Last year Segpay was re-authorized as a Payment Institution in the UK, and, by extension, the EU as well. It’s an important designation that tells merchants that a processor adheres to stringent governmental regulations around payment and data security, as well as anti-money laundering (AML) and counter-terrorist financing laws. In the EU, payment processors who provide settlement to merchants require a license, highlighting the importance of demonstrating compliance with these laws to ensure funds are safe.
Please check out Cathy’s latest XBIZ piece, The Rocky Road of Regulations in 2018, in which she recaps the litany of new rules and other challenges our industry had to navigate during the past year. The good news: we’re all stronger for having gone through the process of dealing with everything that came at us in 2018.
Segpay will be required to perform more extensive due diligence on new clients – as well as existing merchants whose ownership changes – starting May 11, 2018.