AML & Financing Statement

Forex World Anti-Money Laundering and Terrorism Financing Statement

The threat to use financial institutions including remittance businesses to launder money and finance terrorism has grown to be a huge risk and has caused regulatory authorities globally to pass strict laws to combat these criminal activities.

WARNING: Money laundering is a criminal offence. If you intend to misuse our service, you could expose yourself to criminal prosecution as we will automatically report such behaviour to the authorities.

We do not want your business if the funds you are transferring are sourced from illegal or related to criminal activity.

Forex World is a remittance provider bound by the AML/CTF Act enforced in Australia by AUSTRAC. The prevention of money laundering is a key focus of AUSTRAC who design specific regulations in order to inhibit the movement of funds derived from criminal activity and restrict the availability of money to fund terrorist activities.

Forex World as a business has a goal to provide our customers with a World Class remittance service that is reliable, safe and convenient without compromise of our obligations under the AML/CTF Act which is our priority.

In accordance with our regulatory obligations, Forex World has devised strict policies and procedures designed to minimise the risk that our service may be used for money laundering or terrorism financing purposes including:

  • Employees educated through training programs to recognise suspicious transactions and to be aware of their reporting obligations.
  • Identification verification of all prospective customers is required prior to on-boarding including screening.
  • Transaction monitoring and transaction reporting.
  • Reporting of suspicious matters/transactions.
  • Maintaining records for at least seven years.

Forex World has a NO CASH policy and a Value Limit posed on each transaction to reduce the risk of our service being utilised for money laundering purposes. Money received must be through electronic means from an existing account in order to be processed.

Prospective Customers: During our new customer registration (on-boarding process), we will not accept you as a client until we are satisfied that you are who you say you are. We require to verify your identification (either by Face-to-face, Electronic, or Paper-based means) and screened against global sanctions and PEP (Politically Exposed Person’s) lists during this process. Please note that we reserve the right to refuse to process your transaction if you fail to provide us with necessary information or, if information you have provided to us subsequently appears to be misleading, incorrect or false.

During customer registration, Forex World will not ask you to provide any information that is not necessary to satisfy our legal obligations. Failure to provide information requested, in some cases, could be regarded as suspicious. As part of our obligations, you should note that information provided to us could be made available to regulatory authorities both locally and overseas.