Temporary Suspension of Remote Deposit Facility
1 April 2019
Members are advised of the temporary suspension of our Remote Deposit Facility as our service providers, Paywise, will be terminating the agreement with NLCB through which the service is currently being accessed over concerns with FIU compliance requirements.
Paywise has given the assurance that they will be seeking an alternative solution to continue the service, however until that has been established we advise members that payments to your WCU accounts will be accepted up to March 31st, 2019 in order to cater for the two (2) day transaction completion period.
Below is a redacted statement received from Paywise on the matter: -
We regret to advise that from April 3, 2019, the NLCB agents will no longer accept Paywise payments. The termination notice was received on Mar 3, 2019.
According to the termination notice from the NLCB network manager, concerns have been raised regarding the use of the NLCB network of agents to accept payments from collection aggregators. These concerns have prompted the network manager to review its anti-money laundering and terrorist financing policies. Based on the review, it was determined that the network manager does not have the resources to conduct adequate oversight of collection aggregators to ensure compliance with anti-money laundering and terrorist financing laws of Trinidad and Tobago. Consequently, the network manager has decided to terminate its agreement with collection aggregators.
Please note that Paywise is registered with the Financial Intelligence Unit (FIU). The FIU is a local body that regulates businesses regarding the adherence to anti-money laundering and terrorist financing laws of Trinidad and Tobago.
We are diligently looking at alternatives to ensure the continuation of the Paywise service. We shall keep you up to date as we seek to have a solution in place in the shortest possible time.