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. http://www.hmrc.gov.uk/MLR/getstarted/intro.htm#1
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.
Identification & transactional information
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
No cash or credit cards
Right to refuse a transaction/misuse service
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.
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.