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Regulatory & Compliance :
InfoSpan’s Stored Value Card Technology provides regulators with real time
information on exactly who the customer is, the source of the funds and
where and to whom their money is being transferred. Whilst ‘ownership’ of
the customer does lie with the Banks, there is a detailed KYC which Infospan
also retains for each customer. The platform is also able to flag suspicious
or out-of-the-ordinary transactions.
InfoSpan’s Stored Value Technology is under active consideration by the UAE
Ministry of Labor to be implemented as a solution for banks, employers and
expatriate workers to be able to comply with the government decree going
into effect January 1, 2008 requiring all expatriate employees pays to be
deposited in a bank.
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