Crown Exchange 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, Crown Exchange will be obliged to report any suspicious activity and in line with regulations, is prohibited from disclosing this to the client.
To read our full Money Laundering Policy please click here
(Link to the MLP Statement already on the website)
As a result of Money Laundering Regulations passed on the 15th of December 2007, MTAs are now obligated to take and verify customer IDs from every customer who uses our services more than once. This is intended to satisfy stringent Know Your Client (KYC) procedures set by the regulator.
Click here for more information of HMRC Money Laundering Regulations
http://www.hmrc.gov.uk/mlr/regs.htm
Besides complying with the MLP, MSBs are prohibited from dealing with individuals under the international sanctions list.
Click here for a list from HM Treasury
http://www.hm-treasury.gov.uk/d/sanctionsconlist.pdf
The UK imposes asset freezing on certain persons and organisations, primarily to prevent the diversion of funds to terrorism and terrorist purposes. It is a criminal offence to deal with the funds of a person or organisation named on the sanctions list. A list of all sanctions currently in force in the UK is maintained by HM Treasury Asset Freezing Unit.
http://www.hm-treasury.gov.uk/financialsanctions
Money Transmitters also need to follow guidelines on EU Payment Regulations 2007 and the Transfer of Funds Regulations.
Click here to read more
