Spotlight report - Payment Service Providers

AML and KYC Vulnerabilities

An in-depth look into the issue to help you to identify weaknesses in your existing compliance framework.

With many payments becoming available at the click of a button, money launderers have, for some time, seen online payments as an easy way to wash their illicit funds. The size of the challenge is only increasing with the global payment processing market expected to nearly double to $2.9 trillion by 2030, according to Boston Consulting Group - mostly on the back of this digital boom.

As the volume, speed and sophistication of digital payments grow, so do the vulnerabilities of payment service providers (PSPs). Some are becoming established, others are relatively new and inexperienced in compliance. But all are keen to prove that they are not a soft underbelly criminals can attack.

KYC and AML are powerful complements to each other and important elements for Payment Service Providers looking to protect themselves against fraud and financial crime. Both involve verifying the identity and legitimacy of individuals and organisations through rigorous checks. In itself, that makes it harder for criminals to operate. In addition, AML checks help to uncover the money trail, understanding where money comes from and how it’s spent so that organisations can ensure it’s not laundered through them.

In this industry report, we examine:

  • Where PSPs may be vulnerable to AML risk
  • The current regulatory environment in the UK, EU, and US
  • Screening for sanctions, ultimate beneficial owners (UBOs), and politically exposed persons (PEPs)
  • How to ensure compliance with AML and KYC regulations

Download this valuable analysis today by completing the form on the right.