Related Services
Prepaid Card Services
Baird Holm’s team of attorneys and professionals has the depth of knowledge and practical experience to help your business grow and succeed. Our clients call us when they want solid solutions and creative approaches to the many complex issues within the rapidly growing field of prepaid card services.
Payments Practice
Baird Holm counsels issuers and acquirers in legal matters surrounding the distribution and use of credit and debit cards. In the past ten years, the field has broadened to include a new realm of prepaid card products.
- Gift cards
- Incentive cards
- Payroll cards
- Employee benefit cards (FSA/HSA/MSA)
- Corporate/travel cards
- Rewards cards
- Remittance cards
- Consumer reloadable cards
- Teen cards
We represent financial institutions on all aspects of electronic financial services, including: federal and state regulatory compliance; contracting with vendors, service providers, marketing partners, independent service organizations, recharge networks, and cardholders; and compliance with rules and regulations of the card networks and the National Automated Clearing House Association.
Money Service Business Compliance
We act as counsel to a wide variety of non-bank financial institutions, commonly referred to as money service businesses (MSB). We assist MSB clients in a range of issues, including:
- Registration and licensing compliance on both state and federal levels
- Developing regulatory compliance programs, including Bank Secrecy Act/anti-money laundering and OFAC, recordkeeping and reporting, privacy and security, unclaimed property and consumer protection legislation
- Contracting with service providers and their agents
Anti-Money laundering Compliance
We work closely with you to analyze your company’s money laundering risks. Once those risks are identified, we help you develop and implement appropriate anti-money laundering solutions and documenting policies, procedures and controls in written compliance programs. We also provide guidance and counsel to AML compliance staff on specific anti-money laundering issues related to all types of prepaid card programs.