Payment services and anti-money laundering activities
Published: 7 November 2019
The Anti-Money Laundering Act provides another reason it has become more difficult to deposit cash at bank offices. This Act forces payment service providers to prevent their payment service operations from being abused for money laundering purposes or the financing of terrorism. Payment service providers must therefore know who their customers are, where their money comes from and why they want to make transactions. Inability to provide a valid ID or supply a satisfactory explanation for why a certain service, such as a cash deposit, is being requested will result in the payment service provider being unable to provide the requested service.