What is money laundering?
Money Laundering is the process by which criminally obtained money or other assets (criminal property) are exchanged for ‘clean’ money or other assets with no obvious link to their criminal origins. It also covers money, however obtained, which is used to fund terrorism. Money Laundering can take many forms including:
- Handling the proceeds of crimes (e.g. cash) generated by such activities as theft, drug smuggling, fraud and tax evasion
- Being knowingly involved in any way with criminal or terrorist property
- Entering into arrangements to facilitate laundering criminal or terrorist property
- Investing the proceeds of crime (e.g. cash) in another financial product (e.g. a money transfer)
- Investing the proceeds of crime into the acquisition of property/assets How it affects SendMoney24.com:
As a Money Services Business (MSB), Send Money 24 LTD is registered with and regulated by HM Revenue & Customs under Money Laundering Regulations. Our staff are fully trained 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. Send Money 24 views Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering. These include:
- Confirming the identity of our customers
- Retaining transaction and identification records for a minimum period of 5 years
- Training our 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 How it affects you: Personal Customers
For large size transactions 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.
In addition to these requirements we may also ask for evidence of the source of funds i.e. loans, property sales, equity sales or conformation 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. Please see Required Documents for Private Customers
. Business Clients
For large size transactions and or frequent transactions we may require all or any information as follows, which will be kept on records for 5 years.
- 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 authorized 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
All customers must comply with these requirements. Send Money 24 retains the right to refuse or accept a customer instruction and is under no obligation to enter into a transaction should it choose not to do so. *
In cases where original documents cannot be provided on a ‘face-to-face basis’ Send Money 24 will accept copies of ID. However, in the case of Photo ID this must be certified as ‘Seen and providing a true likeness’ by a either a lawyer, accountant, post master, banker, teacher, doctor, minister of religion or someone of similar status who should sign the copy and supply their own name and address and contact details. Copies of certified documents should be posted. Fax copies are not acceptable.