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A merchant has a chargeback rate of 0.

A merchant has a chargeback rate of 0.03% on average daily sales of $200,000. After switching to a new merchant acquirer that is a bank, the merchant sees the rate increase to 0.05% or $10,000. The merchant’s analysis reveals that the bank maintains its data warehouse in another country where the system network is routinely hacked. What act or standard is being violated?

A.

Bank Secrecy Act

B.

Foreign Corrupt Practices Act

C.

Money Laundering Control Act

D.

Payment Card Industry Data Security Standard

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