Online FX 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 Online FX 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 Online
FX employees and their agents to report suspicious
transactions to the Authorising Centre. Where
any such report is made, Onlinefx Limited 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.
