Money laundering statement - OzForex Limited

The prevention of money laundering is a key focus of regulatory authorities in developed countries around the world. Money laundering regulations are designed to inhibit the movement of funds derived from criminal activity and to restrict the availability of money to fund terrorist activities.

In accordance with our regulatory obligations, we have strict procedures in place to minimise the risk that our service could be used for money laundering purposes including:

•  Identification of all clients;
•  Monitoring and reporting suspicious transactions;
•  Maintaining records for at least five years;
•  Training staff to recognise suspicious transactions and to be aware of their reporting obligations.

In order to further reduce the risk that our service could be used for money laundering purposes, we do not deal in cash at all. We will not accept settlement of your transaction in cash, by cheque or by credit card or debit card. All money is received and remitted by us electronically.

We will not accept you as a client until we are satisfied that you are who you say you are. Furthermore, we reserve the right at any stage to refuse to process your transaction if you fail to provide us with satisfactory information or, if information you have provided to us subsequently appears to be misleading, incorrect or false.

We will not ask you to provide any information that is not necessary to satisfy our legal obligations. You should therefore comply with any request for information promptly. Your failure to do so could, in some circumstances, be regarded as suspicious. You should also assume that all information provided to us could be made available to regulatory authorities in both Australia and the other country associated with your transfer of funds.

WARNING: Money laundering is a criminal offence. You should be aware that, by misusing our service, you could expose yourself to criminal prosecution, as we are bound to automatically report such behaviour to the authorities. Examples of misuse include, but are not limited to:

•  Breaking a large transaction into smaller transactions to avoid reporting;
•  Providing false or misleading contact details;
•  Providing false identification documents.

We do not want your business if the funds you are transferring are sourced from, or are related to, criminal activity.



 

The International Money Transfers ("IMT") service is provided by OzForex Limited, ABN 65 092-375-703, (trading as "OFX") Australian Financial Services Licence No. 226484. Before deciding whether to use the service, please consider the OFX Financial Services Guide and Product Disclosure Statement. Any reference on this page to "we", "us", or "our" is a reference to OFX.

Where information is provided on this website, it has been prepared by OFX without considering the investment objectives, financial situation and particular needs of any person. Before acting on any general advice on this website, you should consider its appropriateness to your circumstances. To the extent permitted by law, OFX makes no warranty as to the accuracy or suitability of this information and accepts no responsibility for errors or misstatements, negligent or otherwise. Any quotes given are indicative only. The information may be based on assumptions or market conditions and may change without notice. No part of the information is to be construed as solicitation to make a financial investment.

OFX has referral arrangements in place with Macquarie Bank Limited and several of its subsidiaries (each a "Macquarie Entity"), pursuant to which it pays a referral fee to the referring Macquarie Entity if you use the IMT service. These benefits may be based on a percentage of OFX's fees and margins in relation to transactions you conduct using the IMT service. For further details, refer to OFX Financial Services Guide.

OFX will pay Macquarie Equities Limited, ABN 41 002 574 923 ("MEL"), Australian Financial Services Licence No. 237504 a referral fee, and MEL's representatives may receive commission in relation to transactions you conduct using the IMT service. 

Neither MEL or OFX are an authorised deposit-taking institution for the purposes of the Banking Act (Commonwealth of Australia) 1959, and their obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of MEL or OFX.

Disclosure of Referral Commission Payments: OFX has a referral agreement with MEL pursuant to which OFX is paid a referral fee by MEL in relation to term deposit clients referred by OFX. The referral fee is a trailing commission of 0.25% per annum calculated on the average daily balance of term deposits.