right now.” He continues, “The concern is: ‘We’re going to have to comply with this rule. What types of changes to our technology and our processes are we going to have to implement in order to make compliance feasible?’”

“We’ll have to wait and see what is proposed, because it could be that it’s quite extensive and requires a lot of company resources, or it could be something that is more manageable,” Nonaka adds. “The devil is in the details.”


Share this article: