Protecting our clients

At Moneycorp, we deeply understand the significance of entrusting your funds to others. With over 40 years of history, we've earned a reputation as a trustworthy and reliable international payments provider.

Protecting our clients

Protecting your Funds

Pursuant to our regulatory obligations in each of the jurisdictions in which we are licenced, Moneycorp complies with all applicable laws and regulatory standards relating to the proper segregation of client funds. If anything were to happen to Moneycorp, client funds would automatically be held in trust for the benefit of our clients. In addition to two banks, Moneycorp has 60 Payment Institutions and Money Remittance licences. Our obligations ensure your money is protected.

2-Factor Authentication

2FA is a security process that requires users to provide two different authentication factors before gaining access to their accounts. It typically combines something the user knows (like a password) with something they possess (like a mobile device) or something unique to the user (like a fingerprint or facial recognition). This added step significantly reduces the likelihood of unauthorised access, enhancing the overall security posture of accounts.


Importance of 2-Factor Authentication in Financial Transactions

In the financial sphere, where sensitive information and transactions abound, 2FA plays a crucial role in mitigating potential risks. It acts as a formidable barrier against unauthorised access, ensuring that only authorised individuals can access and manage their accounts. This added layer of security bolsters confidence in the safety of financial interactions, protecting against various cyber threats such as phishing attacks or password breaches.


Moneycorp's Implementation of 2-Factor Authentication

At Moneycorp, we prioritise the implementation of advanced security measures, and 2FA is an integral part of our security framework. Our clients benefit from the added security layer provided by 2FA, ensuring that their accounts remain protected against unauthorised access. By requiring an additional form of authentication beyond passwords, we enhance the security posture of our clients' accounts, providing peace of mind in every transaction.


Empowering Clients with Enhanced Security

We are committed to empowering our clients by offering them advanced security features such as 2FA. Through education and support, we ensure that our clients understand the significance of 2FA in protecting their accounts. By providing easy-to-follow guidance on setting up and using 2FA, we enable our clients to take proactive steps in securing their financial information.

Anti-Money Laundering and Anti-Terrorist Financing

AML and ATF refer to the comprehensive frameworks and protocols designed to prevent and detect illegal financial activities. Money laundering involves disguising the origins of illicit funds to make them appear legitimate, while terrorist financing channels funds to support unlawful activities. AML and ATF measures are essential in identifying and preventing these illegal activities and ensuring the integrity of financial transactions.


Importance of AML and ATF Measures in Financial Security

In the realm of finance, the implementation of robust AML and ATF measures is crucial. These measures help mitigate the risks associated with criminal activities, safeguarding the financial system's integrity and protecting both financial institutions and their clients. By actively monitoring transactions and conducting due diligence, financial entities can prevent the exploitation of their services for illicit purposes.


Moneycorp's Commitment to AML and ATF Measures

At Moneycorp, compliance with AML and ATF regulations is non-negotiable. We have established a comprehensive framework incorporating sophisticated monitoring systems and stringent due diligence processes. This proactive approach enables us to identify suspicious activities, prevent potential money laundering, and block transactions associated with terrorist financing, thereby safeguarding our clients and upholding the integrity of the financial system.


Empowering Clients through Compliance and Security

We prioritise transparency and compliance, ensuring that our clients understand the significance of AML and ATF measures in protecting their financial interests. By maintaining a robust compliance framework, we empower our clients with the knowledge that their transactions are conducted within a secure environment, free from the risks posed by illicit financial activities.

Safeguarding Confidentiality: Data Protection and Encryption

Data protection involves the implementation of measures to secure sensitive information from unauthorised access, use, or disclosure. Encryption, a crucial aspect of data protection, involves encoding information in a way that makes it unintelligible to unauthorised individuals, ensuring that even if intercepted, the data remains inaccessible without the proper decryption key.


Significance of Data Protection and Encryption in Financial Security

In the financial sector, where vast amounts of sensitive data are exchanged daily, data protection and encryption play a pivotal role in maintaining confidentiality and preventing unauthorised access. These measures safeguard sensitive financial information, such as personal details and transaction records, reducing the risk of data breaches, identity theft, and unauthorised use.


Moneycorp's Robust Data Protection Measures

At Moneycorp, we employ state-of-the-art encryption technologies to secure our clients' information throughout every interaction. Our commitment to data protection extends across all aspects of our services, from secure online transactions to the storage and transmission of sensitive data. By adhering to stringent data protection protocols, we ensure that our clients' information remains confidential and protected against potential cyber threats.


Empowering Clients through Secure Practices

We understand the importance of empowering our clients with the knowledge of data protection best practices. Through education and guidance, we equip our clients with the tools and understanding necessary to ensure the security of their data. By providing resources and support on secure data handling, we aim to foster a collaborative effort in maintaining the confidentiality of sensitive information.


2-Factor Authentication

What is Two-Factor Authentication (2FA)?

Two-Factor Authentication (2FA) is a security process that adds an extra layer of protection by requiring users to provide two different forms of identification or verification before granting access to an account or system.


How does Two-Factor Authentication enhance security?

2FA enhances security by requiring not only something a user knows (like a password) but also something they possess (such as a smartphone or hardware token). This dual verification process significantly reduces the risk of unauthorised access.


What are the typical methods used in Two-Factor Authentication?

Common methods of 2FA include receiving a unique code via SMS, email, or authenticator apps; using biometric authentication (fingerprint or facial recognition); or employing hardware tokens that generate one-time codes.


Is Two-Factor Authentication more secure than Single-Factor Authentication?

Yes, Two-Factor Authentication is generally considered more secure than Single-Factor Authentication (SFA). 2FA adds an additional layer of security, making it harder for unauthorised users to access an account, even if they obtain the password.


How do I set up Two-Factor Authentication for my accounts?

Most platforms or services offer the option to enable 2FA in their account security settings. Once activated, you typically need to link your account to a secondary verification method, such as a mobile authenticator app or phone number.


Can Two-Factor Authentication be bypassed or compromised?

While 2FA significantly enhances security, it's not completely immune to threats. In some cases, sophisticated attackers might attempt SIM swapping, phishing attacks, or social engineering to bypass 2FA. However, 2FA remains a highly effective security measure.


What should I do if I lose access to my Two-Factor Authentication device?

To prevent being locked out of your account, it's recommended to set up backup verification methods in advance, such as backup codes provided by the service or platform. Additionally, some services offer account recovery procedures for such situations.


Are there situations where Two-Factor Authentication might not be available or recommended?

Certain legacy systems or less advanced platforms might not support 2FA. However, for accounts dealing with sensitive information or financial transactions, enabling 2FA is generally recommended for enhanced security.


How often should I update or change my Two-Factor Authentication settings?

Regularly reviewing and updating 2FA settings, including changing linked devices or updating verification methods, is advisable, especially if there are concerns about compromised devices or security breaches.


Where can I find more information on setting up and managing Two-Factor Authentication?

For detailed instructions and guidance on enabling, setting up, or managing Two-Factor Authentication for specific platforms or services, refer to the account security settings or help documentation provided by the service provider.

Anti-Money Laundering and Anti-Terrorist Financing

What is Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF)?

AML involves a set of laws, regulations, and procedures designed to prevent the illegal generation of income and disguising the origins of illegally obtained money. ATF aims to prevent funds from being used for terrorist activities or organisations.


Why are AML and ATF measures essential in the financial sector?

AML and ATF measures are crucial for detecting and preventing illicit financial activities that could potentially fund criminal or terrorist activities. These measures help maintain the integrity of financial systems and protect against misuse or exploitation for unlawful purposes.


How does Moneycorp ensure compliance with AML and ATF regulations?

Moneycorp is committed to strict compliance with AML and ATF regulations. We have established comprehensive protocols, robust monitoring systems, and stringent due diligence procedures to detect and prevent any suspicious financial activities.


What are some common indicators of potential money laundering or terrorist financing activities?

Indicators might include unusual transactions, large cash deposits or withdrawals without clear explanations, frequent international transactions, or attempts to avoid identity verification procedures. Moneycorp actively monitors for such activities to prevent illicit financial transactions.


How does Moneycorp assess and mitigate risks associated with AML and ATF?

We conduct thorough risk assessments and ongoing monitoring to identify and mitigate potential risks associated with money laundering and terrorist financing. Our proactive approach enables us to take preventive measures and report suspicious activities as required by regulations.


Can AML and ATF regulations impact regular financial transactions or account operations?

While stringent AML and ATF measures are in place, they are designed to prevent illicit activities without disrupting legitimate financial transactions. Compliance with these regulations aims to maintain transparency and integrity in financial operations.


What role do customers play in supporting AML and ATF measures?

Customers play a crucial role in supporting AML and ATF efforts by providing accurate and verifiable information when conducting financial transactions. Compliance with identity verification and reporting any suspicious activities is vital in combating financial crimes.


How does Moneycorp ensure customer data privacy while complying with AML and ATF regulations?

Protecting customer data privacy is a priority. Moneycorp adheres to strict data protection and confidentiality protocols while complying with AML and ATF regulations. Our measures ensure that sensitive customer information remains secure and is used only for legitimate purposes.


Are there penalties for non-compliance with AML and ATF regulations?

Non-compliance with AML and ATF regulations can result in severe penalties, including fines, legal actions, or loss of licenses. Moneycorp is committed to maintaining compliance to prevent such consequences and uphold the highest standards of regulatory adherence.


Where can I find more information about Moneycorp's AML and ATF policies?

For detailed information about Moneycorp's AML and ATF policies and procedures, please refer to our official documentation available on our website or contact our customer support for further assistance.

Safeguarding Confidentiality: Data Protection and Encryption

What is Data Protection and Encryption?

Data protection involves safeguarding sensitive information from unauthorised access, use, or disclosure. Encryption is a method used to encode data, rendering it unreadable without the appropriate decryption key.


Why is Data Protection and Encryption important?

Data Protection and Encryption are crucial in maintaining the confidentiality and integrity of sensitive information. Encryption ensures that even if data is intercepted, it remains inaccessible and unreadable without the decryption key, reducing the risk of unauthorised access.


How does Moneycorp ensure the security of my personal and financial data?

At Moneycorp, we prioritise data security by employing advanced encryption techniques. We use robust encryption algorithms to protect your personal and financial information, ensuring it remains confidential and secure.


What measures does Moneycorp take to protect against data breaches or unauthorised access?

We implement stringent data protection protocols and security measures to prevent data breaches and unauthorised access. Continuous monitoring, regular security audits, and adherence to industry best practices are integral components of our data security framework.


Is my data secure when conducting transactions or accessing services through Moneycorp?

Yes, your data remains secure when transacting or using our services. We employ end-to-end encryption to safeguard information during transactions, ensuring that sensitive data is protected from interception or unauthorised access.


How is customer confidentiality maintained while complying with data protection laws?

Maintaining customer confidentiality is paramount. Moneycorp complies with data protection laws and regulations while ensuring that customer information is used only for legitimate purposes and remains secure and confidential at all times.


Can I access or modify my data stored with Moneycorp?

Yes, subject to applicable data protection regulations, you may have rights to access or modify your data. Moneycorp ensures transparency and provides mechanisms for customers to access and manage their data as per legal requirements.


How often are encryption methods updated or improved by Moneycorp?

We continuously assess and update our encryption methods to align with evolving technological advancements and security standards. Regular updates and enhancements to encryption algorithms help maintain robust protection for customer data.


How does Moneycorp prevent data loss or unauthorised sharing of sensitive information?

We implement strict access controls and data loss prevention measures to prevent unauthorised sharing or accidental loss of sensitive information. These measures help mitigate risks and maintain the confidentiality of customer data.


Where can I find more information about Moneycorp's data protection and encryption practices?

For detailed information regarding Moneycorp's data protection and encryption practices, please refer to our privacy policy or security documentation available on our official website. Additionally, our customer support team can assist with specific inquiries.