Compliance and Risk Assessment Are Essentials in White Label Programs and Too Often Overlooked, According to Experts at Axiom

Axiom is reminding companies not to ignore compliance when launching white label programs

As a growing number of companies adopt White Label Programs to boost their brands in the ever-growing prepaid card market, experts at Axiom Prepaid Holdings warn that compliance and risk assessment must remain center stage. Axiom is a global provider of prepaid Visa® and Mastercard® products, programs and services. 

“Having the right controls in place to prevent, detect and report money laundering are core to businesses’ reputations and ensuring ethical business practices. They are also the legally mandated responsibilities of those in the financial and banking industries,” said Steven Foster, CEO, Axiom Prepaid Holdings.

The company recently introduced a White Label Program that provides clients the opportunity to customize prepaid cards with their logo to build brand visibility, loyalty and overall goodwill with target audiences. Built into the program are compliance safeguards to ensure that a brand-building program does not become a reputation damaging one.

Axiom’s compliance team consists of experts in the legislative requirements of specific local and international locations. In the United States, its compliance programs are overseen by a Banks Secrecy Act Officer, while in the United Kingdom, that responsibility falls to a Money Laundering Reporting Officer, who reports to the National Crime Agency. Axiom also appoints a designated Principal Compliance Officer to each client’s program, who is responsible for overseeing implementation of regulatory compliance policies and procedures.

“No two organizations have the same risks. Clients’ individual prepaid card applications need to take that into careful account in the products and services they offer, the customers and clients they do business with, and the specific rules and regulations of the places they do business,” Nick Cloonen, Chief Compliance Officer, explained. “Because we have extensive experience in the compliance and risk assessment arena, we are able to ensure that clients do not risk under-compliance, yet do not waste administrative time with over-compliance.”

“White label programs have proven to provide significant return to businesses in added revenue and relationship building with customers, employees and the general public, yet those can quickly go by the wayside if those programs are found to be in violation of regulatory standards,” Foster added. “When done right, the benefits of white labeling are extensive.”

White label programs provide businesses with the opportunity to collect data, analytics and tracking for use in improving customer outreach efforts. Branded cards can be used by businesses to pay commissions and distribute compensation to customers, agents and affiliates, and offer an alternative to traditional corporate payroll programs and investment advisory services. Axiom uses advanced digital tools to ensure its White Card Program experience is seamless for clients. Its operations team handles administration and provides a secure infrastructure for processing, reporting tools and integration of cardholder services to businesses’ existing applications and websites. Standard features of the programs include card-to-card payments, ATM access, direct deposit load, generated statements, 24/7 help, fraud protection, virtual card access and SMS/email alerts.

For more information on Axiom Prepaid Financial LLC and its white label and compliance programs, go to axiompph.com or @axiompph on Facebook.

For media inquiries, contact: Erin Andrews, whitelabel@axiompph.com

Source: Axiom Prepaid Holdings

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Categories: Compliance and Regulations

Tags: Axiom, Axiom white label, branding, compliance, prepaid cards, prepaid white label, risk assessment, white label


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