Webshield has launched a new solution to enable organisations to comply with Mastercard rules concerning cryptocurrency merchants.
The new regulatory monitoring solutions is designed for acquiring banks and payments services providers.
Mastercard’s new on-boarding and monitoring requirements for cryptocurrency merchants is means acquirers need to procure a legal opinion from a “reputable law firm located in each country where cryptocurrency activity will occur or be offered to cardholders”.
This brings with it a number of challenges including high expenses, especially for merchants operating internationally, legal documents that have to be frequently updated, and last but not least, the research effort to identify reputable international law firms all around the globe.
Webshield’s new Regulatory Monitoring claims to address each of these problems by offering access to a legal library that encapsulates the legal frameworks of all relevant jurisdictions concerning cryptocurrencies. This database is managed by its partner law firm , WLAW Wołoszański& Partners Law Firm who assesses the legality of the most common business models employed by cryptocurrency merchants, depending on the jurisdiction.
It equips the payments industry with tools that protect businesses from merchants involved in illegal or non-compliant activities.
Headquartered in Leipzig, Webshield’s mission is to help acquiring banks, payment service providers and other actors in the payments space to protect themselves from bad actors involved in illegal or non-compliant activities.
The company provides merchant underwriting and monitoring solutions, serving 100+ global Merchant acquirers, PSPs, PFs and ISOs. Its Web Shield Due Diligence Suite combines more than eight services into one Risk Management platform.
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