To comply with AML and KYC requirements when onboarding to an acquirer for payment services in the EU, acquirers must:
- Verify the identity of customers using robust KYC procedures (including beneficial ownership checks for businesses).
- Apply a risk-based approach to customer onboarding and ongoing monitoring.
- Conduct enhanced due diligence (EDD) for high-risk customers.
- Monitor transactions for suspicious activity and report it to the relevant authorities.
- Comply with transparency requirements like beneficial ownership registers and public reporting for high-risk entities.
- Ensure compliance with PSD2, including implementing strong customer authentication (SCA) for electronic payments.
- Follow FATF’s recommendations and align with local regulations in each EU member state.
- These requirements are designed to mitigate the risks of money laundering and terrorist financing while ensuring the integrity and transparency of the financial system.
As an authorised distributor and reseller of payment services, Kasapay UAB acts on behalf of our partners by collecting, pre-validating and then providing those partners with the above documents and information required to satisfy these requirements.
