Section 01
Purpose
We Are Care is committed to complying fully with the Money Laundering Regulations 2017, the Proceeds of Crime Act 2002, and relevant anti-terrorism legislation. This policy outlines We Are Care's approach to preventing and detecting money laundering activities to ensure that services are not exploited for illegal purposes.
Section 02
Scope
This policy applies to all employees, contractors, and third-party partners of We Are Care. It covers all interactions with clients, partners, and any individuals or entities involved in financial transactions with We Are Care. Compliance with these regulations is essential to protect We Are Care from being used for money laundering or terrorist financing activities.
Section 03
Legal framework
This policy ensures compliance with the following legislation:
- Money Laundering Regulations 2017
- Proceeds of Crime Act 2002
- Terrorism Act 2000
- Anti-Terrorism, Crime and Security Act 2001
Section 04
Key principles
We Are Care operates under the following principles to prevent money laundering and terrorist financing:
- Know Your Client (KYC): We Are Care must identify and verify the identity of all clients and beneficial owners before entering into a business relationship.
- Due diligence: Ongoing monitoring is required throughout the relationship with all clients to ensure their identity and the nature of their transactions remain consistent with risk assessment.
- Suspicion reporting: We Are Care is legally obligated to report suspicious activities or transactions to the National Crime Agency (NCA) without informing the client (known as "tipping off").
- Training and awareness: All staff must be trained to recognise and report potential money laundering risks and to follow appropriate procedures.
Section 05
Due diligence
We Are Care carries out thorough due diligence on all new and existing clients:
- Verification: We Are Care verifies the identity of clients and any beneficial owners using original documents wherever possible.
- Use of CreditSafe: As part of the verification process, We Are Care utilises the CreditSafe AML checking service to enhance due diligence efforts.
- Documentation: Where insufficient information is provided, We Are Care reserves the right to refuse services to clients or partners until full verification is completed.
Section 06
Ongoing monitoring
Once a client relationship has been established, We Are Care continues to monitor the client's activities:
- Regular updates: Clients may be asked to provide updated documentation or proof of identity periodically.
- Risk assessment: Ongoing reviews are conducted to ensure that the client's transactions align with their initial risk assessment.
- Credit and AML checks: Continuous checks using CreditSafe and other due diligence processes are performed to maintain compliance.
Section 07
Reporting suspicious activity
We Are Care has a legal obligation to report any suspicion or knowledge of money laundering or suspicious transactions:
- Reporting to authorities: Any suspicions must be reported to the National Crime Agency (NCA). All employees are required to report suspicious activities to the designated Money Laundering Reporting Officer (MLRO) within We Are Care.
- Confidentiality: Employees are not permitted to notify or "tip off" clients or third parties that a report has been made. Doing so is a criminal offence under the Proceeds of Crime Act 2002.
Section 08
Confidentiality and reporting obligations
While We Are Care maintains strict confidentiality regarding client information, duties to report to the National Crime Agency take precedence over any confidentiality agreements or obligations:
- Priority of legal obligations: The legal duty to report potential money laundering activities may override the duty to keep certain client details confidential.
- Internal reporting procedures: All reports and suspicious activity alerts must be directed to the designated MLRO, who will assess and report them to the NCA as necessary.
Section 09
Employee training
We Are Care is committed to ensuring that all employees are aware of their obligations under this policy:
- Mandatory training: All employees must complete mandatory anti-money laundering training to ensure they can recognise suspicious activities and follow proper reporting procedures.
- Ongoing awareness: Refresher training will be provided periodically to ensure all staff remain up-to-date with any changes in legislation or internal procedures.
Section 10
Consequences of non-compliance
Failure to comply with this policy can result in severe consequences:
- Legal action: Non-compliance may result in criminal prosecution, fines, or imprisonment.
- Disciplinary action: Employees who fail to adhere to this policy may face disciplinary actions, including termination of employment.