Cashsend recognizes the importance of preventing money laundering and terrorism financing and is committed to the highest standards of Anti-Money Laundering. Money laundering describes the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have been derived from legitimate sources. Such offences are defined under the Proceeds of Crime Act 2002 as the following 'prohibited acts':
- Concealing, disguising, converting, transferring or removing criminal property from the UK
- Becoming involved in an arrangement which an individual knows or suspects facilitates the acquisition, retention, use or control of criminal property by or on behalf of another person
- Acquiring, using or possessing criminal property
- Doing something that might prejudice an investigation e.g. falsifying a document
- Failure to disclose one of the offences listed above, where there are reasonable grounds for knowledge or suspicion
Cashsend, headquartered in the United Kingdom, is subject to applicable legislation designed to prevent AML/CTF. This legislation includes the Money Laundering Regulations 2007 ('the Regulation') and the Terrorism Act 2000 (amended by the Anti-Terrorism, Crime and Security Act 2001).
To fulfil this commitment, Cashsend establishes internal policies and procedures; subsidiaries may have additional local policies and procedures designed to comply with local legislation in the jurisdictions in which they operate.
This Policy establishes standards which every employee, contractor and business partner of Cashsend should observe.
This Policy is aimed to prevent any company or individual from using Cashsend for money laundering or terrorist financing activities.
2. Our Policy
The main requirements of the legislation are:
1) To appoint a money laundering reporting officer
2) Maintain client identification procedures in certain circumstances
3) Implement a procedure to enable the reporting of suspicions of money laundering
4) Maintain record keeping procedures.
2.1 Customer Due Diligence
To prevent AML/CTF, Cashsend will implement processes and procedures to conduct appropriate customer due diligence, identifying the customer and verifying the customer's identity on the basis of the following "Know Your Customer" principles:
- Customer provided documentation (Verification Checking); and/or
- Information on the customer obtained from reliable and independent sources
Cashsend will classify its customers based on a risk level in its applicable line of business processes and procedures.
Identifying the potential risk will help to effectively manage these risks, implementing controls to mitigate the identified risk, if any.
Cashsend will not do business with the following segments of customers:
- Persons included in any official lists of sanctions, in line with the Cashsend Sanctions Policy;
- Persons indicating possible involvement in criminal activities, based on available information about them;
- Persons with businesses in which the legitimacy of activity or source of funds can't be reasonably verified;
- Persons refusing to provide the required information or documentation; or
- Entities whose shareholder/control structure cannot be determined.
2.4 Record Keeping
Customer documentation can either be submitted in physical or electronic form. An appropriate record of the received documentation, steps taken and copies of, or reference to, the documentation of the customer must be kept. The company will keep records of the client details in order to comply with the regulations. These will include the clients personal details, the copies of identification documents and any correspondence between the company and the client including any suspicious transactions attempted. Records will be kept for five years beginning on either:
- The date a business relationship ends.
- The date a transaction is completed.
2.5 Designation of Money Laundering Reporting Officer
Cashsend will designate a Money Laundering Reporting Officer and The MLRO will be responsible for:
- Considering internal reports of money laundering;
- Reporting suspicions of money laundering to the responsible authorities; and
- Acting as key liaison with the money laundering authorities.
The MLRO will also be responsible for:
- Training the business and its employees on money laundering;
- Advising on proceed after a report of suspicion on money laundering has been raised; and
- Designing and implementing AML/CTF processes and procedures.
3. Reporting Suspicious Activity
Cashsend expects that, if any employee, contractor or business partner becomes aware of any suspicion or knowledge of possible AML/CTF activity, this is reported without undue delay to the MLRO.
This can either be done contacting directly the MLRO, mailbox: firstname.lastname@example.org.
A report on suspicious activity should contain, at least, the following information, which will be confirmed by the MLRO:
- Full details of the people involved
- Full details of the nature of their/your involvement.
- The types of money laundering activity involved
- The dates of such activities
- Whether the transactions have happened, are ongoing or are imminent
- Where they took place
- How they were undertaken
- The (likely) amount of money/assets involved
- Why, exactly, you are suspicious.
- Any possible involvement of Cashsend.
Along with any other available information to enable the MLRO to make a sound judgment as to whether there are reasonable grounds for knowledge or suspicion of money laundering and to enable him to prepare his report to the National Crime Agency (NCA), where appropriate. You should also enclose copies of any relevant supporting documentation.
If you are concerned that your involvement in the transaction would amount to a prohibited act under sections 327 – 329 of the Act, then your report must include all relevant details, as you will need consent from the NCA, via the MLRO, to take any further part in the transaction - this is the case even if the client gives instructions for the matter to proceed before such consent is given. You should therefore make it clear in the report if such consent is required and clarify whether there are any deadlines for giving such consent e.g. a completion date or court deadline.
The MLRO may make reasonable enquiries within Cashsend to confirm these suspicions or obtain additional information to confirm these suspicions.
After this assessment, the MLRO will determine whether or not it is necessary to file an official report to the responsible money laundering authority.
Details of internal reports will be held by the MLRO separately, excluded from customer files, to avoid inadvertent or inappropriate disclosure.
Cashsend has a high commitment to compliance and all employees and contractors are required to complete mandatory compliance training, including provisions on anti-money laundering, on an annual basis.
Job-specific and comprehensive anti-money laundering training should be provided to the relevant employees to help recognize and deal with transactions which may lead to money laundering or terrorist financing.