Money Laundering Statement
The prevention of money laundering is a key focus of regulatory authorities in developed countries. The prevention of money laundering inhibits the movement of funds derived from criminal activity and restricts the availability of money to fund terrorist activities. OzForex is committed to preventing money laundering through its service and complies with regulatory requirements including:
- Identifying clients
- Monitoring and reporting suspicious transactions
- Maintaining records for at least five years
- Training staff to recognise suspicious transactions and be aware of their reporting obligations
Depending on the origins of clients, OzForex may report suspicious activity to regulatory authorities in one or more countries.
OzForex reserves the right to collect identification from any client prior to OzForex paying out the proceeds of a client's transaction. In general, we collect identification in the form of a copy of a passport/drivers license and a signed bank statement showing your current residential address.
OzForex will also validate the residential/business address provided at registration by posting an Activation Code to that address.
Clients should assume all information provided to OzForex is available to regulatory authorities in both the country of origin of the funds, and the destination country of the funds.
OzForex will not accept payment by credit card or debit card. OzForex will not accept cash in payment for foreign exchange transfers. OzForex will only pay into a bank account at the receiving end. It will not pay out cash under any circumstances.
OzForex reserves the right to refuse to process a transfer at any stage, where it believes the transfer to be connected in any way to money laundering or criminal activity. OzForex is prohibited from informing a client that they have been reported for suspicious activity.
OzForex is obliged to report all suspicious transactions. By misusing the service
you may face criminal prosecution as we are bound to automatically report such behaviour to the authorities. Examples of misuse include, but are not limited to;
- Breaking a large transaction into smaller transactions to avoid reporting
- Providing false or misleading contact details
- Providing false identification documents
OzForex does not want your business if the funds are sourced from criminal activity or the nature of the transaction is illegal in any way.
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