What Fiserv, Inc. told the SEC could break it.

Fiserv's payment, money-transmitter, and prepaid-access businesses are subject to anti-money-laundering laws (Bank Secrecy Act / FinCEN), OFAC economic and trade sanctions, and FCPA anti-bribery laws, requiring AML programs and exposing it to enforcement actions for violations.

“We are subject to anti-money laundering laws and regulations, including the U.S. Bank Secrecy Act (“BSA”). Among other things, the BSA requires money services businesses, such as money transmitters, issuers of money orders and official checks, and providers of prepaid access, to develop and implement anti-money laundering programs.”

Potential tariffs or trade wars could increase the cost of Fiserv's products (e.g., Clover/POS hardware and computer equipment), hurting product competitiveness and financial results, with risk of retaliatory tariffs by other governments.

“Potential tariffs or trade wars could increase the cost of our products, which could adversely impact the competitiveness of our products and our financial results. The U.S. has imposed tariffs, and may impose new or increased tariffs, on certain imports from other countries, which may lead to retaliatory tariffs imposed by other governments.”

Fiserv's Latin America settlement-anticipation operations carry high local borrowing costs (Argentina ~51.6% rate) and hyperinflation exposure; remeasurement of monetary assets/liabilities in highly inflationary economies including Argentina produced $158M of FX losses in 2025 (vs. $98M in 2024).

“The remeasurement of monetary assets and liabilities in highly inflationary economies, including Argentina, resulted in foreign currency exchange losses of $158 million and $98 million during the years ended December 31, 2025 and 2024, respectively.”

Fiserv relies on third parties it does not control — payment card networks, acquiring processors, card issuers, financial institutions, and the ACH network — to transmit transaction data, process chargebacks/refunds, and perform clearing; failure or loss of these services could materially harm its business.

“We rely on third parties we do not control to provide us with products and services, including payment card networks, acquiring processors, payment card issuers, financial institutions and the Automated Clearing House (“ACH”) network which transmit transaction data, process chargebacks and refunds, and perform clearing services in connection with our settlement activities.”