This might be a cross-over between stackoverflow and money.stackexchange but I am wondering about the rules and regs of setting up a Pre-Authorized Direct Debit (PAD) through an online form.
Say I already have a payment processing provider that handles the actual transactions through a code library for me. (I'm a programmer so will be writing this myself)
What would be the minimum legally required information a form would have to support to authorize such a payment?
By this I mean for example: They fill out their banking information, name, address etc for the PAD, and then what else? Do they need specific terms & conditions, do I need disclaimer text? Does all the info need to be stored in the DB for Anti-Money Laundering purposes, and does it need to be authorized with an electronic signature (or just a checkbox)?
Please feel free to close as off-topic if it's too much of a cross-over with programming. However the topic should have some relevance as all PADs online or offline need regulatory oversight.