What does implementing a payments compliance programme actually involve? An infographic by Hyperwallet sets out some of the considerations companies will need to manage – underlining that licensing is just a small part of any effective compliance programme. According to Hyperwallet, these considerations include the following:
- Staffing: you’ll need to ramp up your treasury, legal, risk, and financial networks teams
- Specialisation: officers will require specific qualifications to be deemed 'fit and proper'
- Paperwork: applications, reporting, and audits can really stack up
- Time: prepare to spend plenty of time gathering and reviewing documents
- Financial costs: funds will be needed to cover both one-time and recurring costs
The infographic illustrates that a global payout compliance programme needs significant human resources to function effectively, with up to 50 employees in treasury, legal, compliance and networks. And all those staff need to be highly trained and experienced, and that's not all. Hyperwallet says: “Ongoing training and certification is a must in the payments space.”
The process is also time-consuming and costly, with up to 12 months needed for acquiring licences in most Western countries, although it can take much longer in some emerging markets. And the one-off and ongoing costs for treasury, compliance and legal can also stack up, as shown in the infographics below.
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