The 5th Anti-Money Laundering Directive will have a significant impact on the payments space, with some businesses required to undertake customer verification and identification for the first time.
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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 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, and start taking the next steps towards being compliant.
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 in 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.