Common Compliance Pitfalls in Payment Processing
It is generally accepted that payment businesses are increasingly being levied with hefty fines for PCI DSS, AML, and local compliance deficiencies such as GDPR or CCPA. Common mistakes usually include storage of CVV codes (forbidden under PCI regulations), poor transaction monitoring (which results in AML violations), and non-disclosure of cross-border charges (resulting in consumer protection fines). Recently, the EU has slammed processor fines based on failure to comply with SCA; while the entire FTC actions of the US primarily revolve around false charges. However, such high-risk industries land themselves under the microscope especially-the CBD retailers that improperly classify transactions as “hemp products” triggered account seizure and six-digit penalties. Even prevailing technical errors such as outdated SSL certificates or unpatched vulnerabilities can attract PCI non-compliance fines from card networks.
Building a Compliance-First Payment Strategy
Preventive compliance needs multilayered protection. Mock audits should be run once every quarter using the PCI DSS checklist and AML red flags. This should be followed by automated compliance tools, such as TokenEx for data security or real-time sanctions screening using ComplyAdvantage. Document meticulously all policies, training records, and risk assessments; showing these efforts in compliance deflects regulators from imposing fines. In case of foreign companies, do use local counsel to balance the otherwise contradictory demands (say, EU privacy law issues vs. US accounting rules). Appoint a compliance officer, even in small companies, to keep abreast of changing regulations and make the changes necessary. Payment processors that facilitate such built-in compliance functions and tools of Stripe Radar for monitoring AML activities against money laundering and PayPal Seller Protection for case management could provide some useful defense against common violations.
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