Will all providers ask me to do this?
Under the Anti-Money Laundering and Counter-Terrorism Financing regulations it is a legal requirement for all financial service providers to fulfil their "Know Your Client" obligations. The level of documentation required and processes involved may vary between institutions, however it is advised that you ensure your provider does comply with the regulations and follows the necessary steps to complete the identification process. The objective is to mitigate / manage HiFX being exposed to Money-Laundering / Terror-Financing risks, to protect the nature of HiFX's business and to maintain a controlled safe environment for all client transactions.