The prevention of money laundering is a key focus of regulatory authorities in developed countries around the world. Money laundering regulations are designed to inhibit the movement of funds derived from criminal activity and to restrict the availability of money to fund terrorist activities.
In accordance with our regulatory obligations, we have strict procedures in place to minimise the risk that our service could be used for money laundering purposes including:
• Identification of all clients;
• Monitoring and reporting suspicious transactions;
• Maintaining records for at least five years;
• Training staff to recognise suspicious transactions and to be aware of their reporting obligations
In order to further reduce the risk that our service could be used for money laundering purposes, we do not deal in cash at all. We will not accept settlement of your transaction in cash, by cheque or by credit card or debit card. All money is received and remitted by us electronically.
We will not accept you as a client until we are satisfied that you are who you say you are. Furthermore, we reserve the right at any stage to refuse to process your transaction if you fail to provide us with satisfactory information or, if information you have provided to us subsequently appears to be misleading, incorrect or false.
We will not ask you to provide any information that is not necessary to satisfy our legal obligations. You should therefore comply with any request for information promptly. Your failure to do so could, in some circumstances, be regarded as suspicious. You should also assume that all information provided to us could be made available to regulatory authorities in both Australia and the other country associated with your transfer of funds.
WARNING: Money laundering is a criminal offence. You should be aware that, by misusing our service, you could expose yourself to 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.
Please note that RemitWisely 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, RemitWisely will be obliged to report this suspicious activity and in line with regulations, is prohibited from disclosing this to the client.
By providing us with false identification or contact details, we will deem this a misuse of our service. We are legally bound to report such misdemeanours to the relevant authorities and as such you may be the subject of a criminal investigation.
RemitWisely will NOT do business with anyone suspected of or directly involved in Money Laundering, or where funds have been sourced by any illegal activity.