Money Laundering

Published on in Foreign Exchange News by

Anti-Money Laundering Statement

Money laundering is the process by which criminally obtained money or other assets are exchanged for “clean” money with no obvious link to its criminal origin. By preventing money laundering, the movement of funds derived from criminal activities will be inhibited. This will in turn, restrict the availability of funds used for terrorist activities. Compare Money Transfer views Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering.

This is why we check to see if all our service providers include the following:

  • Confirming the identity of our clients
  • Retaining transaction and identification records for a minimum period of five years
  • Training staff in terms of anti-money laundering regulations
  • Appointing a nominated officer responsible for monitoring and reporting any and all suspicious activities to the relevant authorities

Also individual service providers have the following obligations. Reserve the right to refuse a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity. Will be obliged to report this suspicious activity and in line with regulations, is prohibited from disclosing this to the client. By providing them with false identification or contact details, they will deem this a misuse their service and are legally bound to report such misdemeanours to the relevant authorities, and as such you may be the subject of a criminal investigation. They will NOT do business with anyone suspected of, or directly involved in Money Laundering, or where funds have been sourced by any illegal activity.

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