Know Your Customer (KYC) Checks

When you register as our customer, we are obliged by law to make sure that we properly identify you and understand your transaction requirements. We will verify the ID, address and other information you provide to us.

Keeping your personal and financial information secure is our priority and when you access your Global Exchange account, it’s important that we know that it’s you. Here are some of the measures we have in place:

• Providing Information: We’ll never call or email you asking for your Global Exchange account details, your one-time passcodes or passwords. If you do receive a call asking for this information, simply end the call and get in touch with us directly.


• Login Details: when you open a Global Exchange account, you’ll set up online login details unique to you. These will be your email address and password, to protect yourself we recommend you do not share them.


• Strong Customer Authentication (SCA): The introduction of SCA legislation by the EU in 2019 require Global Exchange to apply Strong Customer Authentication when you access your account. This means that you will have to enter your password (known only to you) and a code that we will send to either your registered mobile phone or your registered e-mail address.

When accessing your Global Exchange account online:

• Use secure networks


• Use a strong password


• Never share or give out your personal details


• Use an antivirus software and firewall


• We’ll never call or email asking for your account details, passcode or password


• Be aware of police advice on fraud threats (see below).

Safeguarding

• Global Exchange is regulated by the FCA as an authorised payment institution (FRN: 576032) to offer money remittance, which is a payment service.


• In the view of the FCA, an institution that is carrying out a foreign exchange transaction independently from its payment services is not required by the PSRs 2017 to safeguard funds received for the purpose of the foreign exchange transaction.


• Global Exchange holds all client money used for a payment service (e.g. a money remittance where funds are sent on to a third party) in accordance with the Financial Conduct Authority’s (FCA) payment services rules for safeguarding.


• Safeguarding is the obligation to identify and keep client monies segregated and protected from all other funds that the business may hold, moving the funds to a safeguarding account if they are still held by the firm on the day following receipt. The obligation commences as soon as funds are identified as client monies (and stops when funds are remitted to the client’s recipient).The law requires that the funds must be held in a designated safeguarding account in a UK or EU regulated credit institution. Our firm meets these obligations.


• The funds are no longer deemed relevant once the firm has remitted them to a third party recipient and can reasonably assume that the funds have reached the recipient’s bank account.


• This arrangement is designed to ensure that client money is not a risk in the unlikely event of Global Exchange getting into financial difficulties.


• Neither foreign exchange nor payment services are regulated investment products so do not fall under the Financial Services Compensation Scheme.

Dealing with the Risk of Fraud

Overview

There are many types of fraud, and criminals are constantly changing their tactics to find new ways to trick customers. Through the checks we do at Global Exchange we aim to do all we can to make sure that our customers are not victims of fraud. But customers need to be vigilant, so that they are not caught out. For more information on specific types of fraud, please refer to FCA ScamSmart web page - https://www.fca.org.uk/ . Or alternatively: https://www.met.police.uk/SysSiteAssets/media/downloads/central/advice/fraud/met/the-little-book-of-big-scams.pdf

Authorised Push Payment Fraud

APP fraud occurs when a consumer is persuaded or tricked into authorising a GBP payment from their own account to the account of the fraudster, whether through being deceived as to the recipient of the payment, or as to the purpose for which they are transferring the funds.

For more information, please see: https://www.psr.org.uk/our-work/app-scams/

As a firm, we are sympathetic to all victims of fraud. However, Global Exchange does not offer UK bank accounts to its clients. We offer a money remittance and currency exchange service only. As such, we believe it is unlikely that Global Exchange will be inscope to the reimbursement requirements associated with APP fraud scams.

Reporting fraud

If you notice something suspicious when using our platform, and which may be fradulent, you can contact us at:

• Telephone: 0208 343 1188
• Email: info@globalexchange.com

Generally, if you think you’ve uncovered a scam, been targeted by a scam or fallen victim to fraudsters, you should contact Action Fraud on 0300 123 2040 or https://www.actionfraud.police.uk/resources.

Vulnerable Customers

Global Exchange is committed to ensuring that all customers, including vulnerable customers, are treated fairly, and have equal access to the Firm ’s services.

This means we aim to operate appropriate processes that consider the circumstances of individuals (and small and medium enterprises) in order to be able to identify whether they are vulnerable or susceptible to a detriment (whether permanently or temporarily) and tailor the way in which we communicate and deal with them to take account of the vulnerability.

To ensure we can provide the best support, please feel free to share any specific needs or requirements you may have. Your privacy is our top priority, and any information you provide will be treated with the utmost confidentiality. Please let us know how we can assist you better. You can make additional disclosures or requests by emailing us to: info@globalexchange.com

Pricing and Exchange Rates

At Global Exchange, we aim to offer the best possible deal on your currency exchange. Our target is always to beat the rates given by the bank.

Our exchange rates are derived from the interbank rates obtained from various sources.

A number of factors contribute to the FX rate which we quote to you. These include:

• The rate we obtain from our currency supplier
• Required delivery times
• What currency you are seeking
• How much money you are sending
• Whether you are committing to a number of sequential transactions or a one off

We cannot control if international intermediary banks make a charge (usually equivalent to USD25 or less) before the funds reach your beneficiary’s account.

And don’t forget the other elements in the overall service package, which is reflected in the price:

• We are one of the only companies left who still prefer talk to their customers and understand their needs – we speak your language


• We inform you of the market conditions and data and events that could move the currency markets


• We are particular specialists in the Sri Lanka payments market


• We support you at all stages of your transaction and inform you of any likely problems


• Rapid delivery times (same day if funds received before 1 pm)