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U.S. Payments Landscape and Compliance - Its Significant Changes and How it Affects Merchants Accepting Payments

Wednesday, 30 January 2019  10:00 AM PST, 01:00 PM EST

Training Duration = 90 min                  Sponsored by Online Compliance Panel

Click Here to register $200.00

Click Here to register and receive CD recording $400.00

This webinar will provide an update of the payments landscape and discuss the current changes in the marketplace, including updates to general purpose prepaid card programs, virtual currencies, due diligence of your customers and identification of beneficiary owners.

In addition, the course will expose the new faces of AML and examine how merchants and MSBs can be unintended victims of money laundering and illicit activities.

Learning Objectives:

  • What are the new trends in the payments landscape
  • How to reduce checkout abandonment
  • Learn how the five pillars of BSA need to be implemented with appropriate policies and procedures
  • Learn how to properly underwrite a merchant
  • Learn how the roles of FinCEN, OFAC and the USA Patriot Act impact your institution
  • Learn what types of business are more likely to be involved with money laundering
  • Learn the New Customer Identification Program rules on prepaid cards
  • Recognize the new face of Money Laundering and how cash is digitized

Why Should You Attend:

As merchant card services become more of a commodity, speedy, client-focused onboarding has become a strategic differentiator. The acquirer must ensure the merchant is compliant with KYC and BSA/AML regulations; determine credit worthiness and finally complete the activation process.

Software disruptors like Square and PayPal who have entered the acquirer space know this, and are using automation to reduce the merchant onboarding process to minutes. However, failing to comply with KYC and other regulations can result in severe fines, while improperly determining a merchant's credit worthiness increases the risk of losses.

Areas Covered

  • Payment trends
  • Streamlining the checkout process
  • BSA/AML guideline for Merchant Acquiring
  • Properly merchant underwriting and KYC
  • Monitoring for money laundering
  • New Customer Identification Program rules on prepaid cards

Instructor

Armen Khachadourian is the founder and president of Digital Payments Inc, a consulting firm providing advisory services in the areas of merchant processing, ISO/MSP formation, development of best practices, BSA/AML guidelines, merchant portfolio and acquiring acquisitions, prepaid and alternative payment products including decoupled debit.

As a trusted partner with vision to understand his client's future business he has helped design and evaluate new products and services in today's changing marketplace.

Mr. Khachadourian has also served in executive positions at several top ten financial institutions and helped them maximize growth and revenues in today's challenging electronic payments marketplace. As a vice president of JPMorgan Chase's Prepaid Product in Treasury Services he was responsible for designing and launching prepaid cards in the EU market.

As a senior vice president at Visa USA, he expanded card acceptance to new markets such as supermarkets, recurring payments, quick service restaurants and federal government agencies. His expertise in card products extends to issuance of credit, debit, prepaid and commercial cards.

He is also an experienced manager of technology solutions including development of best practices, network policy, third-party processor contract negotiation and problem resolution.

Mr. Khachadourian earned a Bachelor of Arts degree in mathematics and a Master of Science degree in computer science from the San Jose State University in California. He authored the “Basics of Data Communications” textbook and lectured at College of San Mateo, CA.

He was awarded an honorary teaching credential from State of California. He is a member of the United States National Masters team and has represented United States at four world championships.