Money Laundering and other unlawful activities
If it is suspected that an order is unlawful in any way, OnlineFX reserves the right to use discretion at all times and refuse to process any currency orders or International Money Transfers at any stage.
We have a legal obligation to report immediately to Customs and Excise / NCIS all suspicious transactions. The definition of a suspicious transaction is one that raises "an unconfirmed belief" or "a fleeting inkling".
What the UK law requires
1. We are legally required to monitor any unusual or suspicious transactions of any size taking place where we have reason to believe the money is derived from illegal activity.
2. The law also requires that we keep full records of all Euro transactions of â‚¬1,000 and above, together with copies of identification provided. Identification may be in the form of a passport, driver's licence, recent credit/debit card statement, utility bill or community charge bill (within the last 3 months). We are unable to process any transaction where this information is not provided.
There is a statutory obligation on all OnlineFX employees and their agents to report suspicious transactions to the Authorising Centre. Where any such report is made, OnlineFX Ltd accepts no liability for any delay in transmission of or confiscation of funds. Knowingly failing to report any suspicious transactions or deliberately breaking large transactions into smaller amounts to avoid sending the relevant identification documents, breaks the law and may result in imprisonment, a fine or both.