Money Laundering and other unlawful activities
If it is suspected that an order is unlawful in any way, Covent Garden reserves the right to use discretion at all times and refuse to process any currency orders
We have a legal obligation to report immediately to Customs and Excise / NCIS all suspicious transactions. The definition of a suspicious transaction is one that raises "an unconfirmed belief" or "a fleeting inkling".
What CGFX requires
1. We are legally required to monitor any unusual or suspicious transactions of any size taking place where we have reason to believe the money is derived from illegal activity.
2. We are required to keep full records of all transactions of £10,00 and above, together with copies of identification provided. Identification may be in the form of a passport, driver's licence, recent credit/debit card statement, utility bill or community charge bill (within the last 3 months). We are unable to process any transaction where this information is not provided.
There is a statutory obligation on all Covent Garden FX employees to report suspicious transactions to the Authorising Centre. Where any such report is made, Covent Garden FX Ltd accepts no liability for any delay in transmission of or confiscation of funds. Knowingly failing to report any suspicious transactions or deliberately breaking large transactions into smaller amounts.