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Third-Party Payment Processors — Overview

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third - party Payment Processors Overview FFIEC BSA/AML Examination Manual 235 2/27 Third-Party Payment Processors Overview Objective. Assess the adequacy of the bank s systems to manage the risks associated with its relationships with Third-Party Payment Processors , and management s ability to implement effective monitoring and reporting systems. Nonbank or Third-Party Payment Processors ( Processors ) are bank customers that provide Payment -processing services to merchants and other business entities.

Third-Party Payment Processors — Overview FFIEC BSA/AML Examination Manual 236 2/27/2015.V2 behalf of the customer’s clients. When the bank is unable to identify and understand the nature and source of the transactions processed through an account, the risks to the bank and the likelihood of suspicious activity can increase.

  Processor, Overview, Payments, Party, Third, Third party payment processors overview

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