Merchant acquirers are required to select an approved vendor to conduct on-site risk reviews which are either mandated by Visa or proactively chosen by the acquirer to ensure their business processes are sound.
The primary purpose of GARS reviews is to perform an evaluation of a company’s risk profile and the controls utilized to provide oversight to its ISOs and agents.
Some key areas Minerva focuses on during GARS reviews include: risk management and governance within the organisation, merchant onboarding process and policy; merchant agreement standards; merchant application standards; merchant underwriting, customer due diligence (CDD) and Know Your Customer (KYC) procedures, AML/PFT standards, settlement operations, merchant monitoring, training merchant, agent program management for payment facilitators (PF) and payment service providers (PSP), and data security.
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