Money is "laundered" to conceal illegal activity, including the crimes that generate the money itself, such as drug trafficking. Money laundering conceals the source of illegal proceeds so that the money can be used without detection of its criminal source. Criminals use Money Service Businesses (MSBs) - establishments that provide traveler's checks, money transfers, foreign currency exchange, and stored value services - to hide or disguise the origin of funds derived from illegal activity. In order to protect themselves, and to support national and international efforts against financial crime, it is imperative that MSBs such as eZforex.com, Inc. comply to the strictest rules and regulations set forth by The Financial Crimes Enforcement Network (FinCen), a bureau of the US. Dept. of Treasury, who administers and issues regulations pursuant to the Bank Secrecy Act (BSA).
Henceforth, eZforex compliance includes but not limited to:
- OFAC Check - Screening of each customer's transaction irrespective whether it's a Businesses-to-Business (B2B) or a Consumer-to-Consumer (C2C) transaction thru OFAC, Office of Foreign Asset Control including the worldwide databases of terrorist and most wanted. According to the BSA, MSBs are not allowed to conduct business with anyone on these list.
- Requesting pertinent customer information for transactions over $1,000
- Reporting Suspicious Activity
- AML - Requires all B2B sellers to maintain an Anti-Money Laundering Policy at all times and to conduct periodic educational seminars to its staff
For more information and related links on eZforex.com, Inc. ongoing compliance initiatives, please send and e-mail to compliance@eZforex.com.
eZforex.com, Inc. is licensed with the Texas Department of Banking
-- License Number: 3041.
eZforex.com, Inc is the authorized delegate of Currency Exchange International; State of WA MT License #550-MT-71942 and provides MT services on behalf of Currency Exchange International.
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