It is Best Exchange’s policy to establish and implement risk-based policies, procedures, and processes to comply with the laws and regulations of the United Kingdom and those of the jurisdictions in which we operate, as well as, safeguard Currency Exchange Corporation’s operations from money laundering and terrorist financing. Currency Exchange Corporation’s Compliance Department strives to be considered a best-in-class global Anti-Money Laundering and Anti-Terrorist Financing Compliance Department.
Support, advice and guidance to enable Currency Exchange Corporation employees to meet the required compliance standards are provided by the group compliance team through compliance training sessions. This team works closely with regulators such as HM Customs & Excise Department and National Criminal Intelligence Service at large to ensure that Money Transfer / Bureau De Change operations has the legal support it requires.
All remittances processed by Currency Exchange Corporation are screened with enhanced controls to prevent money laundering and terrorist financing. These controls, which pertaining to large transactions are outlined below.
PRIVATE INDIVIDUALS must satisfy the identification requirements by providing one form of documentary evidence from each category shown below
Identity Proof:
- Passport
- Full UK or EEA Photo card driving License
- Residence permit issued by Home Office to EEA union national on sight of his or her own country passport.
Address Proof:
- Utility Bills ( E.g. Bills, Gas Bills, Water Bills)
- Bank / Building Society Statement
- Council Tax Bills ( For the current year)
- Recent Mortgage Statement
CORPORATE CLIENTS must satisfy all or any identification requirements as shown below.
- Copy of your Certificate of Incorporation
- Copy of your VAT registration.
- Copy of Money Laundering Certificate
- List of the directors authorised by the company.
- Compliance procedures
Within the Currency Exchange Corporation, there is a designated compliance officer who also performs duties as Money laundering Reporting officer to receive all internal reports of suspicious transactions.
Currency Exchange Corporation reserves the right to decline a transaction, if the customer is unable to produce the required ID and proof of Address documents to support the transaction.
Coupled with the above documents there is a Further Information Form to be filled, if it is a large money transfer over the counter/phone or a foreign exchange transaction.
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