Anti Money Laundering Statement

Anti Money Laundering Statement - Anti Money Laundering Explained for Consumer Information

Money laundering is the process by which criminally obtained money or other assets are exchanged for "clean" money with no obvious link to its criminal origin.

By preventing money laundering, the movement of funds derived from criminal activities will be inhibited. This will in turn, restrict the availability of funds used for terrorist activities.

Compare Money Transfer views Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering.

This is why we check to see if all our service providers include the following:

Confirming the identity of our clients
Retaining transaction and identification records for a minimum period of five years
Training staff in terms of anti-money laundering regulations
Appointing a nominated officer responsible for monitoring and reporting any and all suspicious activities to the relevant authorities
Also individual service providers have the following obligations. Reserve the right to refuse a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity.

Will be obliged to report this suspicious activity and in line with regulations, is prohibited from disclosing this to the client.

By providing them with false identification or contact details, they will deem this a misuse their service and are legally bound to report such misdemeanor to the relevant authorities, and as such you may be the subject of a criminal investigation.

They will NOT do business with anyone suspected of, or directly involved in Money Laundering, or where funds have been sourced by any illegal activity.


Currently foreign exchange providers do not have to be registered with the FCA. In November 2009 there is a new requirement that all money transfer companies offering currency exchange services will have to be registered with the FCA. Note they have two years to comply with this new legal requirement.

All the companies listed on compare money transfer are making the necessary arrangements to become FSA regulated.

Also from November 2009 all money transfer operators that become Regulated by the FCA will automatically be covered by the Financial Ombudsman Service.

If you are not satisfied with the outcome of any complaint you can write to Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR.

Company Details

Money Laundering

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