Protecting our clients

‘Relevant funds’ are defined in the Payment Services Regulations 2017 as:

• Sums received from, or for the benefit of, a payment service user for the execution of a payment transaction

• Sums received from a payment service provider for the execution of a payment transaction on behalf of a payment service user. 

An Authorised Payment Institution (API) is regulated by the Financial Conduct Authority (FCA) in the UK for the provision of payment services and subject to the safeguarding obligations of the Payment Services Regulations 2017 and relevant guidance provided by the FCA.

Unlike with the FSCS, which provides compensation up to £85,000, all relevant funds are protected by safeguarding.

So, in the unlikely event that Moneycorp goes out of business, all relevant funds that have been safeguarded in accordance with the Payment Services Regulations (minus administrative costs applied by the insolvency practitioner) will be returned to you as part of the insolvency process. No third-party creditors will have access to these funds.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.