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Moorwand launches a suite of payments compliance services

By Joy Dumasia

February 18, 2022

  • AML
  • BIN
  • Europe
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Moorwand, a payments solutions provider offering BIN sponsorship and issuing services, 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 $5.35 billion globally (Fenergo, 2022). This has prompted the systemic overhaul of AML/CFT regimes by policymakers. 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. 

 Vicki Gladstone, CEO of Moorwand, said: “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. 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.”

IBS Intelligence recently reported that Moorwand, a BIN sponsor and issuer that transforms compliance into an enabler of innovation, has been selected by OneFor, a digital wallet and money transfer and payments solution for the remittance market.

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