AML

COMPLIANCE & REGULATIONS

When dealing with large transfers of money, it is essential to make sure that you are dealing with a reputable, and fully regulated organisation to make sure you, and your funds, are fully protected.

Cyber Security Risk Management for Currency Exchange from Currency Index

HMRC Supervision

HMRC are responsible for the supervision of the UK FX industry with regard to Anti Money Laundering and Terrorist Financing regulations, and Currency Index Ltd is an HMRC licensed Money Service Business(MSB). Our HMRC MSB reference is XMML00000167797, and this can be independently verified on the HMRC website.

Being an API means that Currency Index Ltd:

Operates Safeguarded Client Accounts, to keep currency bought by clients separate from business assets and bank accounts (Safeguarding means that funds can be returned to clients quickly and easily if an API were to cease trading).
Holds a sufficient amount of capital in the business to continue trading, should any trading difficulties arise.
Is answerable to the Financial Ombudsman Service for complaints about payment services.
Must operate fair terms of business and be clear and transparent in all its dealings with clients in compliance with Treating Clients Fairly and Consumer Duty regulations.

Regulatory Security from Currency Index for Currency Exchange Internationally

FCA Regulation

In the UK, the Financial Conduct Authority (FCA) regulates Currency Index Ltd as an Authorised Payment Institution (API) under the Payment Services Regulations 2009 & 2017. In fact, Currency Index Ltd was among the first currency companies in the UK to carry this regulation. You can check on the FCA website (formerly the FSA) to confirm our regulatory status; our Firm Reference Number is 504353.

Currency Index - Expert Currency Consultants | Currency Exchange | Transfer Currency | Watford, Hertfordshire, UK

Being an MSB means that Currency Index Ltd:

Is required to carry out identity verification on all clients in order to understand exactly who it is that we are working with. For businesses this involves carrying out identity checks on ultimate business owners and shareholders, who will be instructing us and understanding the structure of the firm.
Needs to know the ‘reason for the transaction’. In some cases this can sometimes be complex, but visibility of the key documents such as invoice copies will normally provide all that is required.
Evidence the ‘source of the funds’ involved in any transaction. This can require extra identity checks in the event of funds coming from a third party, and will normally require documentary evidence of the transaction that generated the remitted funds.
Carries out full due diligence on all clients and their transactions. Our in-house compliance team scrutinise every aspect of a client’s transactional journey to ensure complete compliance with all AML regulations.

Fully GDPR compliant

All information supplied is held in secure archive systems and is not passed to any third parties, without the express permission of you, the client. We are registered with the Information Commissioner’s Office under the Data Protection Act – Registration Number: Z1495263.

Our Brands

Currency Index is a trading name of ‘A Place in the Sun Currency Ltd’. A Place in the Sun Currency is primarily focused on the overseas property and emigration sectors. We also have another brand; ‘Currency Connect’, which largely operates in the legal sector.

Verify Us

All of our regulatory accreditations can be independently verified, by contacting the specific bodies mentioned. Both the FCA and HMRC have online registers which show the companies who they regulate.