Money Laundering Policy

RemitM Ltd (RemitM) is registered with HMRC as a Money Services Business (Registration No. XHML00000105906 ) and is required to comply strictly with the Money Laundering Regulations.

RemitM is committed to preventing the use of its operations for money laundering or any activity, which facilitate money laundering, or the funding of terrorist or criminal activities.

What is Money Laundering?

Money laundering means exchanging money or assets that were obtained criminally for money or other assets that are ‘clean’. The clean money or assets don’t have an obvious link with any criminal activity. Money laundering also includes money that’s used to fund terrorism, however it’s obtained.

Prevention of Money Laundering ensures that the movement of funds from criminal activities will be inhibited and the availability of funds used for criminal and terrorist activities will be restricted.

RemitM is committed to preventing money laundering through its service and complies strictly with the regulatory requirements, including taking steps such as the following:
Appointing a nominated officer responsible for monitoring and reporting any all suspicious activities to the relevant authorities.
Training staff in terms of anti-money laundering regulations.
Confirming the identity of our clients.
Monitoring and reporting suspicious transactions.
Monitoring and reporting suspicious transactions.
Retaining transaction and identification records for a minimum period of seven years.
Introducing Know Your Customer policy (KYC).
Identification & transactional information
RemitM is obliged by legislation to collect identification information from all clients and to verify that information prior to transacting with them. All money transmitters are subject to the same regulations.

It is extremely important that you comply promptly and fully with any request we make for identification information, even if it is inconvenient.

Information relating to the nature and purpose of the transaction you are proposing to enter into may also be required. The amount of information required will depend on the jurisdictions involved, but any such request for transactional information is equally important and will only be made if it is necessary for RemitM to comply with its regulatory obligations.

Use of your data
All information provided by you to us could be made available to regulatory authorities in both the country of origin of the funds and in the country to which the funds are being sent.
No cash or credit cards
We will not accept payment in cash, by cheque, credit card or debit card. This is to reduce the risk that our service could be used for money laundering purposes. All money is received and remitted by us by electronic means only.
Right to refuse a transaction/misuse service
RemitM 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, we will be obliged to report this suspicious activity and in line with regulations, are prohibited from disclosing this to the client.

The provision of false identification or contact details will be deemed as 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.

RemitM will NOT do business with anyone suspected of or directly involved in money laundering, or where funds have been sourced by any illegal activity.

Reporting obligations
RemitM is obliged to report all suspicious transactions. By using our service for improper purposes, you could expose yourself to criminal prosecution, as we are bound to report any suspicion of such activities to the authorities.

Examples of suspicious conduct include, but are not limited to:

  • Providing false identification documents
  • Poviding false or misleading contact details
  • Breaking a large transaction into smaller transactions to avoid reporting thresholds.
If funds are sourced from criminal activity or the nature of the transaction is illegal in any way, Remitm does not want your business.

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