Money Laundering is the process utilised by criminals as a method to conceal the true origin and ownership of the proceeds. The phrase money laundering covers all methods used to change the identity of unlawfully obtained money so that it can be used for lawful purposes. Money laundering is not restricted to the proceeds of drug trafficking. It includes proceeds from other criminal activities such as smuggling, prostitution, terrorism, arms dealing, fraud, forgery, tax evasion and counterfeiting. Money laundering is a major threat to financial institutions and the economic stability of the countries. Governments worldwide have introduced legislation to prevent it, including specific money laundering offences and legally imposed requirements on institutions operating in their jurisdictions.

The United Kingdom Government has introduced legislation such as the Proceeds of Crime Act 2002 (PoCA), the Terrorism Act 2000 (TA) and the Money Laundering Regulations 2017 to help prevent money laundering activities.

PAIDX has a comprehensive compliance program within its organisation to ensure compliance with such laws and regulations. PAIDX Ltd is firmly committed to effective prevention of Money Laundering and terrorist financing. The basis for the prevention of money laundering and terrorist financing is knowledge of the customers, based on satisfactory evidence of the identity of customers; therefore we have established, documented and maintained a customer identification procedure within our business.

As part of our procedure, after your first transaction is carried out we require two forms of identification, one of which must include a photo as primary ID. Accepted forms of primary ID are;

 

PASSPORT A valid passport with photo ID

DRIVING LICENSE A Full Valid UK Driving Licence

EU NICEU National identity card with photo ID

RESIDENCE IDResidence ID card Issued By UK Border Agency

In addition we require one of the following as proof of current home address. These forms of documentation need to be less than 3 months old.

  1. A bank or building society statement
  2. A council tax bill  (excluding Mobile Bills, No reminders or Final Bills)
  3. A recent utility bill

Documents we will not accept include, but are not limited

  1. Provisional driving licence
  2. Mobile phone bills
  3. Credit card statements

We will keep all identity information on record for 5 years. We may also ask for evidence of the source of funds if a need arises based on the volume and pattern of your money transfers. Customers must comply with these requirements. PAIDX retains the right to refuse to accept a customer’s instruction and is under no obligation to enter into a transaction should it choose not to do so.

USEFUL LINKS

You can find further information and help about Money Laundering Regulations and reporting serious crimes on the following sites.


 HM Treasury
 Bank of England
 The Financial Conduct Authority (FCA)
 National Crime Agency (NCA)
 Home Office
 Financial Action Task Force (FATF)
 Proceeds of Crime Act (see part 7 section 327 to 340)