The Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006 became effective on 12 December 2006. The Act imposes numerous obligations on entities that provide a Designated Service (as defined in the AML/CTF Act).
HiFX as a provider of foreign exchange services is a Reporting Entity and therefore is subject to, and complies with, the AML/CTF Act.
The AML/CTF Act requires HiFX to implement and conduct customer idenitifcation and verification so that HiFX can be reasonably staisfied as to the identity of its customers.
This legislation has been introduced to ensure that customers are protected from targeted money laundering campaigns and the legislation proposes to create a safer environment for people to conduct financial transactions.
It is important that you understand the new requirements and ensure that whichever financial services company you deal with complies with all the aspects of this new legislation. This will ensure that you are dealing with an entity that has your best interests and security in mind.
The following pages of our website have been designed to give you an overview of what these regulations mean to you. You should read this information regardless of whether you are an existing HiFX client or are considering using HiFX's service.
If you would like to discuss any aspect of the new legislation in more detail, please contact HiFX directly.