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.