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Legal
Product Information Statement
Product Information Statement
The OFX Product Information Statement (PDS) sets out:
- features of the OFX service
- fees that apply
- the benefits and risks of using the service
- information about complaints handling
- other information that is material to your decision to use the service
Download PDS (PDF 172 kB)
Terms & Conditions Master Agreement
These terms and conditions apply to Personal Customers and Business Customers who are dealing with OFX Singapore Pte. Limited | UEN 201317103N | Regulated in Singapore by MAS | Money Remittance License no. pending issuance (trading as OFX).
Money Laundering Statement
Anti-Money Laundering and Countering the Financing of Terrorism Regulation
The prevention of money laundering and terrorism financing is a key focus of regulatory authorities in developed countries. Anti-money laundering and countering the financing of terrorism (AML/CFT) regulations are designed to inhibit the movement of funds derived from criminal activity and to restrict the availability of money to fund terrorist activities.
We are committed to preventing money laundering and terrorism financing through our service. We have measures in place to ensure strict compliance with the regulatory requirements in each jurisdiction, including taking the following measures:
- Identifying and verifying the identity of clients and their agents, beneficial owners and persons having executive authority.
- Monitoring and reporting suspicious transactions.
- Maintaining client records for at least five (5) years.
Identification and Transactional Information
We are obliged by legislation to collect identification information from all clients and to verify that information prior to transacting with them. It is extremely important that you comply promptly and fully with any request we make for identification information, even if it is inconvenient. We 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 us to comply with our regulatory obligations.
Use of Identification Obligation
You should assume that all information provided to us may 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 or debit card. All money is received and remitted by us by electronic means only.
Right to Refuse to Process a Transaction
We reserve the right to refuse to accept you as a client, process any transaction and/or withhold any funds or assets without further notice to you at any stage of our relationship if we do not receive such information requested by us to comply with our regulatory obligations, or 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.
Reporting Obligations
We are 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.
We do not want your business if the funds are sourced from criminal activity or the nature of the transaction is illegal in anyway.
Regulation
OFX Singapore Pte. Limited (UEN: 201317103N) (trading as OFX) has a Money Remittance Licence issued by the Monetary Authority of Singapore ("MAS") to operate a remittance business (Money Remittance licence no. RA10528).
Money remittance is regulated in Singapore by MAS. You should not deal with a money remitter that cannot demonstrate they are fully regulated. You can visit the MAS website to learn more about the regulatory environment in Singapore and what it means for your protection and consumer rights.
NOTICE TO CUSTOMERS*: (pursuant to s30 of the MCRBA): OFX is licensed under the Money-changing and Remittance Businesses Act (Cap. 187) to carry on remittance business. Please note that such licensing does NOT guarantee the performance of the remittance licensee and customers take the risk of any loss suffered from the remittance.
