Client Due Diligence (CDD)

Safeguarding partnerships through transparency

Client Due Diligence (CDD) is a crucial step mandated by the Money Laundering Regulations 2017 when establishing a
business relationship. It serves as a foundational process, providing us with comprehensive insights into our clients
and allowing us to effectively manage associated risks, such as the potential exposure of staff to political influence.

Our commitment to compliance

We adhere to legal provisions that prohibit us from offering financial payment services to individuals on the Sanctions List. In cases where connections to Politically Exposed Persons (PEPs) are identified, we conduct additional risk assessments to tailor our monitoring strategies for the relationship appropriately.

Screening protocols

The Money Laundering Regulations explicitly outline our obligation to screen the full names, date of births and residential address’ of the board of directors or equivalent management body, senior persons responsible for operations, and the Super User elected for your Prepaid scheme. Depending on their involvement and access to systems, third parties within the scheme may also undergo screening on a case-by-case basis.

CDD levels: Tailoring to risk

CDD is conducted at one of three levels – Simplified, Standard, and Enhanced – relative to the risk associated with the relationship, the entity, the purpose of the scheme, and the products or services provided. The determination of CDD levels prompts an email containing a link to our system. Here, you confirm essential details like name, company information, nature of business, and relevant registration numbers.

Data requirements for effective CDD

The form also mandates details like the anticipated value and volume of transactions, along with personal information of directors and shareholders holding a stake of 25% or more. For individuals undergoing standard and enhanced due diligence, proof of identity and address is a requisite. This documentation is also indispensable for the designated Prepaid Superuser when completing standard or enhanced due diligence.

Ensuring security and transparency

At each CDD level, our commitment is to ensure the security and transparency of our partnerships. By aligning with regulatory requirements and embracing a risk-based approach, we collectively contribute to a robust and compliant ecosystem.

The allpay prepaid card is issued by allpay Ltd pursuant to license by Mastercard International Incorporated. allpay Ltd is a company regulated by the Financial Conduct Authority (FRN 900539) for the issuance of electronic money. Head office and registered address: Fortis et Fides, Whitestone Business Park, Hereford, HR1 3SE (Company No 02933191). Mastercard is a registered trademark of Mastercard International Incorporated.

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