The Prepaid Press - March 15, 2008 - (Page 22)

PAYMENTS March 15 · 2008 - 22 NBPCA Offers Tips to Fight Money Laundering Practices to Reduce Risk for Prepaid Cards Published MONTVALE, NJ (February 22, 2008) The Net- that monitor financial crime. work Branded Prepaid Card Association (NB“Recommended Practices for Anti-Money PCA) has released “Recommended Practices Laundering Compliance for U.S.-based Prepaid for Anti-Money Laundering Compliance for Card Programs,” is a practical guide to setting U.S.-based Prepaid Card Programs,” a paper that up, implementing and auditing a compliance provides recommendations to support compli- program, covering: ance with the U.S. Bank Secrecy Act (BSA) antimoney laundering (AML) program requirements. 1 How to conduct a risk assessment. The paper, written for all network branded pre- 2 How to establish a set of internal controls to paid card industry participants, offers recomachieve compliance with AML program remendations on implementing internal controls, quirements of the BSA. managing third parties, and reducing risks as- 3 Federal reporting requirements and red flags sociated with money laundering. to look for with respect to suspicious activity. The paper is the result of eleven months of 4 Adopting and implementing programs to comwork by the NBPCA AML Task Force, which ply with know your customer requirements. drew on the extensive experience of the NBPCA 5 Reducing risk when working with non-fimembership, including card brands, financial nancial institutions, third-party agents and institutions, issuers, program managers, law processors. firms, distributors and processors. The NBPCA, 6 How to implement independent compliance a non-profit network branded prepaid card testing. trade organization, issued the paper to assist the 7 Training program guidelines for key industry in reducing the risk that prepaid cards personnel. can be used for money laundering, financial crime or other illegal activities, such as terrorist The paper is available to anyone in the prepaid financing. card industry, and can be downloaded from the “Prepaid cards are already less vulnerable to il- NBPCA website at www.nbpca.com. licit activity than other forms of payment such “The NBPCA encourages practices that reduce as cash or checks,” said Terry Maher, Partner, the opportunities for prepaid cards to be used Baird Holm LLP and Chair of the NBPCA AML in illicit activities. We support national and Task Force. “But, the recommended practices in international efforts to combat money launthis document provide a roadmap to risk reduc- dering, terrorist financing and financial crime,” tion that will further safeguard prepaid cards.” said Anil D. Aggarwal, NBPCA Chairman of the Maher said that the recommended practices are Board. “We are committed to helping our mema must-have for all businesses that sell, market, bers and all prepaid card industry participants issue or fund prepaid card programs. comply with such laws and regulations. This NBPCA said that it will maintain an open industry-created guide serves as a blueprint in dialogue with federal, state and local regulatory that pursuit.” and law enforcement officials to ensure the paper addresses their questions and concerns. The Source: Network Prepaid Branded Card paper highlights risks that were identified in Association (www.nbpca.com) discussions between the industry and agencies Hypercom Responds to Ingenico Inquiry Thales Acquisition a Potential Stumbling Block PHOENIX, AZ (February 11, 2008) Norman Stout, Chairman of Hypercom Corporation (NYSE: HYC), has issued a brief statement on behalf of Hypercom’s Board of Directors regarding Ingenico’s inquiry concerning the potential acquisition of the Hypercom. “Our Board has always considered any and all credible offers for our Company,” said Stout, “both to maximize shareholder value and as part of our fiduciary responsibility. Accordingly, we have opened discussions with Ingenico to more fully determine their ability to promptly make a credible, firm and fully financed offer, with certainty of closing, as well as to determine the complete terms of their proposal.” Stout said that he intended to conduct these discussions “outside of the public arena,” and arrive at an informed conclusion. He said that he would announce the results of the discussions as expeditiously as possible. Stout also said that Hypercom would move forward with the acquisition of the eTransactions business of Thales S.A. Stout said he believes the transaction has a high certainty of closing and will generate significant shareholder value. Ingenico announced on February 5th that it had sent a letter to the board of directors of Hypercom Corporation offering to acquire all of the outstanding shares of Hypercom for $6.25 per share in cash. Philippe Lazare, Chief Executive Officer of Ingenico, said, “We believe our offer provides a compelling value proposition for the Hypercom shareholders. Unfortunately, even though we have provided the company with evidence of our ability to finance the transaction and requested customary due diligence, Hypercom has been uncooperative with regards to a reasonable path forward.” Lazare said they are prepared to move quickly to execute on a transaction, but would not interested in proceeding if Hypercom consummates its proposed acquisition of Thales. “We believe that a transaction between Ingenico and Hypercom would create significant value for the shareholders of both companies and urge the Hypercom board of directors to consider it carefully,” Lazare said. Source: Hypercom Corporation (www.hypercom.com) Ingenico (www.ingenico.com) 20th Annual CARD FORUM AND EXPO REGISTER NOW AS WE ARE REACHING CAPACITY! Expanding the boundaries of the payments landscape April 6-8, 2008 Doral Golf Resort & Spa Miami, FL The most comprehensive card event boasts 6 tracks, 800 industry professionals, 80 plus exhibitors and over 60 of the sharpest minds in the industry speaking. The only thing missing is you Keynote Speakers TUESDAY, APRIL 8, 2008 8:15 a.m. - 9:00 a.m. The Wachovia Story: Taking Advantage of the Expanding Payments Landscape SUNDAY APRIL 6, 2008 5:00 p.m. - 6:00 p.m. Call to Action: Deﬁning your Role in the New Cards and Payments Ecosystem MONDAY, APRIL 7, 2008 9:00 a.m. - 9:45 a.m. Driving Development of a Cashless Society through Timothy H. Murphy President, Insight, Process and Innovation U.S. Region, MASTERCARD WORLDWIDE Steven G. Boehm President of Card Services, WACHOVIA David Evans Founder, MARKET PLATFORM DYNAMICS MONDAY, APRIL 7, 2008 8:15 a.m. - 9:00 a.m. Know your Customer Terry O’Neil Executive Vice President, CITI CARDS Harit Talwar Executive Vice President, DISCOVER NETWORK TUESDAY, APRIL 8, 2008 9:00 a.m. - 9:45 a.m. Innovation and Big Trends in Prepaid www.sourcemediaconferences.com/CFE08 | 800.803.3424 | 212.803.6093 CFE08_SPEAKERS_Ad5x8.indd 1 2/29/08 1:45:27 PM http://www.nbpca.com http://www.nbpca.com http://www.hypercom.com http://www.ingenico.com http://www.payzone.biz http://www.sourcemediaconferences.com/CFE08 http://www.sourcemediaconferences.com/CFE08 http://www.payzone.biz

Table of Contents Feed for the Digital Edition of The Prepaid Press - March 2008

The Prepaid Press - March 2008 tppEXPO’08 Slated for August 19-21 AT&T Strikes Back Contents The Retske Report: Net Neutrality 5 Minutes With Terry Maher, NBPCA Counsel Regulatory Rundown: FCC Enforcements Prepaid Wireless Roundup Prepaid Wireless in Brief tppEXPO’08 Spotlight BlackBerry Prepaid Option to be Offered Virgin Mobile USA Ringbacks Growing The Splitting of a Titan The State of Prepaid Technology: Part II – The Other Prepaid Calling Spot Rates Calling Cards in Brief IVR and Stratus to Offer SIP Platform PhoenixSoft Completes Integrated IP Transcoding The Legal Line Web Streamlines Bill Pay & Prepaid Distribution Travelex Debuts New Foreign Currency Packs TSYS and Telrock to Provide Mobile Solutions Payments in Brief NBPCA Offers Tips to Fight Money Laundering Hypercom Responds to Ingenico Inquiry Kiosks Change the Face of Prepaid Prepaid 101: Prepaid Wireless Coinstar to Expand Centers in Wal-Mart Locations Meta and MoneyGram Partner NRF Battles Retail Crime Retail Focus in Brief Our Advertisers Contact Us

The Prepaid Press - March 2008

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.