AML/CTF Statement

The threat of using financial institutions, including remittance businesses, to launder money and finance terrorism has grown significantly, prompting regulatory authorities globally to implement strict laws to combat these criminal activities.

Forex World is a remittance provider bound by the AML/CTF Act enforced in Australia by AUSTRAC. The prevention of money laundering is a key focus of AUSTRAC, which designs specific regulations to inhibit the movement of funds derived from criminal activity and restrict the availability of money to fund terrorist activities.

Forex World has a goal to provide our customers with a World Class remittance service that is reliable, safe, and convenient without compromising our obligations under the AML/CTF Act, which is our priority.

In accordance with our regulatory obligations, Forex World has devised strict policies and procedures designed to minimise the risk that our service may be used for money laundering or terrorism financing purposes.

Our comprehensive AML/CTF framework includes:

• Employee training programs to recognise suspicious transactions and understand reporting obligations
• Identification verification of all prospective customers prior to onboarding, including screening
• Transaction monitoring and transaction reporting
• Reporting of suspicious matters and transactions
• Maintaining records for at least seven years

Forex World has a NO CASH policy and value limits on each transaction to reduce the risk of our service being utilised for money laundering purposes.

Money received must be through electronic means from an existing account in order to be processed. This policy helps ensure transparency and traceability of all funds.

During our new customer registration (onboarding process):

• We will not accept you as a client until we are satisfied that you are who you say you are
• We require verification of your identification (either by Face-to-face, Electronic, or Paper-based means)
• You will be screened against global sanctions and PEP (Politically Exposed Person's) lists
• We reserve the right to refuse to process your transaction if you fail to provide necessary information
• We may refuse processing if information you have provided subsequently appears to be misleading, incorrect, or false

During customer registration, Forex World will not ask you to provide any information that is not necessary to satisfy our legal obligations. Failure to provide requested information, in some cases, could be regarded as suspicious.

As part of our obligations, you should note that information provided to us could be made available to regulatory authorities both locally and overseas.