Anti Money Laundering
What is money laundering?
Money Laundering is the process by which criminally obtained money or other assets (criminal property) are exchanged for "clean" money or other assets with no obvious link to their criminal origins. It also covers money, however obtained, which is used to fund terrorism. Money Laundering can take many forms including:
- Handling the proceeds of crimes (e.g. cash) generated by such activities as theft,
drug smuggling, fraud and tax evasion - Being knowingly involved in any way with criminal or terrorist property
- Entering into arrangements to facilitate laundering criminal or terrorist property
- Investing the proceeds of crime (e.g. cash) in another financial product
(e.g. a money transfer) - Investing the proceeds of crime into the acquisition of property/assets
How it affects Us:
As a Money Services Business (MSB), We are registered with and regulated by HM Revenue & Customs under Money Laundering Regulations. Our staff are fully trained with Anti-Money Laundering guidelines and are aware of their responsibilities in the monitoring and reporting of any actions that raise suspicion or give cause for concern. We view Money Laundering as a serious criminal offence, and as such, comply with regulatory requirements intended to forestall and prevent money laundering. These include:
- Confirming the identity of our customers
- Retaining transaction and identification records for a minimum period of 5 years
- Training our staff in terms of anti-money laundering regulations
- Appointing a nominated officer responsible for monitoring and reporting any
and all suspicious activitiesto the relevant authorities
How it affects you:
For all transactions over £800 at a time or in total for 30 calendar days we will require identification, one of which must include a photo ID. Please see Required Documents.
