Payments
Moving money: card processing, money transmission, remittances, wallets and payment infrastructure.
Overview
Payment firms face licensing, safeguarding of customer funds, AML and sanctions, consumer error-resolution rules, and card network standards such as PCI DSS.
Payment businesses are typically licensed as money transmitters, payment institutions or e-money institutions, and must safeguard customer funds, screen for sanctions, monitor for money laundering and resolve errors within set timelines.
Authorities in this glossary active in it include CFPB, State banking departments, EBA, CBUAE, SAMA and CBN. It sits within financial services.
Check the official sources below for legal scope, applicable dates and exceptions. This entry is an explanatory reference, not legal advice.
Why it matters
Regulators increasingly look at activities and outcomes in this space, so obligations follow the business model rather than the label.
Who it affects
Organisations operating in payments, and the vendors who serve them.
Where it sits
Ten linked steps connect where you operate to the proof that you complied.
- 01Jurisdiction
- 02Industry
- 03Activity
- 04Authority
- 05Regulation
- 06Requirement
- 07Guidance
- 08Control
- 09Evidence
- 10Enforcement
Hierarchy
- Part of
- Financial services
Connections
The terms most closely tied to Payments. Select one to open it.
What to do about it
- 1List the activities you actually perform.
- 2Identify the authorities and licences those activities trigger.
- 3Scope your obligation library to the sector and its activities.
- 4Set up controls and evidence for the highest-risk obligations first.
From requirement to evidence.
Tag your organisation with this sector and Regulation Layer scopes the obligation library to it.
Request early access →