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Money Laundering and other unlawful activities
OnlineFX reserves the right at all times to refuse to process any currency orders or International Money Transfers at any stage, which it believes in its sole discretion, is connected in any manner to a drug money laundering, terrorist activity or other unlawful purpose.
We have a legal obligation to report to Customs and Excise / NCIS any such 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. The law requires us to monitor any unusual or suspicious transactions of any size taking place where we have reasons to believe the money is derived from illegal activity.
2. The law also requires us to keep full records of all transactions of euros 15,000 (about £10.000) and above, together with copies of identification provided. Identification may be in the form of a passport, driver's licence, recent (within previous three months) credit / debit card statement, utility bill or community charge bill. We are unable to process any transaction where this information is withheld.
What OnlineFX requires?
1. All International Money Transfer transactions of £1000 or over must be accompanied by a Large Transaction Form.
2. Any International Money Transfer transactions totalling £1000 and above over the last 7 days must be accompanied by a Large Transaction Form.
Reporting Procedures
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 the funds. By knowingly failing to report any suspicious transactions or deliberately breaking large transactions into smaller amounts to avoid completing the Large Transaction Form, breaks the law and may result in imprisonment a fine or both.