Over the past few decades, money laundering has become a growing global issue. On Collins Dictionary.com, money laundering is defined as ” the crime of processing stolen money through a legitimate business or sending it abroad to a foreign bank, to hide the fact that the money was illegally obtained.” Every year, billions of dollars in revenue are generated from the proceeds of crime, then sent across borders without detection of the criminals responsible. In an effort to minimise the impact of money-laundering, new and improved strategies, procedures and technology is continually being developed and introduced worldwide.
Here at BFX, we value our customer’s security and compliance with the latest Anti-Money Laundering procedures. Both the government and companies must abide by the policies laid out, to curb the impact money laundering has on our economy. Our staff are regularly trained to handle suspicious transactions and ensure that the necessary due diligence is carried out for every transaction. Here is a list of red flags our staff look out for.
– A customer who is unwilling to produce evidence of identification or who produce unsatisfactory evidence of identification.
– A new customer, particularly one who does not want to deal face-to-face, or wants to carry out large one-off transactions.
– A customer who wishes to deal only in large amounts of cash and not in traceable bank transfers.
– A customer who is not local to the business or outside your normal target customer base.
– A customer that is named on a blacklist, either one maintained internally by BFX Australia or those that are maintained by the Australian Government or recognised international organisations whose primary purpose is recognised as combatting ML/TF.
– A customer engaged in a business which involves significant amounts of cash.
– Complex business ownership structures with the potential to conceal the identity of the underlying beneficial owners or controlling person(s) of a business.
– A customer based in or conducting business in or through, high-risk countries, or countries with known higher levels of corruption, organised crime or drug production/ distribution.
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BFX Money Transfer is regulated in Australia as a designated remittance provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC), remittance sector registration number: IND1000519571-001. Australian Company Number (A.C.N) 611 376 820. Member of LEI Identification Number 5493001WDPYLPVM7RZ80.
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