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Outsourcing

Security & Support

Helping you understand and fulfil your regulatory duties

On your behalf, Travelex take the threat of money laundering seriously and we can help you meet all the requirements associated with travel money products. Helping you meet your Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) requirements.

What is Money Laundering?

Money laundering is the process by which criminally obtained money or other assets (criminal property) are exchanged for ‘clean’ money or other assets, with no obvious link to their criminal origins. It also covers money, however obtained, which is used to fund terrorism.

Why is it important?

Money laundering is a major threat to financial institutions and the economic stability of entire countries. Governments worldwide have introduced legislation to prevent money laundering including specific offences and legally imposed requirements on institutions operating in their jurisdictions.

How does this impact on my business?

Money laundering regulations apply to all businesses within the financial services industry as well as those carrying out relevant business, which includes the provision of foreign exchange and electronic money. Unless regulated by the Financial Services Authority (FSA), UK agents selling stored value cards must register as a money service business (MSB) with Her Majesty’s Revenue & Customs (HMR&C).

Travelex’ Policy

Travelex is committed to combating money laundering and terrorist financing. By applying high standards to AML/CFT compliance, we aim to protect our own name, reputation, safety and soundness as well that of our business partners. Similarly we expect our agents to operate to the same high standards and operate policies and procedures covering the following areas:

  • Control your business by having anti-money laundering systems in place
  • Appoint a Nominated Officer who has responsibility for the oversight of all anti-money laundering activity
  • Train your staff in the law regarding money laundering and policies and procedures relating to the prevention of money laundering
  • Confirm the identity of your customers
  • Hold all records for at least 6 years

Supported by Travelex

Travelex began life as an innovative Bureau de Change operator over 30 years ago and has now expanded into a dynamic worldwide foreign exchange business. Present at airports around the world, Travelex also works with thousands of businesses to support their employees and customers as they travel around the globe. To help you get the most out of the service, we will provide full training and support for your staff. This way, they can offer your customers an effective foreign exchange service as part of their travel experience – all geared towards enhancing customer loyalty.

We’re also the worlds’ largest distributor of prepaid currency cards, just one of our Outsourcing foreign exchange services that make doing business abroad so much easier.

Recent new announcements

For more information, please email travelextrade@travelex.com