Compliance Code
This four-digit code classifies businesses by the type of goods or services they provide, ensuring proper risk assessment and adherence to card network rules.
What is an MCC, Merchant Category Code.
This acronym refers to the Mastercard system that tracks terminated merchants to prevent fraud.
**100 Extra points if can say the entire title**
What is MATCH; Members Alert to Control High-Risk.
What does VIRP; the compliance and risk framework designed to protect its payment network from illegal merchant activity, stand for?
What is Visa Integrity Risk Program.
This process verifies a merchant's identity and prevents money laundering.
What is KYC (Know Your Customer).
Daily task to make sure ACH notifications are worked and resolved on time.
What is an ACH Return and Correction Review.
These guidelines allow certain merchant transactions to bypass the full underwriting process, as defined by every ISO.
What are Auto-Approval Guidelines.
This law requires reporting suspicious transactions to prevent financial crimes.
What is AML (Anti-Money Laundering)
Weekly process to track dispute volumes and review documentation.
What is a Chargeback Review.
Giact Report, Voided Check, or a Signed Bank Letter are examples of what?
What are Bank Account Verification for Merchants.
Before any HIRM (High Integrity Risk Merchants) transactions can be processed the Acquirer must register the Merchant with who?
What are Card Brands.
This illegal practice occurs when a merchant processes transactions for another business through their own account.
What is Transaction Laundering.
Risk merchants face if they don't have a refund policy?
What are Excessive Charge Backs.
The bank determines the level of reputational and financial risk within a line of business to identify merchant types as what?
What are Restricted and Prohibited Transactions.
Monthly task to make sure merchant bank reserves align with their TSYS balances?
What is to Balance ISO Reserves.
With what business type can we make an exception for credit reporting while underwriting an account?
What are Non-Profit Organization.