Money Laundering

Money Laundering is the process utilized by criminal elements as a method of concealing the true origin and ownership of the proceeds of illegal activities. The phrase money laundering covers all methods used to change the identity of illegally obtained money so that it can be used for legitimate purposes.Money laundering is not restricted to the proceeds of drug trafficking. It includes proceeds from other criminal activities such as armed robbery, tax evasion, smuggling, prostitution, terrorism, arms dealing, fraud, forgery and counterfeiting, bribery and corruption.Money laundering is a major threat to financial institutions and the economic stability of entire countries. Governments worldwide have introduced legislation to prevent it, including specific money laundering offences and legally imposed requirements on institutions operating in their jurisdictions.

The United Kingdom Government, using the Proceeds of Crime Act 2002 (PoCA), the Terrorism Act 2000 (TA00) and the Money Laundering Regulations 2007, has written strict laws and regulations to help prevent money laundering activities

Global Exchange Ltd has a comprehensive compliance program within its organization to ensure compliance with government rules and regulations. Global Exchange Ltd is an Authorized Payment Institution registered with and regulated by HM Revenue & Customs under the Money Laundering regulations which came in to effect from the 3td of March 2010 in the United Kingdom. Global Exchange Ltd is firmly committed to effective prevention of Money Laundering and terrorist financing. The basis for prevention of money laundering and terrorist financing is knowledge of the customers, based on satisfactory evidence of the identity of customers; therefore we have established, documented and maintained a customer identification procedure within our business. As part of our procedure, after your first transaction is carried out we require: two forms of identification, one of which must include a photo as primary ID. Accepted forms of primary ID are;


A valid passport with photo ID

Driving License

A valid UK Driving license


EU National identity card with photo ID

Residence ID

Residence ID card Issued By UK Boarder Agency

In addition we require one of the following as proof of current home address. These forms of documentation need to be less than 3 months old.

  1. A bank or building society statement
  2. A council tax bill , excluding Mobile Bills, No reminders or Final Bills
  3. A recent utility bill

We will keep all identity information on record for 5 years. We may also ask for evidence of the source of funds, if a need arise based on the volume and pattern of your money transfers. Customers must comply with these requirements. Global Exchange Ltd retains the right to refuse to accept a customer instruction and is under no obligation to enter into a transaction should it choose not to do so.