First published: September 9, 2024
Last updated: September 9, 2024
At SimplePro, we are committed to maintaining the highest standards of integrity and compliance in all our operations. Our risk appetite statement outlines our approach to managing risks associated with financial crime, ensuring that we protect our customers, stakeholders, and the broader financial system while upholding our ethical and regulatory obligations.
SimplePro adopts a proactive and vigilant approach to financial crime risk management. We have zero tolerance for activities that compromise the security, integrity, or reputation of our platform. This includes any involvement in or facilitation of money laundering, terrorist financing, fraud, bribery, corruption, tax evasion, and sanctions violations, or other illicit activities. Our commitment is to operate within a robust framework that prioritises the safety and security of our customers and their transactions.
Zero tolerance to financial crime risk. SimplePro will not engage in or tolerate any form of financial crime. This includes money laundering, terrorist financing, fraud, bribery, corruption, tax evasion, and sanctions violations. We will cease operations with any individual, entity, or jurisdiction that presents an unacceptable level of financial crime risk beyond our control mechanisms.
Customer and transaction due diligence. We apply stringent Know Your Customer, Know Your Transaction and Enhanced Due Diligence processes, particularly for high-risk customers and transactions. SimplePro is committed to thoroughly vetting all customers and business relationships to prevent financial crime.
Risk-based approach. Our risk assessment processes are tailored to the specific risks posed by different customers, products, and jurisdictions. We adjust our due diligence measures accordingly to ensure appropriate levels of scrutiny and control.
Selective engagement. SimplePro is selective in the products and services it offers, avoiding those that may present heightened risks of financial crime. We do not engage in business relationships involving high-risk sectors such as arms, defence, and military activities, or transactions with jurisdictions subject to international sanctions. Additionally, the services offered on our platform do not constitute a general offer or open invitation to the public. SimplePro reserves the right to determine which customers we engage with and may refuse service at our discretion, without the obligation to provide any explanation.
Geographical risk. Transactions involving high-risk jurisdictions are subject to enhanced monitoring and due diligence. SimplePro avoids engaging in business with countries or regions known for weak regulatory frameworks, high levels of corruption, or associations with terrorist financing activities.
Operational risk. SimplePro is committed to maintaining a controlled operational environment that supports effective risk management. We regularly review and update our policies, procedures, and systems to ensure they are effective in mitigating financial crime risks.
Regular assessments. SimplePro conducts regular risk assessments to identify, evaluate, and manage potential risks associated with financial crime. These assessments are integrated into our day-to-day operations and strategic decision-making processes.
Continuous improvement. We are committed to continuously improving our risk management framework. This includes staying up-to-date with regulatory changes, adopting best practices, and leveraging advanced technologies to enhance our ability to detect and prevent financial crime.
Effective oversight. The SimplePro Board of Directors plays an active role in overseeing our risk management activities. The Board is responsible for setting the risk appetite, approving policies, and ensuring that appropriate resources are allocated to manage financial crime risks effectively. SimplePro employs the Three Lines of Defence model to manage risks comprehensively. Regular reporting and ongoing training ensure that all levels of the organisation are informed and equipped to handle financial crime risks in alignment with our risk appetite.
We are committed to regularly reviewing and updating this risk appetite statement to reflect changes in our business environment, ensuring that it continues to guide our operations in a responsible and sustainable manner.