Who is required to meet the PCI security standard?
All entities that accept credit or debit card payment, collect, process or store credit card transaction
information, regardless of their transaction volume, are required to meet the PCI standard by June 30,
2005. Failure to comply with the PCI security standard may result in substantial fines or permanent
expulsion from card acceptance programs.
All Acquiring Banks (merchant banks) are also required to have received certified proof of PCI
compliance from merchants with more than 20,000 transactions per year by June 30, 2005. This does
not mean that only merchants with more than 20,000 transactions per year are required to meet the
PCI Security Standard. Acquiring Banks are required to have documented proof of compliance form these
merchants, or be liable to fines themselves. Many banks are lready requiring all merchants,
regardless of transaction volume, to produce this Certification of PCI Compliance.
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