Underwriting and Risk

Document created by jordanbarhorst on May 10, 2016Last modified by gjsissons on Jul 28, 2017
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Underwriting and Risk processes, procedures and documentation is an area where Vantiv can review a service provider's implementation of a PayFac model.

 

PayFacs must demonstrate compliance with all applicable network rules, local, country and regional laws and regulations, applicable anti-money laundering (AML) laws and other regulatory requirements. Vantiv has experience and expertise in a number of these areas.

 

Vantiv will review a PayFacs's internal controls by:

 

  • Ensuring they understand the regulatory requirements
  • Confirming that documentation and screening processes for sub-merchants collect and assess required information
  • Making certain AML policies address current regulatory requirements
  • Determining the appropriate nature of post boarding sub-merchant activity monitoring to ensure that sub-merchants are not engaged in inappropriate activities and that they have adequate refund policies in place
  • Provide information related to fraud related tools or services to help minimize or mitigate fraud and/or risk

 

Learn about managing sub-merchants

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