PhonepayPlus Industry Liaison Panel publishes ‘Due Diligence’ checklist
October 6th, 2008 Posted in PhonepayPlusHere is a recent news item published by PhonepayPlus:
PhonepayPlus today published ‘Due Diligence Best Practice’, a document which provides practical help for Network Operators in fulfilling their due diligence responsibilities under the PhonepayPlus Code of Practice.
It has been developed by the PhonepayPlus Industry Liaison Panel (ILP), and complements PhonepayPlus’ existing Help Note on performing due diligence. It provides a generic template which Network Operators can use to collect the minimum information required to satisfy the due diligence obligation.
The 11th Edition of the Code of Practice introduced new due diligence requirements on Network Operators intended to ensure a higher level of compliance by the service providers with which they contract. These requirements have proved to be very successful in ensuring that PhonepayPlus can take quick and targeted action against the right parties.
A number of Network Operators have been found in breach of these requirements and have, as a result, been subject to fines and ordered to bring into line their procedures. This welcome and important work by the ILP will help Network Operators ensure they are compliant with regulation and represents a significant step forward for collaborative working between industry and regulator.
