Tag: know your customer

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PREPAID ACCESS GARNERS REGULATORY ATTENTION

PREPAID ACCESS GARNERS REGULATORY ATTENTION

By: Sean P. Mahoney

Bank regulators are paying more attention to the role of banks in the prepaid card industry as evidenced by their new guidance on the applicability of know your customer requirements and proposed regulations on record-keeping with respect to master deposit accounts for prepaid cards and other products utilizing “pass-through” deposit insurance.

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