Money Laundering Statement
The prevention of money laundering is a key focus of regulatory authorities in developed countries. Money laundering regulations are designed to inhibit the movement of funds derived from criminal activity and to restrict the availability of money to fund terrorist activities.
UKForex Limited [CN:04631395] (trading as OFX) (OFX) is committed to preventing money laundering through its service and complies strictly with the regulatory requirements including taking such measures as the following.
- Identifying clients.
- Monitoring and reporting suspicious transactions.
- Maintaining client records for at least seven years.
Identification and Transactional Information
OFX is obliged by legislation to collect identification information from all clients and to verify that information prior to transacting with them. All money transmitters are subject to the same regulations. It is extremely important that you comply promptly and fully with any request we make for identification information, even if it is inconvenient. OFX may also require information as to the nature and purpose of the transaction you are proposing to enter into. The amount of information required will depend on the jurisdictions involved, but any such request for transactional information is equally important and will only be made if it is necessary for OFX to comply with its regulatory obligations.
Use of Identification Obligation
You should assume that all information provided to OFX could be made available to regulatory authorities in both the country of origin of the funds and in the country to which the funds are being sent.
No Cash or Credit Cards
In order to reduce the risk that our service could be used for money laundering purposes, we will not accept payment in cash, by cheque or by credit card. All money is received and remitted by us by electronic means only.
Right to Refuse to Process a Transaction
OFX reserves the right to refuse to accept you as a client or to refuse to process any transaction at any stage of our relationship if we have reason to believe that information you have provided to us is false or misleading or that a proposed transfer may be connected in some way with an illegal activity.
OFX is obliged to report all suspicious transactions. By using our service for improper purposes, you could expose yourself to criminal prosecution as we are bound to report any suspicion of such activities to the authorities. Examples of suspicious conduct include, but are not limited to:
- Breaking a large transaction into smaller transactions to avoid reporting thresholds.
- Providing false or misleading contact details.
- Providing false identification documents.
OFX does not want your business if the funds are sourced from criminal activity or the nature of the transaction is illegal in any way.