Increase in e-commerce during pandemic, means increase in online money laundering
As a result of the pandemic, e-commerce has boomed for the past two years. At the same time, the opportunity to use online transactions (especially credit cards) to attempt money laundering has also increased. According to the Electronic Transactions Association (ETA)...
Mastercard’s New Rules for Adult Content and Services – Will this Affect You?
Mastercard’s New Rules for Adult Content and Services – Will this Affect You? Effective on October 15 2021, Mastercard announced its recent changes and updates to adult content and services, which will directly affect all merchants in this category. The new...
Know Your Transaction (KYT) Guide 2021
Know Your Transaction (KYT) is a hot trend in payment compliance and regulatory technology. All payment risk professionals are advised to learn and adopt KYT in their daily operations. In this guide, you will gain an understanding of the followings. What...
Transaction Laundering in 2019 – Time to Review the Monitoring Strategy
The rapid development and rising volume of e-commerce transactions in recent years has encouraged the outbreak of cybercriminals – who are finding more and more complex ways to conceal profits that are likely to have been earned illegally, via an online environment....
Hong Kong Financial Services Development Council Explores Implementing a KYC Platform: How Should Online Merchants Handle KYC?
With the explosive growth of online shopping in recent years, the financial industry has increasingly emphasized digital authentication, online merchants, and KYC (Know Your Customer) for online payment accounts. Therefore, on June 22, 2018, the Hong Kong Financial...
Trend of Child Sexual Abuse – Insights on Online Payment Regulations
Child exploitation is an alarming problem throughout whole world. It particularly threatens the safety of children in developing or underdeveloped countries, where poverty is the biggest cause of child abuse or child sex tourism. Owing to the technology...
Transaction Laundering: An Emerging Global Method of Money Laundering
(For more information on Transaction Laundering, please refer to: What is Transaction Laundering?。) In recent years, the rapid development of e-commerce transactions has led to a surge in cybercrime, with some illicit e-commerce platforms continuously...
Addition of Cryptocurrency and High-Risk Securities Merchants to Mastercard BRAM Program
Mastercard has added “cryptocurrency merchants” and “high-risk securities merchants” to the Business Risk Assessment and Mitigation (BRAM) program, effective 12 April 2018. Below is an extract of the announcements and shall not be deemed the full version of such...