Money Laundering Policy of Exchange4free Ltd
The prevention of money laundering is a key focus of regulatory authorities in developed countries. The prevention of money laundering inhibits the movement of funds derived from criminal activity and restricts the availability of money to fund terrorist activities. Exchange4free is committed to preventing money laundering through its service and complies with regulatory requirements including:
- Identifying clients
- Monitoring and reporting suspicious transactions
- Maintaining records for at least five years
- Training staff to recognize suspicious transactions and be aware of their reporting obligations
Depending on the origins of clients exchange4free may report suspicious activity to regulatory authorities in one or more countries.
Exchange4free collects identification from customers prior to exchange4free paying out the proceeds of a client's transfer. It is required by our regulatory body namely HM Revenue and Customs that we perform the task of collecting a copy of our clients ID and proof of address. The reason that we collect a copy of our client’s passport and a proof of address is to help us establish who our clients are. It is important that we know that our clients are who they say they are in order to provide a transparent and trustworthy business relationship.
In general we collect identification in the form of a copy of a passport and a utilities bill/bank statement showing your current residential address. In circumstance when we require a certified copy of our clients passport the passport must be dated and signed 'Original seen' and can be certified by the following people: Post Master/Sub postmaster, UK Lawyer, Accountant, Banker, Teacher, Doctor or other authorised person. The person certifying the passport should be contactable so please write their contact details on the copy of the passport. This information can be posted or emailed. We may conduct additional security checks on clients at exchange4free's discretion.
Clients should assume all information provided to exchange4free is available to regulatory authorities in both the country of origin of the funds, and the destination country of the funds.
Exchange4free will not accept payment by credit card or debit card. Exchange4free will only pay into a bank account at the receiving end. It will not pay out cash under any circumstances.
Exchange4free reserves the right to refuse to process a transfer at any stage, where it believes the transfer to be connected in any way to money laundering or criminal activity. Exchange4free is prohibited from informing a client that they have been reported for suspicious activity.
Exchange4free is obliged to report suspicious transactions, by misusing the service you may face criminal prosecution as we are bound to automatically report such behaviour to the authorities. Examples of misuse include, but are not limited to:
- Breaking a large transaction into smaller transactions to avoid reporting
- Providing false or misleading contact details
- Providing false identification documents
Exchange4free does not want your business if the funds are sourced from criminal activity or the nature of the transaction is illegal in any way.