The Federal Kingpin Act and What It Means For You
American companies need to be more vigilant than ever when doing business in Panama or dealing with Panamanian firms. That’s the word from the U.S. government, which is cracking down hard on businesses that violate sanctions designed to bring down the Panamanian drug trade. Ignoring or sidestepping those sanctions can be a costly mistake. Fines […]
NACHA Rule Changes 2016 Will Address Unauthorized Transaction Fees
On October 3, 2016, NACHA Rules will be implemented for the assessment of fees for unauthorized debit entry submissions. After that date, OFDI’s will be required to pay a $4.50 unauthorized debit fee to RDFI’s for each returned ACH debit coded with return reasons R05, R07, R10, R29, and R51. Although the anticipated gain for ODFI’s is an […]
5 Things Your Company Should Know About Recent NACHA Rule Changes
There are big changes coming to the world of electronic payments. NACHA, the electronic payments association that develops the operating rules and business practices of the automated clearing house (ACH), recently announced some new rules affecting ACH payments. It’s important to understand these changes because NACHA serves as the ACH Network administrator and is responsible […]
PCI-DSS Compliance Explained
Lyons Commercial Data PCI-DSS compliance The PCI-DSS (Payment Card Industry Data Security Standards) is a comprehensive set of requirements designed to enhance card payment security. The standard evolved as the major credit card brands American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa Inc. Inc. International, joined together to develop a set of […]
What is Know Your Customer (KYC)?
Know Your Customer, or KYC, refers to the regulatory compliance mandate imposed on financial service providers to implement a Customer Identification Program (CIP) and perform due diligence checks before doing business with a person or entity. Section 326 of the Patriot Act deals specifically with the identification of new customers, and made extensive provisions in […]
Payday Loan Companies and the USA Patriot Act
Section 326 Requires Financial Institutions to Verify Customer Information and Check Identities Amidst concerns regarding terrorism’s link to money laundering following September 11, 2001, financial institutions-including payday loan and check cashing companies-are stepping up their customer verification procedures as a result of the USA Patriot Act. More specifically, Section 326 of the USA Patriot Act […]