Prepaid card programs are under increasing scrutiny by government agencies as well as by card networks. Penalties for failure to conform to rules and regulations are increasing as well. In fact Richard Cordray of the CFPB has stated that actions may be taken not only against companies, but against individuals within those companies. If your company were audited tomorrow, would you be ready?
E&S has worked with companies that have been audited by card networks to remediate deficiencies. We have:
- Performed gap analysis
- Created fraud policies and procedures
- Provided AML documentation and training
- Developed third party oversight policies
We are ready to pitch in and help you prepare for an audit or remediate audit findings.