The January 2020 deadline for the 5th Anti-Money Laundering Directive will seriously impact the payments space, and businesses will be required to provide customer identification.
On the 10th January 2020 the threshold for identifying holders of prepaid cards will be lowered to €150.
ID-Pal is the complete end-to-end, out-of-the box solution that has been tailored for the Pre-Paid Card Industry.
- Seamless user experience with 93% of customer identities verified in real-time.
- Branded and configured solution implemented in minutes and integrated into your business processes and systems in less than a day.
- Fully compliant GDPR solution with customer data securely stored on AWS servers.
- No hidden costs. Simply pay a transparent transactional fee based on your customer volumes.
- Try before you buy – Trial ID-Pal with a demo account on our live production environment.
The Pre-Paid Card Industry is well established with lean operations operating across its network of proven market players. Complying with both Anti-Money Laundering and Data Privacy regulations will be a major challenge and have a huge impact on the industry.
Market participants will either have to develop significant capabilities from scratch within their organisation or select a partner who can deliver this capability on their behalf. The January 2020 deadline for having controls and solutions in place for KYC is fast approaching so now is the time to determine what’s the best option for your business.
Annual sales for open and closed-loop gift cards and vouchers are expected to exceed GBP 7 billion in 2020, rising from 6 billion this year. Whilst experiencing fantastic growth, the industry is preparing for significant change when the 5th Anti-Money Laundering Directive (AMLD5) comes into effect by January 2020.
AMLD5 will build on the work of its predecessor by placing ever stricter requirements on the Pre-Paid Card Industry to verify a customer’s identity once they reach a certain threshold. The monthly anonymous transaction limit and storage limit on E-Money and Pre-Paid Cards has fallen to €150 and anonymous online transaction limits are reduced to €50.
Anything above these limits will require customer identification.
As with all change driven by regulation, there will be winners and losers depending on each organisations ability to minimise the risk of disruption to business as usual activities, and going one step further to actually making seamless yet robust compliance a source of competitive advantage.
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