Currency Index is registered with HM Revenue & Customs as a Money Service Business. Our registration number is 12358614. As well as our regulatory obligations we are committed to operating an ethically sound service and avoiding its use for financial crime.
In order to comply with these objectives all our clients must provide ID and certain additional information before they can transmit funds using our services.
For UK residents we will run an online ID check to verify your identity. This is free of charge and does not constitute a credit check. Usually if you have UK residential status and are on the electoral roll, this will be all that is required in order to satisfy identification requirements. If the check does not verify your identity, we will require a copy of a photographic ID, such as passport or driving licence, and recent proof of address, such as a utility bill.
For international residents and some UK cases (for example if you have recently moved house) - we will need to ask for copies of identity such as a passport and utility bill.
Your account manager will be able to advise you of what is required before we can transmit funds on your behalf.
Please note in the case of joint accounts we will need the above details for all the account holders.
Where funds are sent to Currency Index from a business account, we will perform a company check and ask for individual ID verification for all shareholders who control over 25% of the business sending us funds. This is an HMRC requirement and a service provided by Currency Index without charge.
We will also ask for details of company Directors authorised to instruct us in sending payments. It is important that Currency Index is satisfied that a person acting on behalf of a corporate client has authority to do so. Directors will need to provide written consent where the primary contact is not a Director of the company.
Payments received from Third Parties
We also check all third party payments and will carry out ID checks if payment received is not from the account holder. Payment will not be able to go ahead without having correctly obtained identification. In addition, third party payments are only accepted in cases where there is valid reason, and we reserve the right to return payments to originating accounts without notice in other cases.
Purpose of Transfer and Sanctions
Another question we will ask all clients is the purpose of the transaction, source of funds, the frequency of transaction and where payments will be going to. This is an anti-money laundering measure and Currency Index reserves the right to refuse instructions where we believe that a client may be concealing the true purpose of a transaction, or where a beneficiary is on an international sanctions database as advised by HM Treasury and other equivalent agencies worldwide.