1. Our Commitment
Credvanta Recovery Group Limited (“Credvanta”) is committed to conducting its business ethically, lawfully and responsibly.
We maintain a zero-tolerance approach towards:
- Money laundering;
- Terrorist financing;
- Fraud;
- Bribery and corruption;
- Tax evasion;
- Financial crime;
- Sanctions breaches; and
- Any other unlawful activity.
We are committed to maintaining appropriate systems, controls and procedures designed to protect our Clients, Debtors, business partners and our business from misuse.
2. Our Business
Credvanta provides commercial business-to-business (B2B) debt recovery services only.
We act solely as the authorised commercial debt recovery and collection agent of our Clients.
We do not purchase debts, become the legal owner of debts or undertake consumer debt recovery activities.
3. Regulatory Status
Credvanta undertakes commercial business-to-business debt recovery activities only.
Credvanta does not undertake any regulated activity and is not authorised or regulated by the Financial Conduct Authority (FCA).
Our payment collection and reconciliation arrangements form part of our commercial debt recovery services and are carried out under contractual authority granted by our Clients.
4. Client Due Diligence
Before accepting instructions, Credvanta may undertake appropriate due diligence and verification procedures designed to confirm that prospective Clients are legitimate commercial businesses.
Depending on the circumstances, this may include:
- Companies House verification;
- Director verification;
- Business verification;
- Commercial credit assessments;
- Identity verification where appropriate;
- Sanctions screening;
- Fraud prevention checks; and
- Other risk-based verification procedures.
Where appropriate, additional due diligence may be undertaken before accepting or continuing instructions.
5. Fraud Prevention
Credvanta is committed to preventing fraud and protecting the integrity of the commercial debt recovery process.
We may undertake appropriate verification procedures in relation to instructed debts, payment requests, settlement instructions and supporting documentation.
Where concerns arise, we may request additional information, delay processing, suspend activity or decline to act.
We reserve the right to refuse or terminate our services where we reasonably believe there is a risk of fraud, financial crime or other unlawful activity.
6. Sanctions Compliance
Where appropriate, Credvanta may undertake sanctions screening and other compliance checks as part of our risk-based approach to financial crime prevention.
Where sanctions concerns arise, Credvanta reserves the right to suspend activity, refuse instructions or take any other action considered appropriate in accordance with applicable legal obligations.
7. Payment Collection & Client Money
Where authorised by our Clients, Credvanta receives debtor payments as part of its commercial debt recovery services.
Recovered monies are received solely in our capacity as the Client’s authorised commercial debt recovery and collection agent.
Recovered monies are administered through Credvanta’s Client Money Account and are subject to appropriate accounting, reconciliation and payment verification procedures.
Unless otherwise agreed in writing, recovered monies are ordinarily reconciled on a weekly basis. Following reconciliation, Credvanta issues a Reconciliation Statement comprising a Credit Note and VAT Invoice before remitting the Net Recovery to the Client in accordance with its contractual arrangements.
8. Financial Crime Reporting
Credvanta encourages anyone who becomes aware of suspected fraud, financial crime, attempted misuse of our services or other unlawful activity to notify us as soon as reasonably practicable.
Reports will be considered appropriately and, where necessary, may be referred to law enforcement agencies or other competent authorities in accordance with applicable legal obligations.
9. Staff Awareness
Credvanta is committed to maintaining appropriate staff awareness of financial crime risks.
Employees and representatives receive appropriate guidance and training relevant to their roles to assist in identifying and responding to potential indicators of fraud, money laundering, sanctions breaches and other financial crime.
10. Co-operation With Authorities
Where legally required, Credvanta will co-operate with law enforcement agencies, courts, regulators and other competent authorities.
Nothing within this Statement prevents Credvanta from taking any action required to comply with applicable law or to protect its Clients, business partners or the wider public interest.
11. Further Information
This Statement provides a general overview of Credvanta’s approach to financial crime prevention.
It does not form part of any contract and should be read alongside our:
- Terms & Conditions;
- Service Agreement;
- Data Protection & Privacy Policy;
- Debtor Privacy Notice;
- Unregulated Activity Statement; and
- Other applicable policies published by Credvanta.
Credvanta maintains internal policies, procedures and operational controls relating to Anti-Money Laundering, fraud prevention, payment processing, Client Money administration and sanctions compliance. These internal documents are confidential and are not publicly disclosed.
Contact
Credvanta Recovery Group Limited
Suite 2/3
48 West George Street
Glasgow
G2 1BP
Telephone: 0800 975 7066
Email: Legal@credvanta.co.uk
Credvanta Recovery Group Limited (Company No. 17251971) undertakes commercial business-to-business (B2B) debt recovery activity only. Credvanta does not undertake regulated consumer debt collection activity and is not authorised or regulated by the Financial Conduct Authority (FCA).