Anti Money Laundering & Terrorism Financing Policy & Risk Assessment

St Wanas is committed to preventing money laundering and the financing of terrorism by implementing robust Anti-Money Laundering and Counter-Terrorism Financing policies and procedures. This policy outlines the guidelines and responsibilities for all employees, volunteers, and stakeholders involved in the charity’s operations to ensure compliance with relevant laws and regulations.

  1. Risk Assessment:

1.1. St Wanas Conduct a comprehensive risk assessment to identify and evaluate the potential money laundering and terrorism financing risks specific to the charity’s activities, beneficiaries, and funding sources.

1.2. Review the risk assessment regularly and update it as necessary to reflect changes in the charity’s operations or external risk factors.

  1. Know Your Donors/Beneficiaries:

2.1. St Wanas have established robust due diligence procedures to verify the identity and legitimacy of donors, including individuals, corporations, and foundations.

2.2. St Wanas conduct thorough screening and vetting of beneficiaries and recipients of the charity’s funds to ensure they are not involved in illicit activities.  St Wanas maintain accurate and up-to-date records of donor and beneficiary information, including identification documents and supporting documentation.

  1. Transaction Monitoring:

3.1. St wanas monitor financial transactions and report any suspicious transactions promptly to the relevant financial intelligence unit or authorities in accordance with applicable laws and regulations.

  1. Reporting Obligations:

4.1. St Wanas comply with all reporting obligations as mandated by regulations and report any suspicious activity reports or similar reports to the appropriate financial intelligence unit when there are reasonable grounds to suspect money laundering or terrorism financing. While maintain confidentiality and protect the identity of the individuals involved when making such reports.

  1. Staff Training and Awareness:

5.1. ST Wanas provide regular training and awareness programs to all staff members involved in fundraising, financial management, and governance roles. Ensure staff members understand their responsibilities in detecting and reporting suspicious activities.  Educate staff members on the potential risks associated with money laundering and terrorism financing and how to identify red flags.

  1. Record-Keeping:

6.1. St Wanas maintain accurate and up-to-date records of all financial transactions, donor information, and relevant documents for the required period as mandated by applicable laws and regulations.

  1. Compliance Program:

7.1. St Wanas regularly review and update the compliance program to reflect changes in regulations or the charity’s operations.

  1. Reporting and Non-Retaliation:

9.1. St Wanas encourage volunteers, stakeholders to report any suspected cases of money laundering or terrorism financing internally without fear of retaliation.

  1. Policy Review:

10.1. St Wanas regularly review and update policy to ensure ongoing compliance with applicable laws, regulations, and best practices and Communicate any updates or changes to, volunteers, and stakeholders.