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Recent changes to anti-money laundering regulations came into effect in June 2017, with more updates likely to come next year.

Using keyboardOne of the changes you are most likely to come across is the requirement for certain prepaid cards to be ‘activated’ by the recipient, usually by going online to confirm their identity – a step that usually takes just a minute or so. This is an example of a legal requirement called ‘Know Your Customer’, often abbreviated to KYC.

For employee programmes, such as our Pure benefits card, you don’t need to make any changes – you will already ‘know your customer’, as long as you have records of your employee cardholders.

For customer-facing programmes, KYC now needs to happen more often than it used to, depending on the type of prepaid card and how and where it can be used. It’s most likely to be needed when cards are loaded with £200 or more.

Over 93% of our respondents from our recent survey of 1,595 consumers said they are happy to complete online activation for the sake of security, and we’re not seeing impact on our clients or their recipients.

Not surprising really, as prepaid cards make great rewards!

So if you’re thinking about using a card reward or incentive of some kind, talk to us and we’ll be happy to help and advise – we’ve got it all in hand for you. We have a specialist team dedicated to managing every aspect of compliance and process on our clients’ behalf – so that’s one less thing for you to worry about.

Grass Roots is owned by Blackhawk Network Incorporated, and operates under Blackhawk Network UK’s electronic money licence as authorised by the FCA. Blackhawk Network is a member of the Electronic Money Association (www.e-ma.org).

For you, and your customers and employees this means security. Guaranteed.

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Posted: 10/17/2017 8:00:00 AM | with 0 comments
  • CUSTOMER
  • PREPAID CARDS
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