Navigating the global regulatory MAZE

New business models are constantly springing up. In turn, payment services regulations are becoming more complex. Thus, the payment ecosystem continuously sees new challenges. This is why you need a global compliance program. And using the right payment tools is the first step.

nmw 413 risks and compliance navigating the global regulatory maze

We’ve created an eBook to break down these challenges and help you navigate regulation complexities. The ebook will teach you:

  • Why companies need a global compliance program
  • Why global companies need to gain a local perspective on country-specific laws
  • How business growth can lead you to go from being compliant to not meeting regulations
  • How businesses can identify new areas of risk in a digital economy
  • How Payoneer can help businesses manage risks with payment service regulation

Let’s look at an overview of what to expect in this comprehensive guide. 

About the author

Jani Gode is Payoneer’s Chief Compliance Officer. She is also a Certified Anti Money Laundering (AML) Specialist and Financial Crimes Specialist. Jani has 20+ years of experience managing risk and regulatory compliance for financial institutions.

Currently, she serves as the head of Payoneer’s AML and KYC programs.

In this ebook, Jani discusses the challenges that companies face regarding multijurisdictional regulation. This is done from the perspective of a prospective payout provider. 

Jani explains how global companies can navigate the world of compliance. 

A world of compliance challenges with payment services regulations

Multijurisdictional regulations are challenging for global companies. Let’s briefly discuss how companies should view and address payment services regulations. 

More than a legal requirement

Every country has different regulations that businesses need to follow to be compliant. These can be influenced by cultural components. The challenge comes in collecting information and verifying it for foreign companies. Governments and regulatory authorities have deferring views on ‘reasonable efforts’ to mitigate risks. In these cases, deep local knowledge becomes essential.

Understanding local differences

Foreign companies need to understand local dynamics within the regions they’re operating in. However, Jani insists that simple translation isn’t enough. 

Companies need to understand country-specific nuances to serve customers safely and in line with regulations. Businesses should work to gain a local perspective which can help them to identify and interpret global regulations. 

Regulating ecommerce: Balancing risk with bureaucracy

Ecommerce is a rapidly changing area of international trade. Ecommerce regulations must be followed for payout providers to be compliant. However, some loopholes can be legally utilized. 

Payout providers can avoid risking compliance by understanding presumable but influential technicalities. Business growth, for example, can change the regulations faced by your business.

New rules for new businesses

When new business models arise, companies must consider new areas of threat. Payout providers who deal with payment challenges early on can stay ahead of threats and challenges. 

Jani shares what technicalities should be considered first, including new fraud schemes and money laundering paths. She also explains how payout providers must develop innovative regulatory capabilities to fit into the changing digital world. 

About Payoneer

When it comes to payment services regulation, experienced and innovative payout providers will be able to thrive. 

Payoneer works to empower businesses from over 200 countries and territories in the realm of payment services regulation. 

Payoneer’s platform can help your business to streamline services like risk management and cross-border payments. This way, you can rest knowing that your business operations are in good hands. 

Download the ebook today to understand what global compliance regulations mean for your business, and how Payoneer can benefit you.

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