Prepaid cards, promotional gift cards, and gift cards serve as an alternative to traditional bank accounts. State and federal regulators have enacted a number of consumer protection issues and anti-money laundering measures in the prepaid card and stored value market sector, including complexities like gift card expiration laws.
Authorities have targeted stored value vendors through the expansion and enforcement of state unclaimed property, escheat laws, and the enlargement of traditional concepts of nexus for sales and income tax purposes. Additionally, providers of stored value services need to understand the impact of AML and KYC laws on their services.
The CommLaw Group helps participants in the prepaid and stored value industry navigate the complex array of existing and pending statutes impacting their businesses.
Advise and draft policies regarding state unclaimed property and escheat laws
Counsel on applicable state sales tax requirements
Assist Money Services Businesses, pursuant to the Bank Secrecy Act, with compliance and reporting
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