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Key steps include application review, risk assessment, credit checks, and compliance verification. This process involves reviewing the businesss structure, financial health, industry type, and compliance with regulations. Learn More What is Merchant Account Underwriting?
Best practices for ensuring AML compliance as a PayFac include continuously updating your AML policies, utilizing advanced technologies for monitoring, periodic internal reviews and audits, and engaging with AML experts and consultants. Reviewing and continuously updating your AML policies is therefore necessary.
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