Money Laundering Regulations

What am I asked to do?

You may find that you are asked to confirm your identity and other personal details and provide supporting documentation for incoming/outgoing payment details. The Currency Account has established special verification systems involving your bank account or payment card to prove your identity. To safeguard the integrity of our payment system, your account may also be subject to periodic transaction limits.


You could be asked to confirm your identity whether you are applying to be a new customer or have been a customer for some time. While our identity verification systems are designed to minimise any inconvenience for you, the verification process may take several days to complete.


Crime and terrorism need cash. Criminals turn the "dirty" cash made from drug trafficking, smuggling and robbery into clean money by using false identities or taking the names of innocent people. Making sure that people are who they say they are is essential in the fight against crime and terrorism. This does not mean in any way that suspicion is falling on you. Any information about your identity is held confidentially and will help stop your identity being used falsely.

Who is involved?

Government and all organisations involved in financial services. All are united in their determination to stop the spread of financial crime as part of the international effort to crack down on financial crime - protecting us all against crime and terrorism.

Your cooperation is vital to the successful fight against crime and terrorism.

What the UK laws requires:

  • We may be required to verify your identity, address and incoming / outgoing payment activity.
  • We are required to keep full records of all transactions together with identification provided.
  • We are required to monitor any unusual or suspicious transactions of any size.
  • We have a legal obligation to report any suspicious transactions to the National Crime Agency (NCA).