The Anatomy of Money Laundering Risks Associated with the PSP Industry & How to Mitigate Them

Updated: May 13, 2020

The payment industry has seen explosive growth in recent years. The advent of card-less payment has increased the need for technology and reduced the demand for cash. Over the past 10 years this need has been heavily filled by Payment Service Providers (PSPs).

The payment industry is a multi-trillion dollar business and has shown consistent growth over the past 15 years, with experts predicting growth of a further trillion dollars over the next three years.

In recent years and with the huge increase in mobile technology and other growth industries such as iGaming, the PSP market has turned into a truly global industry.

With all this growth underpinning a financial system there is always going to be a risk. When there are risks there are opportunities for criminals who will find ways to exploit the system for financial gain - this has resulted in money laundering being one of the biggest concerns for the PSP industry.

Over the course of the next two weeks we will be exploring the money laundering risks within the PSP industry and ways which these risks can be mitigated.

On the 21st of May we will be publishing our whitepaper The Anatomy of Money Laundering Risks Associated with PSPs & iGaming and How to Mitigate Them.