In the modern global economy, merchants have multiple opportunities for taking their business to the next level. These opportunities are usually accompanied by complex rules, regulations and compliance issues. Even though businesses have a difficult time implementing real-time screening, the advantages are numerous. Let’s dig deeper into the topic and see how BestPaymentProviders.co.uk can help you with the right merchant services in the UK.
Sanctions Compliance in a Global Economy
Today, compliance is inseparably linked with everyday business operations. That’s the reason why business owners can’t do without using a strategic, holistic programme based on more than one key component, and customer-risk profiling is only one of these components.
Compliance has turned into a demanding aspect of business operations that merchants are dealing with on a daily basis. To achieve success, business owners need to implement a measure, holistic scheme.
Let’s go through the basic components of the mentioned programme:
- Real-time screening
- Retroactive monitoring
- Customer-risk profiling
- Centralized compliance-management system
When it comes to regulations and sanctions, to avoid regulatory expectations, merchants need to put together their sanction-screening efforts into a centralized platform to create a broader compliance enterprise.
Today, when talking about the global economy, you can’t ignore the impact of COVID-19. The latter has created unprecedented difficulties for businesses worldwide. Let’s take the UK. The deadline for the UK’s transition out of the EU is on December 31, 2020. When the UK is no longer a member of the EU, its sanctions regime will come into force.
In a situation like this, you should get down to finding an expert payment processor that can help you protect your business and move it forward without major challenges. For this, turn to the right processor-comparison specialist like BestPaymentProviders.co.uk in the UK.
Reputable comparison companies, dedicated to providing an exceptional review of merchant-services providers at the time of writing, can help you come up with the best deal for your financial needs.
The UK’s sanctions office, known as the UK Office of Financial Sanctions Implementation (OFSI), has reported that from April 2019 to March 2020, 140 voluntary disclosures of potential sanctions violations concerning transactions were registered. They accounted for £982 million.
This speaks of a record number of reports. During the same period from 2018 to 2019, there were 99 reports related to payments accounting for more than £262 million.
So, in today’s global economy, the management of sanctions compliance deploying real-time watch list screening is an extremely important issue. To provide stronger bases for growth for your business, work with a true payment professional in the country.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of payment experts like BestPaymentProviders.co.uk. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.