Our AML/CTF Policy
It is our policy to take all reasonable steps to identify, prohibit and prevent money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities.
What is Money Laundering?
Money laundering is the process by which money obtained from illegal means is “washed” through a complex series of transactions structured in such a way as to avoid reporting requirements in order for it to appear as though the funds were obtained from a legitimate source for the purpose of financial gain.
What is Terrorist Financing?
Terrorist financing may not necessarily involve the proceeds of criminal conduct. Rather the aim is to conceal the intended use of the funds for criminal purposes i.e. to fund terrorists or terrorist activity.
How does this affect you?
How does Currency Assist identify clients?
In accordance with the “Best Practice Guidelines for Financial Institutions,” Currency Assist has strict policies and procedures in place to identify its clients and to combat money laundering and terrorist financing. The procedures in place include:
- • Verify the client’s identity by means of identification documentation or by electronic means
• Monitoring and reviewing client accounts
• Reporting suspicious transactions, false identification documents or personal details
• Retaining Client data for 5 years after the relationship ends
• Training staff on our Anti-Money Laundering and Counter Terrorist Financing policies and requirements
Currency Assist reserves the right to request additional identification from any client prior to paying out the proceeds of a client’s transaction.
Currency Assist reserves the right to refuse to process a transaction at any stage, where it believes the purpose of the transactions is for illegitimate reasons or the funds have been sourced via criminal activities.
Currency Assist does not accept payment by credit card or debit card. Currency Assist does not deal in cash. Electronic transfers undertake all transactions.
Currency Assist strives to protect the nature of its business and to maintain a controlled safe environment for all its client’s transactions.