AML IS A NECESSARY PROCESS FOR THE PROTECTION OF GLOBAL FINANCIAL SYSTEMS

Anti-Money Laundering

How it affects us:

As a Money Services Business (MSB), City Forex Limited (“City Forex”) is registered with and regulated by HM Customs & Excise under Money Laundering Regulations. Our staff are fully conversant with Anti-Money Laundering guidelines and are aware of their responsibilities in the monitoring and reporting of any actions that raise suspicion or give cause for concern.

How it affects you:

Private Clients
For International Payment transactions in excess of EUR 1,000.00 equivalent or Travel Currency transactions in excess of £5,000, and or frequent transactions we will require two forms of identification, one of which must include a photo ID. Valid passports, driving licenses and identity cards along with a recent utility bill, council tax bill, bank statement or mortgage statement showing a home address (no more than three months old) are common forms provided. (See Privacy & Data Protection - LINK)
In addition to these requirements we may also ask for evidence of the source of funds i.e. loans, property sales, equity sales or confirmation by an accountant, as well as proof of reason for the transaction i.e. invoice, confirmations of purchases from estate agents, brokers or other agencies.

Business Clients
For International Payment transactions in excess of EUR 1,000.00 equivalent or Travel Currency transactions in excess of £5,000, and or frequent transactions we may require all or any information as follows, which will be kept on record :

  • Business activity and reasons for transactions
  • Expected frequency and volume of transactions
  • Origin and destination of funds
  • ID verification of Directors, Partners or Sole Traders (two forms of identification, one of which must include a photo ID. Valid passports, driving licenses and identity cards along with a recent utility bill, bank statement or mortgage statement showing a home address (no more than three months old) are common forms provided)
  • If a limited company, the registered company number, corporate name, trading names, VAT registration, registered principal address and trading addresses
  • List of authorised persons allowed to give instructions on behalf of the company
  • If an MSB, a copy of a valid MLR certificate
  • Copies of annual reports and name and address of company auditors
  • Details of compliance procedures

Clients must comply with these requirements. City Forex retains the right to refuse to accept a client instruction and is under no obligation to enter into a transaction should it choose not to do so.

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