Moorwand launches suite of payments compliance services

Moorwand has announced the launch of its suite of new payments compliance services. The suite aims to improve the financial crime systems and controls for Moorwand clients.

Luc Gueriane, Moorwand CCO

Moorwand, a payments solutions provider, offering BIN sponsorship and issuing services, today announced the launch of its suite of payments compliance services. The suite aims to improve the financial crime systems and controls for Moorwand clients whilst reducing the administrative burden and improving operational efficiencies. 

From anti-money laundering (AML) to Know Your Customer regulations financial service providers need to comply with a growing number of increasingly complex and stringent requirements around payments. In 2021 non-compliance with AML regulations grew to $5.35bn globally (Fenergo, 2022). This has prompted the systemic overhaul of AML/CFT regimes by policy makers. In the UK the HMT has called for evidence on the UK’s regime while the European Commission recently proposed a new Anti-Money Laundering Authority to address the scale of the issue. 

This ever-changing compliance landscape is creating more complexity at a time of increased scrutiny for firms. In response, Moorwand’s suite of compliance services ensures financial service providers better understand the compliance environment they operate under and mitigate any risks well in advance. Services are focused on reducing risk for providers across money laundering, terrorism financing, fraud (including APP) and other financial crimes. 

Moorwand’s suite of compliance services includes: 

– Policies and procedures drafting 

– End user onboarding services – either full end-to-end or bespoke

– End user screening for PEPS, sanctions and adverse media

– Dedicated onboarding resources for manual reviews

– Transaction monitoring system for Digital Banking

– Transaction monitoring assistance for issuing programmes

– Training for Programme Manager staff

Firms can mix and scale the suite of services to meet their specific compliance needs and even have Moorwand manage the entire function on their behalf. 

“The payments space has witnessed exponential growth in the last decade and there’s no signs of it slowing down. The strong growth has also meant unprecedented enforcement actions, particularly over the pandemic, as regulators seek to combat bad actors. The resulting complexity and scrutiny means the importance of compliance cannot be understated,” said Vicki Gladstone, CEO of Moorwand. “Our deep legal and payments expertise ensure our clients are compliant today, whilst we help them to anticipate the next wave of regulations they’ll need to comply with tomorrow. Moorwand’s suite of compliance services distils this expertise and know-how into products and tools that give our clients the very best risk management capabilities on the market.” 

Moorwand’s compliance suite includes services that may only be used on a one-off basis, and others that may be added or changed based on the requirements of the financial service provider. 

To learn more about the services offered by Moorwand, please visit this link

Relevant posts

DeVere Group taps Moorwand to issue its multi-currency card Vault

Moorwand has today announced that it has been selected by deVere Group to provide issuing services and BIN Sponsorship for Vault, its multi-currency Mastercard, across 14 different European markets.

Read more
Issuing tops the list of services fintechs outsource

Moorwand, a payments solution provider, today revealed that issuing tops the list of services that fintechs outsource, with mobile wallets and customer communications coming second and third respectively.

Read more
New Head of Compliance joins Moorwand’s compliance team

Gareth Mahoney has been appointed by Moorwand as its new Head of Compliance. His appointment reflects the importance placed on compliance throughout every part of the business.

Read more