SpectrumPayment Solutions
All terms
Security & ComplianceAlso: AML

Anti-Money Laundering

The laws, checks, and monitoring designed to stop illicit funds from moving through the payment system. Merchants encounter AML through onboarding checks and ongoing transaction monitoring, especially in higher-risk categories.

Cooperating with AML requirements — accurate business details, expected volume, and clear sources of funds — keeps your account in good standing and avoids sudden holds.

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Related terms

Security & Compliance

Know Your Customer

The verification of a business and its owners' identities during onboarding, required to prevent fraud and money laundering. Complete, accurate KYC documentation is one of the fastest ways to move an application through underwriting.

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Approvals & Underwriting

Underwriting

The review process a provider uses to decide whether to approve a merchant and on what terms. Underwriters assess the business model, documentation, processing history, and risk exposure to set approval, pricing, limits, and any reserve requirements.

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Security & Compliance

Beneficial Owner

An individual who ultimately owns or controls a meaningful share of a business, whom providers must identify during onboarding. Disclosing beneficial owners accurately is a standard KYC step that prevents delays and later account issues.

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