Money Laundering and Terrorist Financing Risks in Prepaid Card Programs – Tales from the Front


The use of prepaid access cards as a conduit for money laundering and terrorist financing continues to receive intensive attention from law enforcement and regulators.  In response to this, FinCEN enacted rules (January 29,2012)  to amend the Bank Secrecy Act that specifically applies to prepaid access (formerly referred to as stored value cards) with enhanced reporting and customer information requirements.

This webinar will discuss the basics of network branded (MasterCard & Visa) prepaid access and the reality of monitoring the issuance and transaction activity of this monetary instrument.  There are numerous examples where prepaid cards were the financial vehicle utilized to hide the proceeds of a crime, or to bypass the customer information requirements in obtaining card access.  The presenter will discuss red flags of prepaid programs, customer identification requirements, the creative usage of the cards and the challenges to identify suspicious card activity.

Link to the webinar video: click here