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Compliance

GOVERNANCE

All activity across the Worldclearing’s network is centrally reported and reviewed by management operationally. Real-time reporting across our products and territories builds accurate and transparent profiles of our partners and feeds into our risk management and compliance structures. Each regional office remains subject to both local requirements and our international governance structure, located centrally.

LICENSED SERVICES

  • A  Services enabling cash placement on a payment account
  • B  Services enabling cash withdrawals from a payment account
  • C  Execution of payment transactions (not covered by a credit line)
  • D  Execution of payment transactions (covered by a credit line)
  • E  Issuing payment instruments or acquiring payment transactions
  • F  Money remittance
  • G  Execution of payment transactions via telecoms, IT system or network operator
  • H  Issuing Electronic Money

RISK MANAGEMENT

Worldclearing employs industry-leading risk management procedures that underpin the operation of our transaction network. Each transaction is monitored from the originator to the ultimate beneficiary to guarantee the integrity of every payment. Worldclearing can use both innovative ‘big data’ tools, as well as standard systems such as PEP and World-Check for suspicious activity reporting. It means that Worldclearing’s internal security protocols match the rigorous standards you find with the SWIFT system. Detailed profiling and background checks of every partner are combined with specialist reporting systems and activity monitoring in real time to create a secure and comprehensive approach to risk management.

COMPLIANCE

Worldclearing is registered with the UK Financial Conduct Authority (FCA) with registration number 900630. The FCA aims to make sure that financial markets work well so that consumers get a fair deal. This means ensuring that:

  • the financial industry is run with integrity
  • firms provide consumers with appropriate products and services
  • consumers can trust that firms have their best interests at heart

All customers and transactions in Worldclearing are vetted through multiple, internationally recognised procedures, including

  • Know Your Customer (KYC)
  • Anti-Money Laundering (AML)
  • Counter Terrorist Funding (CTF)
  • Politically Exposed Persons Lists (PEPs)

Worldclearing adheres strictly to current EU legislation and safety precautions regarding Anti-Money Laundering and Terrorist Financing, as implemented under UK and EU law.

FRAUD DETECTION

Transferring money on behalf of our customers is about trust and reliable technology. This is why Worldclearing has established adequate and sufficient measures in order to be able to detect fraud. Transaction patterns are analysed in real-time based on a unique big-data approach, where every dimension of a transfer – including true originator and ultimate beneficiary – are mapped against known fraud patterns. Such pattern recognition methods supported by a robust technology infrastructure offers a comprehensive approach to fraud detection and supporting compliance.

All our systems, transfers, transactions and infrastructure are protected via full-stack firewalls, antivirus programs, two-factor authentication and ongoing penetration testing. In addition we conduct passive as well as active monitoring of all network traffic, stringent password policies and training of employees, etc., to avoid unauthorized access to Worldclearing systems.



Worldclearing Limited is a United Kingdom company.  Main Office: 24th Floor The Shard, 32 London Bridge Street, LONDON SE1 9SG, UNITED KINGDOM. Registered office Address: S1b Abbey Mannor Business Centre, Preston Road, Yeovil, Somerset, BA20 2EN, UNITED KINGDOM.

Worldclearing Limited is authorized and regulated by the Financial Conduct Authority (FCA) as an agent of Prepaid Financial Services Limited.

Registration number at Financial Conduct Authority in United Kingdom 900630.

Swiftcode: WOREGB21

Mastercard and the Mastercard Brand Mark are registered trademarks of Mastercard International Incorporated. Visa is a registered trademark of Visa International.

The WORLDCLEARING Prepaid Mastercards are issued by Prepaid Financial Services Limited pursuant to a license from Mastercard International Incorporated.