Card Compliant Offers Complimentary Webinar on FinCEN’s Prepaid Access Rule
Retailers, Restaurants and Other Issuers of Closed Loop Gift and Other Prepaid Cards Can Benefit by Structuring Card Programs to Comply with FinCEN’s Regulatory Requirements.
Kansas City, Feb. 14, 2012. -- Wayne Chatham, CEO of Card Compliant, announced today that the company is offering a complimentary Webinar to educate retailers, restaurants and other card issuers and vendors on compliance solutions regarding FinCEN’s recent rule on prepaid access cards. The rule imposes significant anti-money laundering requirements on sellers and providers of "prepaid access," the Treasury Department agency’s updated term for prepaid cards including gift cards. The one-hour Webinar, which will include discussion of permissible solutions and exemptions to the FinCEN rule, will be conducted on February 29, 2012, at 1:00 pm CT, and all interested parties may register at no cost at http://www.cardcompliant.com/FinCENwebinar.aspx.
"FinCEN’s final rule on prepaid access imposes significant AML requirements on merchants and businesses that sell or provide prepaid access products, and the companies subject to the rule include retailers and restaurants that sell closed loop gift cards in or via stores, outlets, Internet sites or third-party distributors," Chatham explains. "Yet, FinCEN also allows specific exemptions to the rule’s AML requirements, provided appropriate practices and systems are in place and maintained."
Chuck Rouse, Card Compliant’s Chairman, adds: "Our purpose in offering the Webinar is to inform businesses of FinCEN’s rule and methods to properly structure their card programs to maintain their existing business models by taking advantage of the exemptions allowed by FinCEN."
"We are especially interested in having retailers and restaurants participate in the Webinar as this may be the first time many have faced compliance issues generated by FinCEN," Rouse continues. "Among other topics, we will address FinCEN, the FinCEN rule on prepaid access, the closed-loop exemption to the rule, the $2,000 closed-loop value requirement, and the $10,000 seller requirement."
Card Compliant, based in Kansas City, is a compliance specialty company serving the prepaid and stored value card industry. It addresses niche subjects, providing technology-supported solutions to the regulatory, legal and accounting challenges encountered in card programs. It engineers compliance at the design, implementation, and operational phases of a card program to enhance program value and reduce noncompliance risk. Solutions combine patent-pending technologies and business methods implementing compliance on a per card basis. Visit Card Compliant at www.cardcompliant.com.