NetSpend launches anti-money-laundering system for prepaid cards

NetSpend launches anti-money-laundering system for prepaid cards
Tags: Bank / Credit Union, North America, Other, Prepaid / Stored Value / Gift Card, Security
January 22, 2007

NEW YORK - NetEconomy, provider of financial-crime management and compliance solutions, is providing its ERASE Compliance Manager solution to prepaid-card provider NetSpend Corp.

ERASE is used to detect and report potential money-laundering and fraud.

According to a news release, NetSpend expects to implement ERASE Compliance within the next several months. ERASE will be used by NetSpend to monitor more than 4 million monthly transactions.

"We maintain an aggressive and comprehensive program of risk and compliance management to ensure we fully comply, and exceed wherever possible, all federal, Patriot Act, BSA, and state regulations," said John De Lavis, NetSpend's chief operating.