Anti-money laundering statement
Money laundering is the process by which criminally obtained “dirty” money is exchanged for “clean” money, which then has no obvious links to its criminal origin.
In line with licencing requirements, 1st Contact Forex 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 clients
- Retaining transaction and identification records for a minimum 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
For security reasons, we do not accept cash at any of our offices or cash deposits into any of our accounts. For transactions to the value of approximately £10,000, or more, we require additional documentation than that required for your initial registration.
Please note: 1st Contact Forex reserves 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. In addition, 1st Contact Forex will be obliged to report this suspicious activity to the relevant authorities and, in line with regulations, is prohibited from disclosing this to the client.
If you provide us with false identification or contact details, we will deem this a misuse of our service. We are legally bound to report such misdemeanors and as such you may be the subject of a criminal investigation.
Contact Forex will not do business with anyone suspected of or directly involved in money laundering, or where funds have been sourced by any illegal activity.