In this insightful article with XBIZ, Cathy Beardsley, CEO of Segpay, delves into the critical issue of adult industry compliance. With increasing regulatory pressure from both government agencies and financial institutions, the risk of facing a “takedown” or operational disruption is higher than ever. Beardsley explains that staying compliant is no longer optional — it’s essential for survival in the adult industry.
Key Points Covered in the Article:
1. Heightened Scrutiny from Financial Institutions and Regulators:
As adult content platforms are more closely monitored, businesses must take proactive measures to ensure that they’re following all legal requirements. Payment processors and banks are now enforcing stricter rules to maintain their own compliance, which directly impacts adult businesses.
2. Evolving Regulatory Landscape:
Laws and regulations are constantly changing, and what was compliant yesterday may not be today. The article emphasizes the need for businesses to stay updated on these changes, especially concerning age verification, content moderation, and banking regulations. Ignoring these updates can lead to hefty fines, platform takedowns, or worse—complete business shutdowns.
3. Tools and Strategies for Remaining Compliant:
Beardsley suggests adopting advanced compliance technologies and hiring compliance professionals to stay on top of legal changes. Monitoring tools that flag potentially risky content before it gets uploaded, as well as regularly auditing business practices, can help mitigate risks and avoid the dreaded “takedown” notices.
4. The Financial Impact of Non-Compliance:
The consequences of non-compliance go beyond legal issues—there’s a financial aspect, too. Learn how fines, chargebacks, and losing banking partnerships can severely impact revenue streams. She encourages businesses to build strong partnerships with compliance-focused payment processors like Segpay to safeguard their financial health.
5. Proactive Compliance as a Competitive Advantage:
While compliance can seem daunting, businesses that adopt a proactive approach can turn it into a competitive advantage. By building a reputation for being compliant and secure, businesses can attract more partners, users, and financial institutions that are wary of working with higher-risk entities.
To dive deeper into the Segpay CEO’s expert advice on staying compliant and safeguarding your business from regulatory pitfalls, read the full article on XBIZ:
