**Worldline SA Engages External Firms to Restore Trust Amid Fraud Allegations**
Worldline SA has enlisted the help of external firms to scrutinize its portfolio of high-risk clients as the payments company aims to rebuild trust following serious media allegations of negligence regarding fraud. The audit will be conducted by Accuracy, as stated in a recent company announcement. Additionally, Worldline is collaborating with Oliver Wyman to assess its control systems, with the law firm Paul Hastings LLP leading both evaluations. The company anticipates releasing initial findings from this comprehensive review alongside its earnings report later this month, with a goal of identifying potential weaknesses and areas for enhancement by the end of October.
In the statement, Worldline emphasized its commitment to operational integrity, stating, “In such cases, necessary action plans will be executed to ensure optimal operational integrity.” The company’s top management and board of directors are dedicated to adhering to strict regulatory compliance and risk prevention standards.
Last week, a coordinated investigation by several media outlets, facilitated by the European Investigative Collaborations, revealed that Worldline allegedly ignored regulatory warnings and continued to engage with high-risk clients, including those in the adult entertainment and online dating sectors. This news led to a significant drop in the company’s share price, reducing its market value from a peak of approximately €24 billion ($28.1 billion) four years ago to below €1 billion.
Worldline’s CEO, Pierre-Antoine Vacheron, has described the media reports as a coordinated attack on the company and is contemplating legal action. Following these developments, the Brussels Public Prosecutor’s Office has initiated an investigation into Worldline’s Belgian operations, while Sweden’s Financial Supervisory Authority has summoned the company for a meeting. The internal review will be overseen by a special committee of the board, along with Vacheron.
In summary, Worldline is taking significant steps to address the recent allegations and restore its reputation in the payments industry.
**FAQ**
**What actions is Worldline taking in response to fraud allegations?**
Worldline is conducting an audit of its high-risk clients with the help of external firms and reviewing its control systems to identify weaknesses and improve compliance.
