Regulation

Anti-money laundering

Also: AML

The regulatory regime that obligates payment institutions to detect and report suspicious activity.

AML obligations sit with the acquirer, PSP, and (often) the merchant. Controls include transaction monitoring, sanctions screening, suspicious-activity reporting, and periodic file refreshes. AML failure can shut down a MID overnight.

Related terms

Know Your Customer

Regulated identity-verification of the merchant (KYB) and, where relevant, the merchant's customers (KYC).

Acquirer

The licensed bank or financial institution that holds the merchant's MID and settles card transactions on the merchant's behalf.

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