Introductory BSA AML Examiner School Manual Palm Springs 2019

Prepaid Access

Prepaid Cards:

• Open Loop System

• Closed Loop System

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Prepaid Cards

Open Loop System: • Used for purchases at any merchant that accepts cards issued for use on the payment network associated with the card • Access cash at any ATM that connects to the affiliated ATM network • Examples include payroll cards, general purpose reloadable cards and certain gift cards

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