Anti-Money Laundering

Meaning of Money Laundering

Money laundering is the process by which, criminals attempt to legitimise the source of their funds (often, but not exclusively, in the form of large quantities of cash) and change the form of the proceeds, to render it more readily usable. The basic money laundering process has three steps:

 

Placement

This is the placing of the bulk cash proceeds. At this stage, the launderer inserts the dirty money into a legitimate financial institution.

 

Layering

This involves hiding the proceeds from their criminal origin by “layers” of transactions. Layering involves sending the money through various financial transactions to change its form and make it difficult to follow.

 

Integration

Devising a legitimate explanation for the proceeds. At the integration stage, the money re-enters the mainstream economy in legitimate-looking form it appears to come from a legal transaction. This may involve a final bank transfer into the account of a local business in which the launderer is "investing" in exchange for a cut of the profits.

 

Criminal property is the benefit of any crime, in whole or any part, whether direct or indirect. It does not matter who committed the crime or who benefited or when the crime took place. These offences may be punishable on conviction by up to 14 years imprisonment and/or a fine.


Get Paid Payroll has many processes to detect such placement and we reserve our right to informant respective government agencies without first notifying the Sender of our suspicion or actions. If we have reasonable doubt about legitimacy of any transaction this is highlighted to our Compliance Team who then monitors the whole process of transmitting with Get Paid Payroll. We shall solicit external assistance including bring our suspicion to the attention of government agencies.

 

Money Laundering Regulations 2019 requires the regulated sector to have certain systems in place and at a minimum:

  • Get Paid Payroll keeps records and trends of all activities and all our agents have been advised to inform our Compliance Team about any suspicious transaction(s).

  • Get Paid Payroll has developed systems to meet our obligations and we risk profile all activities using appropriate risk-based methodology proportionate with our concerns.

  • Get Paid Payroll complies with enacted acts and practices thereby ensuring that our processes are not compromised and such acts includes Money Laundering Control Act in UK.

 

Get Paid Payroll does not allow money transfer or deposit intended for terrorist acts, gaming and gambling, and other fraudulent activities on its platform. Our processes have been deliberately designed to highlight signs of any illegal activities and such instances we would seek advice from respective Governmental organisations.

 

Whereby we have reasonable doubt about legitimacy of a transaction, we reserve our rights not to inform you as engaging in any illegal acts implies you have waived all your rights to personal data protection and privileges afforded you under our privacy policy is considered breached together with our terms and conditions. We reserve every right to refuse to undertake any transaction without providing you with an explanation as well as information Governmental monitoring agencies if doing so safeguard Get Paid Payroll operations for greater good of our Users.