Anti Fraud Policy

Purpose

The purpose of this Anti-Fraud Policy is to outline the measures, responsibilities, and actions adopted by Safehands Ltd. to prevent, detect, investigate, and report fraudulent activities. Safehands Ltd. is committed to abiding by all Financial Services Commission (FSC) regulations and standards. This policy applies to all employees, contractors, agents, and stakeholders associated with Safehands Ltd.

Scope

This policy applies to all operations, transactions, and interactions conducted by Safehands Ltd., including but not limited to:

Claims processing
Underwriting
Underwriters must conduct risk assessments prior to taking a new client.
Sales and marketing
Vendor and third-party relationships

Definition of Fraud

Fraud is any intentional act or omission designed to deceive others, resulting in a financial or other benefit for the perpetrator and/or a loss to another party. Fraudulent activities include, but are not limited to:

Submitting false, exaggerated, or duplicate insurance claims.
Misrepresentation of material facts during insurance applications or policy renewals.
Forgery, alteration, or falsification of documents or records.
Unauthorized access to or misuse of company systems, resources, or customer data.
Collusion with internal or external parties to commit fraud or conceal fraudulent activities.
Engaging in kickbacks, bribery, or corrupt practices to gain improper advantages.

Fraud may also include actions that contravene FSC regulations and standards, damaging the integrity and reputation of Safehands Ltd. and the industry as a whole.

Policy Statement

Safehands Ltd. is committed to maintaining the highest standards of integrity and accountability. Fraudulent activity undermines trust, damages the company’s reputation, and jeopardizes the well-being of our clients. To this end, Safehands Ltd. will:

Maintain robust internal controls to detect and prevent fraudulent activities.
Provide training and resources to employees to recognize and address potential fraud.
Encourage a culture of transparency and accountability.
Take immediate and appropriate action against individuals involved in fraudulent activities.

Responsibilities

Employees

Report suspected fraudulent activities to management.
Adhere to company policies, procedures, and ethical guidelines.
Participate in fraud prevention and detection training programs.

Management

Implement and maintain effective anti-fraud controls.
Foster an ethical culture that discourages fraudulent behavior.
Ensure that all reports of suspected fraud are promptly investigated.

Fraud Prevention Measures

Training and Awareness

Distribute educational materials and updates on common fraud schemes and trends.
Ensure employees are aware of FSC regulations and fraud detection/prevention controls in place.

Internal Controls

Implement checks and balances across all operations.
Ensure that staff maintain strong auditable records to prevent fraud.

Whistleblower Protection

Provide a secure and anonymous reporting channel for employees and stakeholders.
Ensure that individuals who report suspected fraud are protected from retaliation.

Investigation Procedures

All reports of suspected fraud will be treated seriously and confidentially.
Management will initiate a preliminary review to determine the validity of the allegation.
If warranted, a full investigation will be conducted in collaboration with legal counsel and relevant authorities, including FSC.
The findings of the investigation will be documented, and appropriate actions, including disciplinary measures or legal proceedings, will be taken

Reporting Fraud Any individual who suspects fraudulent activity should report their concerns immediately through the following channels:

Email: admin@safehandsltd.net
In-person: Director of Safehands Ltd.

Consequences of Fraud

Internal Staff:

Individuals found guilty of committing fraud will face disciplinary action, which may include termination of employment, civil litigation, and/or criminal prosecution. Safehands Ltd. reserves the right to recover any financial losses incurred due to fraudulent activities.

Clients:

External clients showing evidence of fraud will be immediately reported to the FSC and legal authorities.

Policy Review This policy will be reviewed and updated as necessary to ensure its effectiveness in addressing and mitigating fraud risks.

Approval This Anti-Fraud Policy has been approved by Aneesh Toolsee (Director) on 6-Jan-25.