Money Laundering Statement

Money Laundering Policy of Africa Money Exchange Ltd

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. Africa Money Exchange is committed to preventing money laundering through its service and complies with regulatory requirements including:

1. Identifying clients
2. Monitoring and reporting suspicious transactions
3. Maintaining records for at least five years
4. Training staff to recognize suspicious transactions and be aware of their reporting obligations

Depending on the origins of clients Africa Money Exchange may report suspicious activity to regulatory authorities in one or more countries.

Africa Money Exchange collects identification from customers prior to Africa Money Exchange paying out the proceeds of a client's transfer. In general we collect identification in the form of a copy of a passport and a utilities bill/bank statement showing your current residential address. We may conduct additional security checks on clients at Africa Money Exchange's discretion.

Clients should assume all information provided to Africa Money Exchange is available to regulatory authorities in both the country of origin of the funds, and the destination country of the funds.
Africa Money Exchange does not accept payment by credit card or debit card. Africa Money Exchange will only pay into a bank account at the receiving end. It will not receive in or pay out cash. There may be circumstances where a client may deposit cash into the Africa Money Exchange account as it is not possible to stop the process. Africa Money Exchange will assess each of these deposits independently.

Africa Money Exchange 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. Africa Money Exchange is prohibited from informing a client that they have been reported for suspicious activity.

Africa Money Exchange is obliged to report 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:

1. Breaking a large transaction into smaller transactions to avoid reporting
2. Providing false or misleading contact details
3. Providing false identification documents

Africa Money Exchange does not want your business if the funds are sourced from criminal activity or the nature of the transaction is illegal in any way.

Africa Money Exchange applies a risk based approach when identifying its clients and understanding the client’s transactions.  The principal of substance over form may be applied at times in order to get a better understanding of the client and their practices and their intentions.

Part of the AML process that Africa Money Exchange adheres to is to identify and know their clients. Africa Money Exchange collects a copy of the client’s passport in order to identify the client. This copy is kept on file. Africa Money Exchange may choose to use a UK drivers license or EU identity card as a proof of ID in certain circumstances. Africa Money Exchange performs a URU electronic identity verification check on client’s passports in order to verify the clients.

In most cases Africa Money Exchange will also attempt to attain a proof of address from the client. In some cases this is not possible as the clients are migrant workers on people on short stay visas and thus do not have their own fixed address. These clients would be staying in a house share or with friends and family. The bills would thus not be in their names.

Africa Money Exchange looks to only accept funds from bank accounts and to pay funds out to bank accounts. All UK bank account holders should have KYC and AML procedures performed by their respective high street banks. We take this into account when performing our risk analysis of our clients. The same principle applies to the clients that we pay funds out to. We only pay funds to bank accounts in reputable countries and with reputable institutions. All of these institutions perform AML and KYC checks on their respective clients.

We are ultimately working with funds that are already in the banking system and thus probability of the funds being from a good source is much higher.

Africa Money Exchange does monitor all transactions individually and thus should a specific transaction be flagged as suspicious then Africa Money Exchange will follow the outlined steps to report such transactions.