1 week Ago
Worldline, which has a Dutch arm in the form of Global Collect Services, offers online and in-store payment services like Dutch rival Adyen and Swedish firm Klarna.
Financial regulations require companies to screen and block clients who are involved in illegal or suspicious activity.
Yet Worldline disregarded fraud warning signs on multiple occasions, according to NRC. In another instance, Global Collect Services entered into a partnership with an Indian company with a record of bogus virus pop-ups and heavy-handed software sales — several years after Adyen had cut the company over the very same issues.
RegulatorCited Weak Oversight
Dutch Central Bank (DNB) started investigating Global Collect Services in 2022 and allegedly found that its client screening was insufficient. DNB declined to comment further, but the revelations cast serious doubt on Worldline’s compliance practices over several years.
Worldline said that it has since revamped its internal safeguards, especially from 2023 onwards, and that it has severed ties with clients who were not complying. “Recent reports show our fraud rate is lower than in the industry,” the company said.
Nonetheless, the investigation has left a long shadow on one of Europe’s largest payment processors, revealing systemic failures of monitoring, and a willingness to place profit over legal obligations.
