How To Protect Our Financial Well-Being
Nearly every business nowadays accepts several types of payments — cash, card, money order, or digital funds. In order to accept anything but cash, the business must go through merchant onboarding . The merchant onboarding process was designed as part of the anti-money laundering (AML) and counter-terrorism funding (CTF) standards. Why is merchant on-boarding important? Merchant on-boarding is the process of checking for the possibility of financial crimes from a business. In 2018, there were at least $97.04 trillion dollars worth of credit card charges in America alone. This leaves lots of room for scammers, money launderers, and many other types of financial criminals to attack. For this reason, it is vital and legally required for any payment processing or service providers (PSPs) to collect information on a business. This is done to determine their actual intent and legitimacy to provide a risk assessment. Without this process, crimes can be hidden under the disguise o...