Anti-modern slavery reporting (UK) 2023

Introduction

This statement is published in compliance with the U.K. Modern Slavery Act 2015 (the “Act”). It describes the steps Nuvei Corporation, together with its subsidiaries Nuvei Limited, Nuvei Global Services B.V., and Nuvei (UK) Limited (collectively, “Nuvei”), has put in place to mitigate modern slavery in its business and supply chains. The Act requires large commercial organizations that carry on business in the U.K. to publish a statement setting out the steps the organization has taken during the financial year to ensure that modern slavery is not taking place in any of its supply chains, and in any part of its own business. For the purposes of this statement, modern slavery includes, but is not limited to, forced or compulsory labour, slavery, servitude, child labour or human trafficking, or acts committed with the intent of any of the foregoing.

At Nuvei, we are committed to practicing business responsibly and ethically as we work to reach our goal of creating bigger and better payment opportunities for all. We have a zero-tolerance approach regarding modern slavery.

Our Business and Structure

Nuvei Corporation (Nasdaq: NVEI) (TSX: NVEI) is incorporated pursuant to the Canada Business Corporations Act. Our corporate headquarters, which includes product development, sales, marketing, and business operations, is located in Montreal, Québec. We have 20 offices around the globe and, as at December 31, 2023, we employed 2,202 employees throughout North America, Latin America, Europe, Middle East and Africa (MEA), and Asia Pacific. We generated revenues of US$1,189.9 million in our financial year ending December 31, 2023.  Additional information with respect to our legal corporate structure can be found in our Annual Information Form for the fiscal year ended December 31, 2023 on www.sedarplus.ca.  

We are a global payment company providing payment technology and solutions to businesses across North America, Europe, Asia Pacific, MEA, and Latin America. Nuvei’s proprietary modular platform enables customers to pay or accept payments worldwide regardless of their customers’ location, device or preferred payment method. Our solutions span the entire payments stack and include a fully integrated payments engine with global processing capabilities, a turnkey solution for frictionless payment experiences, and a broad suite of data-driven business intelligence tools and risk management services. Through a single integration, we connect our customers with their customers in more than 200 markets worldwide, with local acquiring in 50 of those markets. With support for 680 alternate payment methods (APMs), and 150 currencies, our customers can capture every payment opportunity that comes their way.

We distribute products and technology through three channels: (i) Global Commerce, (ii) B2B, Government and independent software vendors (ISVs), and (iii) small-and-medium sized businesses (SMBs). Our approach to distribution is designed to enable us to efficiently market our payments and technology solutions at scale and is customized by both region and vertical to optimize sales.

Our Supply Chains and Due Diligence Process

The majority of Nuvei’s vendors are based in North America and Europe. Nuvei does not manufacture goods or handle raw materials. As a technology-based company, we consider our supply chains to be low-risk with respect to modern slavery.

Nonetheless, it remains important for us to assess the risk of modern slavery that may exist within our supply chains. Our vendors generally provide services such as consulting, professional advisory services, information technology (IT) hardware and software services, and in some cases, they may provide office equipment and office space.

As part of our commitment to fight against modern slavery, we have implemented a due diligence process for our important vendors, which includes vendors in high-risk industries and geographies. This process aims to flag vendors whose supply chains are at risk of exposure to modern slavery and to identify the processes and policies our vendors have in place to avoid and reduce modern slavery risks. At Nuvei, we expect that our vendors respect human rights standards and mitigate modern slavery within their businesses and supply chains.

Current important vendors are subject to the completion of a due diligence questionnaire. This questionnaire covers key factors useful in identifying modern slavery risks, such as the vendor’s structure, activities, geography, policies, compliance with national labour laws and regulations, and supply chains. In addition, Nuvei vendor agreements contain provisions that require our vendors to comply with all applicable laws and regulations.

Risk Assessment

At Nuvei, we are committed to working with vendors to address issues related to labour relations and working conditions in their supply chains. We stay up to date on the sectors and the geographies that pose a particular risk of modern slavery to identify these risks and take the appropriate measures to mitigate these risks. If our due diligence process establishes that modern slavery risk exists, a subsequent risk assessment is conducted to determine if risk mitigation steps, remediation steps and/or steps to terminate the relationship should be taken.

Our Policies

Nuvei has a Code of Ethics in place that is a testament to the high ethical standards that lay at the foundation of our business. We emphasize honesty, professional responsibility, and compliance with the standards and regulations governing our business activity. Since we believe that these values are important at all levels of decision-making, the Code of Ethics applies to all our personnel, which includes employees, managers, officers, and directors. It also extends to our vendors who are expected to act in alignment with our values and high ethical standards. This Code covers a large scope of activities and topics, including harassment, discrimination, and health and safety in the workplace.

Nuvei has also adopted a Global Anti-Discrimination and Human Rights Policy in the Workplace which demonstrates our commitment to operating our business free of discrimination and that promotes the respect of fundamental human rights. This Policy expressly sets out our zero-tolerance approach to modern slavery and establishes the expectation that our vendors comply with applicable laws and regulations relating to modern slavery. The Policy also applies to all of Nuvei’s employees, directors, agents, representatives, partners, and advisors. Violations under this Policy constitute violations of Nuvei’s Code of Ethics.  

Nuvei also maintains a Whistleblower Policy that provides a procedure for Nuvei personnel to report good faith concerns or complaints pertaining to any known or suspected improper practices, questionable acts, misconduct, violations of law or any other violations of Nuvei’s Code of Ethics without fear of retaliation, harassment or an adverse employment consequence. If Nuvei personnel wish to report an incident anonymously, they are encouraged to do so through the confidential third-party hotline.  

At Nuvei, we remain committed to the fight against modern slavery and continuously review our policies and due diligence processes to adhere to human rights standards.

Philip Fayer

Founder, Chair of the Board of Directors and Chief Executive Officer

Nuvei Corporation

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May 2024

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To download Nuvei’s Modern Slavery UK Annual Statement FY2023, click here.

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This statement is made pursuant to section 54(1) of the U.K. Modern Slavery Act 2015 and constitutes Nuvei’s slavery and human trafficking statement for the Nuvei companies listed above for the financial year ended December 31, 2023.

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