The agency wants to make sure the non-bank players in prepaid are helping to prevent crime.
The proposed rules would set out reporting requirements for non-bank companies that are involved in providing prepaid cards, redefine regulatory terms, and exempt certain kinds of cards from reporting requirements. The Network proposed these rules because it sees risk for money laundering in the prepaid industry and because it sees gaps in the current regulations.
2018 Payments and Banking Outlooks
COMPLIMENTARYQuarterly Analyst Roundtable: Exploring Opportunities in Open APIs