With the ever growing number of financial crimes occurring within the payments industry, initiatives to identify patterns of possible suspicious behavior has been enhanced. The Loss Prevention team recently put into place a new procedure for collecting information pertaining to the Anti-Money Laundering requirements of “Customer Due Diligence” (CDD) and “Customer Identification Program” (CIP).
If a merchant reaches their Processing Limit (Soft Cap), or they request a change to their MCC/SIC, Loss Prevention is required to obtain and validate CDD and CIP information prior to making updates to the account. Loss Prevention representatives will reach out to the customer’s Merchant Service provider (MSP) office first, in an effort to effectively obtain the information without causing potential alarm to the customer.
Thank you for being a partner with NTC, and helping to prevent financial crimes in our industry.