This statement is made pursuant to s.54 of the Modern Slavery Act 2015 and sets out the steps that Prepaid Financial Services Limited (PFS) has taken and is continuing to take to ensure that modern slavery or human trafficking is not taking place within our business or supply chain.
Modern slavery encompasses slavery, servitude, human trafficking and forced labour. Prepaid Financial Services Limited has a zero-tolerance approach to any form of modern slavery. We are committed to acting ethically and with integrity and transparency in all business dealings and to putting effective systems and controls in place to safeguard against any form of modern slavery taking place within the business or our supply chain.
Prepaid Financial Services (PFS) is an e-money payments institution with operations in the UK, Ireland and Malta. We provide market services in the payments industry to our partners including national governments, mobile network operators, banks and blue-chip organisations across Europe. Our service line includes own label and white label e-money solutions, including e-wallets, prepaid cards, and current accounts.
Our High-Risk Areas
We assessed our business to identify high risk areas, and given the location of our offices, the implementation of our recruitment practices and current roles within the business, along with our policies and practices, we would rate the risk of modern slavery within PFS to be low. Nevertheless, we understand the importance of combatting slavery and human trafficking, and fully acknowledge our duty to take steps to prevent the issue.
We operate a number of internal policies to ensure that we are conducting business in an ethical and transparent manner. These include:
Prepaid Financial Services operates a supplier policy and maintains a preferred supplier list. We conduct due diligence on all suppliers before allowing them to become a preferred supplier. This due diligence includes an online search to ensure that particular organisation has never been convicted of offences relating to modern slavery and on-site audits may be carried out which will include a review of working conditions. Our anti-slavery policy forms part of our contract with all suppliers and they are required to confirm that no part of their business operations contradicts this policy.
In addition to the above, as part of our contract with suppliers, we require that they confirm to us that:
We regularly conduct training for our procurement/buying teams so that they understand the signs of modern slavery and what to do if they suspect that it is taking place within our supply chain.
Our Performance Indicators
We will know the effectiveness of the steps that we are taking to ensure that slavery and/or human trafficking is not taking place within our business or supply chain if:
Approval for this statement
This Statement was approved by the Board of Directors on the 3rd October 2017
This statement was last reviewed on 10th April 2019
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