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Pay Link is a digital payment solution that allows businesses and individuals to send and receive payments through a secure, shareable link. This service simplifies transactions by enabling users to generate a unique URL that can be shared via email, text, or social media, facilitating quick and easy payment processing without the need for complex integrations or additional software.
Payment fraud refers to any type of illegal or unauthorized transaction conducted by a cybercriminal or fraudster to steal money or sensitive financial information. This can include activities such as credit card fraud, identity theft, phishing scams, and fraudulent chargebacks.
PISP, or Payment Initiation Service Provider, is a type of financial service that allows third-party providers to initiate payments directly from a user's bank account with their consent. This service is part of the broader framework of Open Banking, which aims to increase competition and innovation in the financial sector by enabling secure and efficient access to banking services.
A Payment Service Provider (PSP) is a third-party company that facilitates online transactions between merchants and customers by providing a secure platform for processing payments. PSPs offer a range of services, including payment gateway integration, fraud detection, and multi-currency support, enabling businesses to accept various payment methods such as credit cards, digital wallets, and bank transfers.
The Payment Services Directive 2 (PSD2) is a European Union regulation that came into effect in January 2018, aimed at enhancing innovation, competition, and security in the financial services sector. It mandates banks to open their payment services and customer data to third-party providers through open APIs, fostering the development of new payment solutions and services.
A Politically Exposed Person (PEP) is an individual who holds or has held a prominent public position, such as a senior government official, high-ranking military officer, or executive in a state-owned enterprise.
Predicate crime refers to a criminal offense that is a component of a larger, more complex crime, often serving as a basis for further criminal activities. For example, in the context of money laundering, a predicate crime could be drug trafficking, fraud, or embezzlement, which generates the illicit funds that are subsequently laundered. Identifying and prosecuting predicate crimes is crucial for dismantling broader criminal enterprises and preventing further illegal activities.
POCA, or Proceeds of Crime Act, is a legislative framework designed to combat money laundering and other financial crimes by allowing authorities to confiscate assets and profits obtained through illegal activities. The act provides law enforcement agencies with the tools to trace, freeze, and seize criminal proceeds, thereby disrupting the financial incentives that drive criminal enterprises.
Proliferation Financing refers to the financial support provided for the development, acquisition, and proliferation of weapons of mass destruction (WMDs) and their delivery systems.
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