AML compliance for payment service providers
AML and KYC solutions for payment service providers
Comply with anti-money laundering (AML) and know your customer (KYC) regulations and manage the growing risk of payment-related financial crime without compromising the customer experience.
Ensure compliance with evolving AML and KYC regulations
The rapid growth within the industry and increasing move to digital post-Covid has accelerated the use of digital payment channels. Criminal networks have been using this opportunity to target PSPs, engaging in a range of illicit activities that often involve account takeovers or customer deception, money laundering, tricking customers to send money to sanctioned customers and other financial crimes.
Therefore, for PSPs it is important to have a healthy balance of complying with increasingly complex and comprehensive regulations, protecting payments from bad actors and reducing frictions in payment processing. PSPs can achieve a competitive advantage if they adopt technologies that can help with digital onboarding, fraud prevention and boost their regulatory compliance all while keeping customer friction to a minimum.
Payment service providers (PSPs) are key to well-functioning digital ecosystems. They facilitate fast, 24/7 digital payments between customers, businesses and banks.
What are the AML and KYC challenges for PSPs?
PSPs must remain compliant with evolving AML and KYC regulations, but in order to succeed in a highly competitive space, they need to deliver speed, efficiency and a positive customer experience.
Key challenges that PSPs are facing include:
- Complying with relevant AML and KYC legislation: the sector is attracting an increased scrutiny from Regulators. In Europe, legislation governing PSPs includes the Payment Services Directive 2 (PSD2), MiCA, and 5th Money Laundering Directive (5MLD). In addition, the global sanctions landscape is becoming increasingly complex and PSPs must ensure that they do not breach any sanctions.
- Identifying potential fraud and money laundering: screening and ongoing monitoring are the most effective ways to pinpoint risk and identify potentially illicit activity.
- Transaction screening and monitoring: monitoring transactions and screening payments help PSPs flag potential risks early in the game.
- Ensuring speed and efficiency across geographies: omnichannel solutions leveraging API technology offer speed and efficiency in the transaction space, regardless of geography.
Helping you comply with AML and KYC regulations
Our technology and data solutions help PSPs stay agile, mitigate payment-related risk and improve compliance
Our World-Check One platformleverages the power of the World-Check risk intelligence database to deliver agile, advanced screening capabilities, helping compliance teams pinpoint potential crime and minimise false positives.
Seamless digital identification and onboarding
Digital identity is a core enabler in the take-up of digital services. Our solution combines digital identity verification, identity proofing and risk screening in a single, efficient API.
KYC due diligence reports
Our comprehensive range of KYC due diligence reports deliver deep insights and background checks on individuals or business entities, regardless of industry, size or geographic location.
A scalable and cost-effective range of solutions to manage AML and KYC obligations.
We leverage advanced technology to deliver fast, client-friendly processes with seamless integration and omnichannel connectivity to maximise efficiency and promote positive customer experience.
Our solutions are flexible and can be used alone or in conjunction with other Refinitiv solutions to meet specific requirements. They are also scalable to accommodate dynamic business requirements.
Our solutions not only accelerate and optimise AML and KYC processes, they also help to lower the overall cost of compliance by introducing automation and boosting efficiencies.
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