Tag Archives: Regulations

FInance, News

Moorwand launches suite of payments compliance services

London, UK, 17th February 2022 – 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: https://www.moorwand.com/solutions/payments-compliance-services/.

Law, News, Property

Landlords advised to be aware of new Broadband Legislation

Conexus Law, the specialist advisory firm that provides legal and commercial advice to clients who work in sectors where the built environment, technology, engineering and people converge, is advising landlords to be aware of forthcoming legislation designed to assist in the Government’s commitment to the roll out of faster more resilient broadband across the UK by 2025.

The Telecommunications Infrastructure (Leasehold Property) Bill 2019-21 is set to amend the 2017 Electronic Communications Code, to streamline the process by which network operators may gain access to multi-let residential properties. It is hoped this will help to deal with the particular problem of the landlord who is unresponsive to requests to allow access, something that is recognised as a major obstacle to meeting the Government’s target.

Emma Cordiner at Conexus Law said: “Though it is difficult to argue against the motivation for the bill, some private landlords may see it as bordering on the draconian. However, timely responsiveness and collaboration by landlords should avoid forceful operator action, so now (as ever) would be the time for all landlords to adopt good habits and pay closer attention to any operator requests for access to install infrastructure.

“At this stage, landlords need to have the bill on their radars, and in spite of the bill, might do well to plan the implementation of broadband infrastructure policies for their buildings, with one eye on a forthcoming need to be more responsive to operator requests. Ultimately a well-managed property with the best of broadband capability will only ever be an attractive prospect to tenants.”