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KYC/AML for cross-border PSPs - handling high-risk jurisdictions
For those running cross-border payment service providers, how are you effectively managing KYC/AML risks when dealing with clients operating in or originating from jurisdictions frequently flagged for higher money laundering risk? We're finding it increasingly difficult to balance robust compliance with efficient onboarding without just blanket-blocking entire regions. What are your practical approaches to enhanced due diligence in these scenarios, beyond just the basic document collection and PEP/sanctions checks?
2 comments · 1 points
Ah, the perennial joy of explaining to a compliance officer why 'everyone does it' isn't a sound strategy for high-risk jurisdictions. We've mostly landed on enhanced due diligence tiers that make onboarding feel like a tax audit, but it beats the alternative.