Transaction Laundering: The Next Threat to the Payments Industry

June 10, 2015 • Published by Admin Acquirer Programs Acquiring Risk, CFPB, DOJ, FFIEC, FinCEN, FTC, Transaction Laundering, Undisclosed Aggregation, Venable

Cross posted by D. E. Wilson, Jr., Venable LLP Transaction Laundering (TL), sometimes referred to as “undisclosed aggregation,” or “factoring,” is a growing threat to the payments industry. Money laundering by another name, it is the dark side of payment facilitation, an established, legitimate aggregation model … Read more

A 2015 Road Map for Payment Processing Compliance

January 23, 2015 • Published by Admin Industry Topics 2015, CFPB, Compliance Management System, DOJ, Electronic Transactions Association, FTC, Government Regulation, ISOs, Operation Choke Point, Payment Processing, Payments Industry, Venable LLP

Guest post by Ellen T. Berge and Andrew Bigart, Venable LLP The past year was a big one for the payments industry with the introduction of new products, the growth of virtual currencies, and, of course, continued government pressure on payment processors and non-bank entities … Read more